LENEXA, Kan. – Several corporate credit unions, already weighed down by losses on their mortgage backed securities, are delaying a final accounting for 2008 as they wait to determine how much of the huge $1.1 billion loss at U.S. Central FCU will flow down to them.

Financial Ed Center Unveiled

WASHINGTON-NCUA's decision to inject a $1-billion capital note into U.S. Central and compel natural person credit unions to shore up the share insurance fund to the tune of an estimated $4.7 billion was a "cautious and deliberate" move to revamp the corporate structure, keep open all possibilities and ensure costs did not spiral out of control, says the head of Callahan & Associates.

PORTLAND, Ore.-If enacted, NCUA's proposed corporate bailout plan is going to push hundreds of credit unions to the edge of survivability, according to one analyst.

If credit unions and/or corporates accept funds from the U.S. Treasure's TARP or other program, it will:

WASHINGTON-At press time, CUNA was still surveying its member CUs about whether CUs should push for access to TARP. Among the cons for seeking these funds were:

WASHINGTON-At press time, CUNA was still surveying its member CUs about whether CUs should push for access to TARP. Among the pros for seeking these funds were:

DENVER-The $787-billion economic stimulus package signed into law by President Barack Obama includes government spending and tax cuts to bring the country out of the economic recession, but there will be little-if any-direct effect on CUs.

WASHINGTON-Determining how a credit union stands relative to its peers in terms of returning value to its members is a complex issue. Callahan & Associates, Washington, has attempted to do just that with its Return of the Member (ROM) ranking system.

MADISON, Wis.-WOCCU members solidified their commitment to credit union members worldwide by adopting the International Credit Union Consumer Protection Principles, the latest in a series of international credit union guidelines that are designed to supplement local regulations and standards. The principles offer examples of best practices to protect members from some of the excesses that took place in the United States during the subprime mortgage boom and subsequent bust.

HOUSTON-Smart Financial Credit Union is participating in this city's "Bank on Houston" program to encourage consumers who use check-cashing and payday lending stores to use more traditional financial institutions such as banks and credit unions.

WASHINGTON-NAFCU is continuing its support of America Saves Week and Military Saves Week, both slated for Feb. 22-March 1.

BUENA PARK, Calif.-Representatives from Japan's Agricultural and Fishery Cooperative Savings Insurance Corporation and the Norinchukin Research Institute visited with executives at California Agribusiness CU here recently to learn about the credit union cooperative business model.

HARRISBURG, Penn.-Pointing to economic conditions and the potential NCUA assessment on credit unions, the Pennsylvania CU Association has cut registration costs for its 75th Annual Meeting by 50%. The meeting is scheduled for May 14-16 at the Hershey Lodge in Hershey, Penn. "Now more than ever, credit unions need to make the most of our cooperative spirit and collaborative strength through our trade association on behalf of the movement," said Association Chair Diane Roberts. Financial author and columnist Jane Bryant Quinn is to keynote the meeting.

WASHINGTON-With their hands statutorily "tied," state regulators are mulling their options should the proposed Corporate Stabilization Plan's take effect and push scores of CUs under PCA.

RANCHO CUCAMONGA, Calif.-The Richard Myles Johnson (RMJ) Foundation raised nearly $600,000 in 2008, and gave away more than $300,000, including $100,000 for Biz Kid$, a half-hour television program on financial literacy distributed nationwide to elementary and middle school students, and a total of $87,850 in Community Service grants.

CHANTILLY, Va.-New data indicate that the number of identity theft fraud victims rose 22% to 9.9-million adults in 2008. The study, conducted by Javelin Strategy & Research and funded by Intersections Inc., showed the largest increase in such thefts since it was launched in 2004.

SANTO DOMINGO, Dominican Republic-Wisconsin's credit unions, along with the state league, have joined to provide assistance to CUs in the Dominican Republic as they seek to create a better regulatory environment.

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During the course of a busy day, we go to the grocery store, pick up a prescription, and stop by our financial institution. But consider living 50 miles away from these services and how this would change these everyday tasks.