As its new name implied, Western Bridge Corporate FCU was designed to be a short-term bridge to something new — ideally, a new corporate capitalized by member credit unions — that was made up of something old: most of WesCorp's operations.

NCUA board member Michael Fryzel describes the mood and the thinking at NCUA in the months leading up to the conservatorship of WesCorp and U.S. Central, and shares how quickly concerns over WesCorp turned to full-fledged recognition there were significant problems and conservatorship was the only option.

How one corporate came to grow fast, grow big, and grow into a problem that couldn't be resolved.

Not until Feb. 26, 2009, did discussion about real trouble at WesCorp begin in the NCUA boardroom. That's when it was brought to the board's attention that expected losses at WesCorp were well ahead of the corporate's $2-billion capital position.

Phil Perkins shouldered the task of guiding WesCorp FCU after NCUA conserved the former $32-billion corporate giant. He talked with Credit Union Journal about his experiences at WesCorp/Western Bridge.

Some highlights from the history of WesCorp.

Lech Wałęsa, former head of Poland's Solidarity party and the Nobel Peace Prize winner who led a revolution against Communism in this country, called on credit unions to lead a revolution of their own.

Crisp Named CEO At Bay CU

Xceed Financial FCU has asked a federal court to compel a member suing it over its overdraft practices to submit to mandatory arbitration instead, as required under its standard membership agreement.

People overestimate how good looking they are, and how well they drive, but they do not overstate how "fascinating" they are.

SAN DIEGO-The message from David Polet sounds strikingly similar to an elementary science lesson: For every consumer intention there should be an equal and opposite credit union reaction.

Last fall, the Occupy movement encouraged frustrated customers to flee big banks in favor of credit unions and smaller banks. On the ground, it had mixed results. But large banks shouldn't get cocky. The perception that they are disconnected from their audience persists.

WASHINGTON-Costs for the historic settlement of antitrust charges against Visa, MasterCard and several big banks will ultimately be passed on to owners and beneficiaries of the two card networks, with hundreds of millions of dollars of the $7.2-billion settlement being paid by credit unions.

Credit unions should look at the new mortgage rules being proposed by the Consumer Financial Protection Bureau with a mixture of relief and trepidation.

Occupy Vermont Gets Rep

Patelco Credit Union identified a few strategies to better weather the economic hardships over the last few years.

The lesson learned is that with a clear vision the credit union pulled together to serve our members with what they really needed in lean times — a safe, and secure place to save, borrow, and plan for the future.

Mortgage lending can be a strategic game-changer for progressive credit unions. Here are a few things to consider.

The year was 1997, and as federal credit unions meet this week it seems a fine time to look back and mark the 15th anniversary of the two-year period that forever changed those little financial co-ops in the U.S.

It is clear that our new reality is a business environment that will require each of us to be vigilant against continuing competitive challenges to our market position. Sitting on the sidelines is simply not an option if we want our industry to continue to thrive.