PHOENIX-There was no way to avoid being caught up in the mess, is how FirstCorp CU EVP and CIO Greg Harden summed up plight of most corporate credit unions.

WASHINGTON-Asset managers at corporate credit unions dutifully relied on past experience and rating agencies when buying securities during the bubble earlier this decade. But product innovation and a change in the mortgage market dynamic ultimately spelled disaster for many institutions, noted one analyst.

With most corporates operating with little to no capital, and with NCUA unveiling new rules later this year that many predict will lead to a "new business model" for corporates, in this issue Credit Union Journal asks, "How did we get here? What led to the corporate meltdown? Who is to blame, if anyone? And what could be ahead?"

BIRMINGHAM, Ala.-Blaming NCUA for the problems that befell the corporate system is easy to do, agree those within and outside the corporate network.

LAS VEGAS-What goes around, comes around, especially when it comes to corporate credit unions and crises. But this most recent crash of many of the corporate CUs ultimately will have to break that cycle, according to one person, who has a long history working with credit unions through various meltdowns and problems.

SCOTTSDALE, Ariz.-While some clearly point to the rating agencies as culprits, Bill McGuire sees corporate staff-the investment teams and leadership-as deserving of a great deal of the blame.

LAKE BLUFF, Ill.-It's going to cost natural-person credit unions $17 billion to bail out the corporates, a price tag that could cripple the CU movement if NCUA continues with its annual assessments.

LAKE BLUFF, Ill.-Corporate CUs are in trouble because they made a bet that did not pay off, and they failed to hedge their wager.

Credit Union Journal recently asked Corporate One CEO Lee Butke to outline the actions his CU has taken over the last three years that helped it mitigate losses.

LANSING, Mich.-Board members and senior management are responsible for what happens to their institutions, but state regulators aren't completely laying the blame for losses that damaged so many corporate credit unions at their feet.

ORLANDO, Fla.-A walk begins with a single step. The same can be said of a credit union's wellness program, according to one CU that has taken the idea and run-and made some missteps along the way.

PANAMA CITY, Fla.-Having developed an expertise in managing expenses and building ROA, Tyndall FCU has launched a CUSO called "CU Next" that is currently serving approximately eight credit unions, many in California and Nevada, and ranging from $1.7-million in assets to $500 million.

NCUA Announces Yet Another Closed Meeting

INDIANAPOLIS-One of Indiana's Hispanic television pioneers is now using his communications skills to spread the message of Financial Center CU here. The $409-million FCCU recently named Marco Dominguez its new Director of Community Sales. Dominguez is a well-known figure in the Hispanic community, as he spent nine years as Butler University TV producer, managed the state's first Hispanic television station, and served as co-anchor there.

ORLANDO, Fla.-Steve Ravin, EVP/CFO with Tyndall FCU, offered these additional thoughts about expense management during the League of Southern Credit Unions' annual meeting.

SAN FRANCISCO-A study reveals that online financial-management tools drive deeper relationships, attract younger members, and return about $40 annually in additional revenue per user.

CANTON, Ohio-First Ohio Community FCU plans to keep on asking members questions.

LAS VEGAS-The story of Bernard LaChance should be an inspirations, according to Denise Gabel, chief innovation officer for the Filene Research Institute.

PORTLAND, Ore.-More than 600 people representing 53 of Maine's 65-member credit unions turned out for the Maine CU League's annual meeting here.

US CCU Taps Dynamic Card Solutions