ALEXANDRIA, Va. – The NCUA Board this afternoon proposed a new vehicle that would segregate the costs and expenses related to the corporate bailout from the National CU Share Insurance Fund and help the federal regulator stretch out the $5.9 billion cost to as long as seven years.

ALEXANDRIA, Va. – The NCUA Board this afternoon proposed a new vehicle that would segregate the costs and expenses related to the corporate bailout from the National CU Share Insurance Fund and help the federal regulator stretch out the $5.9 billion cost to as long as seven years.

ATLANTA – The Federal Home Loan Bank of Atlanta announced it will not pay a dividend for its fourth quarter of 2008 because of large losses on its mortgage backed securities.

LOS ANGELES – Two local credit unions, Kinecta FCU and E1 Financial CU, have joined banks and community groups in a new program aimed at getting the city’s unbanked to open an insured deposit account.

OMAHA, Neb. – A 62-year-old former vice president of accounting at First Nebraska Educators CU was sentenced to two years in prison and ordered to pay more than $786,000 in restitution for embezzling an estimated $1.4 million from the credit union.

DENVER – First data Corp., which was taken private in 2007 in one of the biggest leveraged buyouts ever, reported a $3.8 billion loss for 2008, after taking impairment charges for almost all of its business lines.

THORNDALE, Penn. – In a move sure to attract a legal challenge, the NCUA Board last week approved in closed session a community charter that will allow Citadel FCU to serve an estimated five million people in the Philadelphia metro area.

ALEXANDRIA, Va. – NCUA will roll out a national TV campaign today using well-known financial columnist Jane Bryant Quinn to promote the safety and soundness of deposit insurance under the National CU Share Insurance Fund.

NORWALK, Conn. – The Financial Accounting Standards Board is preparing a proposal that would ease the strain of mark-to-market accounting by allowing credit unions and other entities to separate the actual expected losses on their holdings from the diminished market value, or fair value, of the holdings.

ALEXANDRIA, Va. – Lobbying by NCUA Board member Gigi Hyland to be appointed chairman of the three-member panel is growing complicated by Hyland’s ties to the corporate credit union system, for which she once served as chief lobbyist.

SAN DIMAS, Calif. – Credit union executives are expressing shock at last Friday’s NCUA takeover of WesCorp FCU, saying the credit union agency may have acted precipitously in conserving the $23 billion institution and wiping out as much as $2 billion of their capital.

LAS VEGAS – The early reaction to NCUA’s decision to place U.S. Central and WesCorp into conservatorship was perhaps best summed up by Brad Beal: “Although I don’t have access to all the details, I suspect it was probably necessary, given the circumstances. I would hope, though, that NCUA will explore all options to cover these losses, including going to Congress, before placing the full burden on credit unions.”

WASHINGTON – The leading credit union entities are uniting behind a plan that would allow NCUA to stretch out the assessment to pay the costs of the corporate bailout–now $5.9 billion and growing–over as many as eight years.

HURRICANE, Utah – America First CU said it opened a new branch here inside the Wal-Mart store, the $4.4 billion credit union giant’s 87th branch.

WICHITA FALLS, Texas – The manager of defunct Wichita Falls TexDot CU pleaded guilty to embezzling $3.1 million, which sunk the one-time $5.2 million credit union.

CHICAGO – The Federal Home Loan Bank of Chicago reported Monday that continued troubles on its private label mortgage backed securities caused it to report a $119 million loss for 2008. That compares to net income of $98 million for 2007.

CHARLOTTE, N.C. – Forty representatives from credit unions in North and South Carolina competed against each other in a charity golf event that raised approximately $57,000 for the Victory Junction Gang Camp, a NASCAR-themed facility for chronically and terminally ill children.

ONTARIO, Calif. – The California and Nevada credit union leagues move into the new headquarters in the Ontario Airport Towers later this week.

PALATKA, Fla. – A pair of armed robbers settled for a credit union manager's wallet after failing to get into the safe at Putnam County FCU Monday morning.

ONTARIO, Calif. – CUDL, which operates the nation’s largest indirect auto buying company for credit unions, announced an agreement with Kia Motors America to provide members at participating credit unions manufacturer discounts on new Kia vehicles.