The NCUA has threatened to sue four investment banks if they don’t refund $50 billion from the sale of mortgage-backed securities to five corporate credit unions that the agency conserved last year, according to several sources within the credit union industry.
For those who thought there might be wiggle room in the NCUA’s willingness to tolerate a merger of Tier 1 corporates, unambiguous words came from Scott Hunt, director of the NCUA office of corporate credit unions, at a panel discussion about the future of corporates at the New Jersey Credit...
The Charter Advisory Group of Members United Bridge now is taking big steps to prepare for a post-bridge existence as a stand-alone corporate, said John Fiore, CEO of the Motorola Employees Credit Union, speaking in his capacity as chairman of the CAG.
The $4 billion Southeast Corporate Federal Credit Union joined a number of its peer corporates last week in laying out its final business and capital plans to be submitted to the NCUA in time for the March 31 deadline.
A mortgage servicing settlement proposed by Iowa Attorney General Tom Miller is under intense scrutiny by several state attorneys general.
Craig Esrael, chairman of the board of PSCU Financial Services, said a succession plan made years before had helped lead the giant payments CUSO to choose a relatively little known payment executive as its next CEO.
Anyone who thinks U.S. credit unions have only two shared branching networks from which to choose has never met Scott Collins.
Signs are cautiously pointing to an economic recovery nationwide. The national unemployment rate fell by one percentage point in the past year, and even in the hardest hit sand states, job outlook statistics improved.
NACUSO is venturing into the thick of the legislative and regulatory brush for the first time.
Some Iowa credit unions have thrown their support behind legislation that would allow financial institutions to conduct savings promotion raffles in the Hawkeye state.
Reality Check was the aptly chosen name for the New Jersey Credit Union League’s one and one-half day Atlantic City conference. Over the densely packed schedule of deep-dive presentations on topics of current interest to credit union executives, the several hundred attendees heard over and over two stark realities.
NATIONAL HARBOR, Md. — Catherine Vallette-Kilroy recently spent a week listening to lectures during the day and studying for exams at night.
There are signs credit unions have begun to organize themselves to meet their and members’ needs for temporary mortgage finance. It’s called warehouse financing.
The United States was founded on the principle that the people would control the government and the government would protect the people. There are three pillars of government: The legislative, executive and judicial branches. Each provides a check and balance to the other.
About 10 years ago, Vicki O’Neill’s children were in their teens and early 20s. As they took on more and more adult responsibilities, she realized there was a need for them to get a formal introduction to handling finances.
Expanding its SEG reach, the $780 million Metro Credit Union of Chelsea, Mass. is planning a merger with the $58 million University CU of Boston.
Credit Union of Atlanta has named Sheilah Montgomery its new president/CEO.
Fiserv Inc. and Visa Inc. have reached a deal that adds potentially billions of new users of the ZashPay person-to-person payment service.
The proposed trade group combining Arizona, Colorado and Wyoming credit union leagues has settled on a new name: Mountain West Credit Union Association.
VA Community Credit Union is doing its part to help students bridge the college financing gap by offering the "Sallie Mae Smart Option Student Loan."
Security giant RSA said a sophisticated attack has possibly compromised the two-factor authentication system used by tens of millions of end users of the company’s clients, which includes large banks and other corporations and credit unions.
Effective April 2011, Martha Wye will be president/CEO of NARFE Premier Federal Credit Union.
A new estate planning program piloted by State Employees’ Credit Union has officially launched with a new loan feature.
A pair of longtime credit union core processing providers has entered into a joint marketing agreement.
Credit union owners of Octant Business Services have reaped the business lending CUSO’s success in 2010 with another dividend.
Credit unions certainly were not immune from the affects of the Great Recession. As a result of the downturn, many members have become delinquent on outstanding loans. Over the past few years, many credit unions have been forced to either reduce or renegotiate the debt owed to them by numerous...
We agree with David Reiss that credit unions could benefit from increased competition resulting from a privatized mortgage market ("Professor Says CUs Should Back GSEs' Privatization," March 2, page 3) provided, as he states, that "they maintain their access on par with that of larger financial institutions." Otherwise, credit unions...
If you’re replacing your core processing platform, why not throw in the entire teller system while you’re at it?
Two credit unions in Massachusetts and Ohio have committed to outsourcing their core processing through credit union-owned service bureaus running the Symitar core processing platform.
Credit unions looking to grow their business often turn to commercial and business accounts, but that can be tough going.
A Web-based mortgage processing solution is helping a small Ohio credit union grow its business and its presence among the ethnic community it has served for more than 50 years.