Credit unions

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.

PLANO, Texas — Southwest Corporate reported tremendous growth it its remote deposit services during 2008. The number of credit unions participating grew 57% as 160 new credit unions joined the program, elevating the year-end total to 442.

WASHINGTON — NCUA Chairman Michael Fryzel visited top lawmakers in the House and Senate to kick off a push for a new corporate credit union bailout fund.

ALEXANDRIA, Va. — While there is some early agreement that a consolidation of corporates lies ahead, the question has become which corporates should survive and which ones should not?

ALEXANDRIA, Va. — There was growing consensus last week that whatever the future might hold for corporate credit unions, there will be fewer of them.

SAN DIMAS, Calif.–WesCorp has cancelled its annual Future Forum and CFO Forum conferences, and also plans to replace its annual meeting with a town hall meeting scheduled for the Sheraton Fairplex Hotel in Pomona, Calif. on May 18.

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 yesterday 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.

ALEXANDRIA, Va. – As a growing number of executives and volunteers call for the consolidation of the corporate credit union system the big question being raised is: which corporates should survive and which ones should not?

WASHINGTON – NCUA Chairman Michael Fryzel visited top lawmakers in the House and Senate Friday to kick off a push for a new corporate credit union bailout fund.

ALEXANDRIA, Va. – A growing consensus of credit union executives and volunteers is calling on NCUA to scrap the three-tiered credit union system by liquidating U.S. Central FCU and consolidating the 26 other corporate credit unions into as few as three regional corporates.