Performance reports

LAS VEGAS - The president of one corporate credit union is urging credit unions to maximize their balance sheets by better utilizing "leverage."

SAN DIEGO - Perhaps appropos of the just-concluded Olympics, Fred Becker quotes Chinese philosophy in looking at what's ahead for credit unions.

WASHINGTON – While Fannie Mae and Freddie Mac post red numbers, the news isn’t so gloomy for all. For second quarter 2008, 10 of the 12 Federal Home Loan Banks turned a profit.

PETERBOROUGH, N.H.–Just five credit unions sold their card portfolios during the second quarter, a marked decline in such sales by CUs.

SINGAPORE – As the global financial crisis worsens at least one large U.S. bank is going to collapse within the next few months, according to the former International Monetary Fund’s chief economist. Kenneth Rogoff said that despite hopes that the U.S. economy had turned the corner, it is "not out of the woods."

WASHINGTON – As reported earlier in Credit Union Journal, NCUA has indicated many credit unions will see a downgrade in their CAMEL ratings this year due to a combination of economic factors and the agency’s own tougher standards. Now the FDIC, which insures the nation’s banks, indicated it, too, is pushing other agencies to more forcefully downgrade the confidential rating – which is known only to regulators and bank management – of troubled financial institutions, according to people familiar with the talks.

TUKWILA, Wash. - After revamping its pricing structure and keeping its focus OFF of growth, Boeing Employees CU is enjoying results that not only put it at the top of national peer rankings but also is allowing the CU to do the one thing it isn't focusing on-grow.

LAS VEGAS - This is "Go Time" for credit unions, and they need to change the way they do business.

LAS VEGAS - Safety and soundness questions spotlighted by the IndyMac Bank failure as well as the more typical governance issues sparked passionate discussion at a recent conference for credit union directors, here.

DENVER – Payments processor First Data Corp. yesterday said financing costs for last year’s $27 billion takeover by Kohlberg Kravis Roberts & Co. pushed it into the red to the tune of $160.6 million for the second quarter, compared to a profit of $228.9 million for the same period last year.

HOUSTON – Cardtronics Inc., which has emerged as the leading provider of ATM services for credit unions, reported a $3.4 million loss for the second quarter, or nine cents a share, even as revenues continued to surge.

LAKE SUCCESS, N.Y. – DealerTrack Holdings, a provider of indirect lending solutions, yesterday said net income for its second quarter declined by 50% to $3.1 million, or seven cents a share.

NORTH CANTON, Ohio – ATM and voting machine maker Diebold Inc. yesterday said its second quarter earnings dropped 5% to $25.6 million, or 38 cents a share, due to manufacturing and supply chain restructuring charges and work force reduction costs.

MIAMI - In a sea of red numbers at many credit unions, one that continues to perform in the black is stressing the value of exploiting a niche, leveraging related fee income, and cautious underwriting.

WEST PALM BEACH, Fla. - Consumers across the country are seeing the headlines and TV news reports about bank failures and wondering about the safety of their deposits at your credit union.

PASADENA, Calif. - Wescom Credit Union here will consolidate 11 branches, discontinue Sunday hours in most locations and further reduce its workforce, the latest sign of how Southern California’s slow and even reversing mortgage market is affecting some credit unions.

WASHINGTON – The mortgage market got some more bad news this morning with Fannie Mae announcing a huge $2.3 billion loss for the second quarter.

LAS VEGAS – ROA, the time-honored yardstick for credit union success, should be pushed aside for a new acronym just one vowel different – ROE, or “Return on Equity.”

ATLANTA – A story in the early version of yesterday’s CU Journal Daily Briefing incorrectly reported that earnings declined at S1 Corp. for the second quarter. Earnings rose 4% in the second quarter to $5.1 million, and by 23% for the first six months to $10.3 million.

McLEAN, Va. – Shares in Freddie Mac, battered for more than a month, slumped further yesterday after the secondary mortgage market giant reported an $821 million second quarter loss – more than three times what analysts expected.