Fed Documents Show Corp. Tapped Emergency Facility

SAN ANSELMO, Calif.-Since the current recession officially began in October of 2007, consumers have added more than $1-trillion to their savings accounts in banks and credit unions, rather than spend this money, a new study has found.

LANCASTER, Penn.-Over the next 10 years, the credit union formerly known as Mennonite Financial FCU is projecting it will exceed even the 15% to 20% average annual growth is has enjoyed over the last decade.

ALEXANDRIA, Va.-NCUA attorneys were huddling last week to discuss whether a freeze on federal pay raises proposed by President Obama would apply to the generous pay hikes for NCUA employees approved just two weeks ago that will cost $17 million to implement.

MADISON, Wis.-University if Wisconsin CU will award $6,000 in scholarships to three "BIG IDEA" authors, as part of an initiative by Madison Area Technical College to stir up BIG IDEAS about the future.

ALEXANDRIA, Va.-NCUA and state examiners missed numerous signs of problems at some of the biggest credit union failures over the last two years and could have reduced losses to the National CU Share Insurance Fund, a new study by the NCUA Office of Inspector General concluded.

SE Corp Offers Free ALM Training

DCS Makes Fast 500 List

CUNA Mutual Group, IMM Partner On Digital Signatures

100th CU Joins Smart Option

PLANO, Texas-In the first of what is expected to be numerous mergers among surviving corporate credit unions, the advisory council of Southwest Bridge Corporate approved a plan to merge the corporate shell and its national field of membership into Georgia Corporate FCU, known until a charter change last month as Georgia Central CU.

BOSTON-Since 2007, the mobile banking market has changed significantly in terms of predominant technologies, features/functionality and consumer adoption, so Celent has undertaken the task of evaluating those changes and ranking the mobile banking solutions on the market.

WASHINGTON-More than half of the Top 100 financial institutions in the United States offered mobile banking services as of September, according to a new study by First Annapolis Consulting.

BOSTON-The demand for business mobile banking services is a mixed bag, according to a new report from Aite Group.

SAN FRANCISCO-Users of mobile banking now believe that biometric identification-which rose in its rating-and the use of security questions or knowledge-based authentication (KBA)-which declined in its rating-are equally effective in mobile authentication, according to a new study.

BOSTON-Over the past 12 to 18 months, the United States has begun to move closer to a "tipping point" that will lead to the popularization of mobile payments.

WEST PALM BEACH, Fla.-While some credit union CEOs continue to express dismay at NCUA in the wake of its announced plans to boost its budget-and many employees' pay-in 2011, other are saying pay increases are a necessary investment to avoid having to pay higher costs further down the road as the result of insufficiently trained and staffed examination teams.

NCUA Reports $13b In NGN Sales ALEXANDRIA, Va.-NCUA reported that since October, the sale of NCUA Guaranteed Notes (NGNs) has netted $13.1 billion. In November, the agency completed the second and third offerings in the series, with the first transaction including a Class A1 offering of $613.2 million in notes which paid a fixed-rate coupon of 1.6% yearly, and a Class A2 offering of $1.361 billion in notes, paying 2.9%, and a Class A-PT offering of $1.786 billion in notes, paying 2.65%. The second transaction included $2.62 billion in Senior I-A notes and $2.862 billion in Senior II-A notes that were backed by floating rate securities. The notes will pay 0.37% and 0.47% annually, respectively, and are subject to yearly maximum note interest rate caps of 7%. The NGNs represent $35 billion of distressed assets that were conserved from failed and conserved corporate credit unions, and are fully backed by the U.S. Government. Natural-person CUs can invest in the NGNs.

SAN DIEGO-The online loan origination software provided to several CUs by San Francisco-based oFlows has been such a hit, the company is taking its show on the road (and into branches).

SAN DIEGO-oFlows is reporting it has been able to help several credit unions improve their loan origination an cross-sales numbers.