Performance reports

ALEXANDRIA, Va. — NCUA has rolled out a five-month media campaign featuring financial journalist Jane Bryant Quinn to promote deposit protection provided by the NCUSIF.

LENEXA, Kan. — In a move that is reverberating throughout the credit union movement, NCUA took over troubled U.S. Central FCU and WesCorp FCU, the nation's two largest corporate credit unions, signaling deepening problems for the health of all credit unions.

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.

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.

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.

MADISON, Wis. – CUNA Mutual Group, which reported a $148.9 million loss for 2008 earlier this month, had its issuer credit rating downgraded a notch yesterday by insurance rating agency A.M. Best Co.

WASHINGTON – Regulators closed three more banks Friday, in Georgia, Colorado and Kansas, bringing to 20 the number of bank failures so far this year.

ALEXANDRIA, Va. – NCUA said Friday it approved just nine mergers last month–less than half the normal monthly average–all but one of them involving a credit union that reported losses for last year.

WASHINGTON — A national survey of CUs indicates support for using Treasury funds as a back up for the National CU Share Insurance Fund, according to CUNA.

WASHINGTON — Leaders of the credit union movement asked the Senate Banking Committee last week for help paying for the $5 billion corporate credit union bailout by allowing NCUA to stretch out the assessment for the bailout to as long as eight years and to give troubled corporate credit unions direct access to the $41 billion emergency loan fund known as the Central Liquidity Facility.

MILWAUKIE, Ore. — Being a top-rated credit union isn't for the faint of heart.

HOUSTON — With a March 31 deadline looming, credit unions are struggling with how to account for the combined 62 basis point assessment and impairment NCUA is requiring to shore up U.S. Central Credit Union.

RIVERWOODS, Ill. – Discover Financial Services yesterday reported a $177 million operating loss for its fiscal first quarter as its set aside more reserves to cover bad loans while credit defaults mounted.

LAS VEGAS–Despite operating in one of the most distressed markets in the country, Clark County CU not only made a profit in 2008, it returned a dividend of more than $2.8 million to its members and maintained capital of more than 10%.

Wings Financial Donates To Airline Ambassadors

WASHINGTON — Congress was forced last week by an impasse on the omnibus spending bill in the Senate to extend emergency funding for the Central Liquidity Facility and other government agencies.

LAS VEGAS — Despite operating in one of the most distressed markets in the country, Clark County CU not only made a profit in 2008, it returned a dividend of more than $2.8 million to its members and maintained capital of more than 10%.

WASHINGTON — Accounting rules-setters assured Congress last week that changes to the much-reviled rules over mark-to-market accounting are well on their way, offering much-needed relief for credit unions and other financial institutions.

CLEARWATER, Fla. — Credit unions looking to boost ROA should turn to credit cards and platinum programs, which generate 7% more revenue than standard card products.

SANTA ANA, Calif. — Need proof that leadership begins at the top? The CEO of $8-billion SchoolsFirst FCU personally meets, and participates in the training of all employees.