Credit Union Times Magazine May-13, 2009

U.S. Central Tells Member Corporates to Write Down Capital

By Heather Anderson

In its May 1 weekly corporate update, the NCUA said seized $35 billion U.S. Central Federal Credit Union will report a $2.3 billion other-than-temporary-impairment charge when it releases its March month-end financials.

N.J. CUs Launch Student Loan Program

By Lindsey Siegriest

New Jersey credit unions are tapping into what it means to be a cooperative movement with a new student loan program that pools funding and spreads risk.

WesCorp's Post-Conservatorship $5.7B Loss Depletes PIC and MCAs

By Heather Anderson

Western Corporate FCU members got their first peek at NCUA-led financials since the institution's March 20 conservatorship in the form of an early morning May 1 e-mail.

CUNA Posts Loss of Nearly $8 Million

By Claude R. Marx

The negative impact of the economy on its investments caused CUNA to have to write off almost $8 million last year.

Western Leagues Move Toward Formal Merger

By Jim Rubenstein

In a move reflecting continued economizing by the industry, the Colorado and Wyoming Credit Union Associations are making plans for a formal merger later this year as part of the ongoing consolidation trend among state leagues.

NCUA to Focus on Corporate Liquidity

The liquidity situation at corporate credit unions will be the NCUA's focus when it examines possible changes in the Temporary Corporate Credit Union Liquidity Guarantee Program at its meeting on May 20.

Filene: Take Up Collaboration Before You Need to Man the Lifeboats

By David Morrison

Economic hits and likely regulatory changes have made developing back-office collaboration essential if credit unions are to survive, according to a new report

Data Breaches Push Effort for More Secure End-to-End Encryption

By David Morrison

An effort to make current data security measures significantly more secure is poised to get underway. The Accredited Standards Committee X9,

FTC Extends Deadline on Red Flags Enforcement

By Claude R. Marx

State-chartered credit unions have another three months to come up with identity-theft protection programs as a result of the Federal Trade Commission's decision to extend the deadline for enforcing Red Flags.

Sarasota Coastal in Merger Plan With Achieva

By Jim Rubenstein

The merger trend in Florida showed no signs of letting up last week with the troubled $220 million Sarasota Coastal CU entering merger talks with $650 million Achieva CU of Clearwater.

CUs Field Their Cooperative Roots After Shanghai Surprise

By David Morrison

Two credit unions and a stranded CU member recently discovered just how personal the people helping people part of the credit union philosophy could be.

South Carolina FCU Announces Winner of Young & Free Spokesperson Contest

By Lindsey Siegriest

The third credit union to implement the Gen Y-targeted Young & Free marketing campaign has announced the winner of its spokesperson search.

Ike-Battered Coastal Federal Opens Vegetable Garden for Homeless

By Jim Rubenstein

Coastal Federal Community Credit Union has planted a victory garden to provide food for the area's homeless.

West Texas Credit Union Is Hammered by Bad Indirect Loans

By Heather Anderson

The $84 million West Texas Credit Union recorded extreme changes in its financials since June 2008, back when it reported a healthy 12.00% net worth.

Report Urges CUs to Prepare for Possibility of a Single Regulator

By Claude R. Marx

Credit unions should use the debate over financial regulation to highlight their strengths while preparing for a system that might feature one large agency that regulates financial services.

Car Show A Success

By Lindsey Siegriest

Northwest Federal Credit Union generated $221,000 in auto loans during its members-only car show.

Arizona CUSO Encourages Members to Go Online to Plan 4 Tomorrow

By Michelle A. Samaad

Even though the average age of members at Altier Credit Union is between 45 and 65, the financial institution is banking on a new online solution to make 20

Securities Reclassification Could Fuel PIMCO Fire

By Heather Anderson

The NCUA insists it intends to hold WesCorp's distressed securities to maturity, but the May 1 announcement that the seized $20 billion

SBA Expands 7(a) Criteria

In an effort to woo more small businesses, the SBA said it has temporarily expanded its 7(a) loan program to allow businesses to qualify based on net worth and average income.

EasCorp Corporate, Midwest Corporate Agree to a Revised Share Guarantee

By Heather Anderson

The $1.5 billion Eastern Corporate Federal Credit Union and $238 million Midwest Corporate Credit Union have joined the Corporate Credit Union

Thomas Moore Leaves Members United CUSO

By Jim Rubenstein

Thomas Moore has left Balance Sheet Solutions, where he was president of the wholly owned Members United Corporate FCU CUSO.

There's No Corporate Fallout Shelter

By Sarah Snell Cooke

Yet again, corporate credit union news comprises the bulk of our front page. And, as in the past, most of it ain't good.

Credit Unions and Trades Should Have Supported Cram-Down Legislation

CUNA recently announced that any cram-down legislation is DOA.

Trades' Different Tactics Earned the Right Result on Cram-Downs

By Claude R. Marx

Last week the Senate passed a housing bill that is good for credit unions. It contains two critical legislative provisions for our industry

From the Editor: Keep Those Letters Coming!

Credit Union Times has a goal for 2009 to include Letters to the Editor in nearly every, if not all, issues. We had letters in nearly every issue of 2008.

PUBLISHER'S NOTEBOOK

Thanks to the conservative lending policies of credit unions, Credit Union Times was featured in the May 4 issue of min's b2b newsletter as a magazine

Troubled Bank Loans Not Worth Servicing for Some Credit Unions

By Michelle A. Samaad

While Centennial Lending LLC will come across a loan worth taking over, the mortgage and business lending CUSO

Investment Adviser Book of Business Ownership a Growing Concern

Flat markets coupled with weak revenue reports has led to an increase in the number of cases where credit unions and broker-dealers are on the receiving end of questioning who really owns an adviser's book of business.

Redwood Credit Union Spreads Insurance Costs to Aid Small Businesses

By Michelle A. Samaad

For many small businesses, insurance probably ranks high on the list of most expensive costs, right next to health care expenses.

The Value of Collaborative CUSOs in an Era of Economic Turmoil and Bailouts

Today's credit union industry is in the mature phase of its growth cycle and experiencing some of the most significant challenges of any time in its history.