Credit unions

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.

DALLAS – Southwest Corporate FCU said yesterday it wrote off $24.7 million of unsecured debt it held in Lehman Brothers Holdings, the second corporate in as many weeks to take a charge related to the bankrupt brokerage.

LATHRUP VILLAGE, Mich. – Michigan First CU has introduced at-home scan and deposits, allowing members and businesses to scan checks from home or the office and directly deposit them into a Michigan First savings or checking account.

ALEXANDRIA, Va.-NCUA announced an emergency program last week that will help the strapped corporate credit unions by guaranteeing new unsecured debt they issue; a key source of liquidity for many corporates.

WASHINGTON-Corporate credit unions, saddled with billions of dollars in distressed mortgage securities, have joined the banks in a call for reform of accounting rules that require them to regularly change the value of their holdings based on market conditions-the practice known as fair value, or mark-to-market, accounting.

WASHINGTON - The Treasury Department last week was hastily developing plans for its bailout of the mortgage industry and accepted bids to manage up to $700 billion of assets it will buy from banks and credit unions.

COLUMBUS, Ohio - What investment strategy should credit unions be deploying in a struggling, even sinking economy? The same strategy deployed when the economy is strong, several analysts told Credit Union Journal.

COLUMBUS, Ohio - Bailouts, mergers and failures, oh my!

WASHINGTON - More corporate credit unions reported last week that losses on their mortgage securities continued to increase, just as Congress was debating a plan to buy distressed mortgage assets.