Credit unions

WASHINGTON – A new bill introduced in the House this morning would allow credit unions to stretch out the costs of the corporate bailout for as long as eight years and it would provide as much as $30 billion in new funding to NCUA to help stem a systemic crisis.

WARRENVILLE, Ill. – Members United Corporate FCU, which reported a $511 million loss last week, said it is shedding another CUSO as part if its cost-cutting.

WARRENVILLE, Ill. – Members United Corporate FCU, which reported a $511 million loss last week, said it is shedding another CUSO as part if its cost-cutting.

BISMARCK, N.D. — Two of the four corporates that initially balked at signing onto NCUA's corporate share guarantee program have now signed on after revisions were made to the plan. The two remaining corporates had not yet made a decision at press time.

WASHINGTON — After five days of debate, the Senate overwhelmingly passed the bill last week containing funding for the corporate credit union bailout but one major question looms: is it enough?

ALEXANDRIA, Va. — NCUA said the nation's 27 corporate credit unions will have to charge-off more than $1.5 billion of capital they held in U.S. Central FCU, pushing most of them below regulatory minimums and, in many cases, forcing their member credit unions to write-down the value of their own capital.

WASHINGTON – The Senate overwhelmingly passed the bill containing funding for the corporate credit union bailout yesterday but one major question emerges as the bill is sent over to the House for its concurrence: is it enough?

WASHINGTON – The Senate cleared almost 20 amendments to the corporate credit union bailout bill at the end of yesterday’s debate in preparation for a final vote on the bill this morning.

PLANO, Texas – Southwest Corporate FCU told its members yesterday it expects to take a charge of as much as $194 million to capital as a result of the loss of its shares in U.S. Central FCU.

MADISON, Wis. – Charges related to the corporate credit union bailout helped eliminate almost $6 billion in credit union capital in March, depleting industry capital from 10.3% at the end of February to a 15-year-low of just 9.6% at March 31.

WASHINGTON – Senate leaders threatened to pull the corporate credit union bailout bill from the floor Friday after senators from both parties tried to load the bill up with as many as 20 amendments.

WASHINGTON — The Senate was expected last week to pass a bill that would allow credit unions to stretch out the $5.9 billion payment for the corporate credit union bailout over seven years.

WASHINGTON — As the Senate was poised to vote on a corporate stabilization bill, a group of credit union executives organized by credit union consultants Callahan & Associates began a petition drive asking Congress to withhold action on the corporate bailout until they hold hearings.

WASHINGTON – More than two dozen credit union executives signed a petition yesterday asking Congress to withhold action on corporate credit union bailout legislation until hearings are held.

WASHINGTON – The Senate is expected to vote today on a plan that would allow credit unions to stretch out the $5.9 billion payment for the corporate credit union bailout over seven years.

ALEXANDRIA, Va. – Credit unions around the country struggling with their share of the corporate credit union bailout are girding for other new write-downs for their shares in other troubled corporates.

BLOOMINGTON, Minn. – Credit union auditors are laying out the options for how credit unions can account for their share of the corporate bailout costs and the impairment of capital in WesCorp FCU, but are leaving it up to their clients to decide how they will report the charges.

WASHINGTON – The House is planning to hold hearings next month on the ongoing problems in the corporate credit union network, including last month’s failures of U.S. Central FCU and WesCorp FCU.

LANSING, Mich. – State regulators told state chartered credit unions they will not be penalized if their net capital and earnings fall below regulatory standards solely because of costs related to NCUA’s corporate credit union bailout.