Credit unions

ALEXANDRIA, Va. – The plunging markets for securities held by corporate credit unions has left NCUA between a rock and a hard place as it seeks to minimize potential losses among the corporate network.

ALEXANDRIA, Va.-NCUA moved last week to aid the corporate credit unions, which are struggling to cope with rising unrealized losses on their investment portfolios, by providing them with a back-door to the agency's emergency loan fund, known as the Central Liquidity Facility.

TALLAHASSEE, Fla. – Viewpointe, the national check and image exchange owned by a handful of large banks, said yesterday that Southeast Corporate FCU has signed to become its first Pointe2Pointe Internet connectivity customer.

WESTMINISTER, Colo. – The proposed merger of SunCorp FCU into the much larger WesCorp FCU, one of a handful of corporate combinations hatched in 2007, continues to linger with NCUA, as investment losses continue to pile up at the two corporates.

ALEXANDRIA, Va. – Even with NCUA’s new plan to add liquidity to the troubled corporate credit union network, there are no illusions that the plan, the so-called CU System Investment Program, will solve the corporates’ ills, unrealized losses on their investments of more than $14 billion–and growing.

LENEXA, Kan.-U.S. Central FCU reported the spreading credit crisis tainted more of its asset backed securities in October, pushing unrealized losses on its vast investment portfolio up by another $1 billion, to a total of $7.3 billion.

SAN DIMAS, Calif. – WesCorp FCU reported yesterday a new methodology for calculating the values of its assets helped trim unrealized losses on its investment portfolio slightly at the end of October to $1.7 billion, from $1.8 billion the month before, but the western corporate also warned of potential losses on troubled collateralized debt obligations, known as CDOs.

ALEXANDRIA, Va.-The National Credit Union Administration (NCUA) last Tuesday posted its list of 26 corporate credit unions that are participating in the agency's Temporary Corporate CU Liquidity Guarantee Program (TCCULGP).

DALLAS - During Southwest Corporate's Economic Forum here, Credit Union Journal asked attendees: How has the credit crisis directly affected your CU? What about your lending volume? Answers varied widely depending on the responder's local market.

DALLAS - CUNA's Chief Economist Bill Hampel is offering up these predictions for credit unions through the end of 2009:

PLANO, Texas - One of the fundamental issues contributing to a troubled U.S. economy is consumers spending more than they earn. The statement was a recurring theme in Dr. Charles Idol's recent presentation at Southwest Corporate Federal Credit Union's 31st Economic Forum.

DALLAS - Count Tim Lerew with the growing number of financial services industry consultants who believe the current economic crisis offers CUs an opportunity for success.

WASHINGTON - With growing unrealized losses on their mortgage securities, corporate credit unions are tapping into additional sources of liquidity to help tide them over until the markets turn up.

Partnership - this concept is certainly nothing new for credit unions. In fact, it's really one of the many forms of cooperative behavior that has made credit unions what they are today. Corporate credit unions also have long benefited from sharing information and ideas with each other - despite competition that has become a part of our landscape in recent years.

WASHINGTON – With growing losses on their mortgage securities, corporate credit unions are tapping into additional sources of liquidity to help tie them over until the markets turn up.

WALLINGFORD, Conn. – Constitution Corporate FCU reported yesterday that it took a $6.3 million impairment charge on its investment portfolio last month, pushing the $1.6 billion corporate into the red for the first three quarters of the year by $2.9 million.

ALEXANDRIA, Va. – With losses growing among the corporate network, NCUA moved aside the director of its Office of Corporate CUs Friday.

DALLAS-By the time many Credit Union Journal readers read this, results of the 2008 presidential election will be known. Here's one view of the race that was shared exactly one week before this week's election, during last week's Southwest Corporate Economic Forum.

DALLAS-With credit unions more than ever looking for ways to differentiate themselves from banks, Southwest Corporate said its new remote deposit solution is proving to be one such differentiator that credit unions can play up.

WASHINGTON-The corporate credit unions, which are facing growing losses on their mortgage backed securities, are asking regulators to amend the rules for fair value accounting to take into consideration the unprecedented devaluation of the mortgage markets, in order to ease huge losses the corporates' books.