Credit unions

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.

ALEXANDRIA, Va. – Costs associated with NCUA’s corporate bailout are wreaking havoc on the first quarter financials of credit unions, pushing many of them into the red for the first time, and wiping out net income for many more.

ALEXANDRIA, Va. — As they work to revive U.S. Central FCU and WesCorp FCU, NCUA officials are struggling with a $23-billion question; what to do with the troubled mortgage-backed securities at the two corporate giants that continue to decline in value?

ALEXANDRIA, Va. – The NCUA Board is expected next week to extend its temporary guarantee on all corporate credit union deposits beyond the current Dec. 31, 2010 expiration date.

WALL STREET – Moody’s Investors Service yesterday downgraded four corporate credit unions which saw their capital in U.S. Central FCU wiped out by last month’s failure of the central bank for credit unions.

SAN DIMAS, Calif.-Former members of the board of Western Corporate FCU (WesCorp), who were removed as the result of NCUA's conservatorship of the corporate credit union, have issued a statement saying they have voted unanimously against contesting that decision.

WALL STREET — Standard & Poors said last week it lowered its ratings on six corporate credit unions in light of the trickle-down effect of the failure of U.S. Central FCU, which forced all corporates to charge-off their capital in U.S. Central.

CUNA: Reduction in Corporates, National FOMs, Outside DirectorsWASHINGTON — CUNA said an overhaul of the corporate credit union network would be most effective if it offered limited services (which would result in a reduction in the number of corporates), served a national field of membership, met stronger capital requirements, and included a prescribed number of "outside directors" who could "contribute diverse experiences" to a corporate's board.The letter to NCUA, signed by CUNA CEO Dan Mica, and Terry West, chairman of CUNA's Corporate Task Force, recommended the following changes:

COLUMBUS, Ohio — News over the past year related to corporate credit unions has generally focused on balance sheet challenges and even conservatorships.

PLANO, Texas — The days of "paper hangers" may be drawing to a close, as real-time check fraud detection becomes a reality.