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Corporates
Members United Announces $150 Million October Loss, Passes Out Pink Slips
November 20, 2009
Members United Corporate Federal Credit Union today announced a nearly $150 million net loss for October 2009, split almost evenly between U.S. Central Federal Credit Union capital losses and other-than-temporary impairments....
On-Site Coverage: NCUA Set to Approve Proposed Corporate Capital Increase
November 19, 2009
ALEXANDRIA, Va. — The NCUA will propose increased capital requirements for corporate credit unions....
Proposed Corporate Rules Change Capital Requirements and Jargon
November 19, 2009
Corporates will have to meet significant new capital requirements if the NCUA’s proposed changes to part 704 become rule....
NCUA Proposal Shortens the Leash for Undercapitalized Corporates
November 19, 2009
The NCUA’s proposed prompt corrective action rules for corporates would give the regulator greater authority than it has today....
NCUA Proposes Increased Capital Requirements for Corporates; Approves 2010 Budget
November 19, 2009
Corporate credit unions would higher capital requirements, more limits on the type of investments they can make and more disclosure requirements for the executive and board compensation under proposed rules that the NCUA sent out for public comment today....
Trades Praise Corporate Credit Rules but Pledge to Examine Them Thoroughly
November 19, 2009
CUNA, NAFCU and NASCUS said there were few surprises in the proposed corporate credit union rules that the NCUA Board sent out for 90 days of public comment today, but pledged to examine them carefully and submit comments to the agency....
NCUA Board Meeting to Discuss Corporate Rules and the Agency’s 2010 Budget
November 18, 2009
At its second to last meeting of the year on Nov. 19, the NCUA Board is scheduled to issue its long-awaited proposed rules for revamping the structure of the corporate credit union system. The meeting will crunch some numbers for the agency’s 2010 budget....
Matz: Recovery of Depleted Corporate Capital is 'Unlikely'
November 16, 2009
Owners of depleted corporate capital aren’t likely to get it back, even if loss estimates that supported the write downs were too high, according to a statement issued today from Chairman Debbie Matz....
NCUA’s Statement is Response to ACCU-Led Challenge
November 16, 2009
The Association of Corporate Credit Unions asked the NCUA to reconsider its position on corporate capital write downs during a special Nov. 5 meeting that was closed to the press....
Constitution Corporate Depletes All Capital
November 09, 2009
Members of the $1.3 billion Constitution Corporate FCU now own a $2.4 million deficit that’s guaranteed by the National Credit Union Share Insurance Fund. ...
For Now, Southwest Corporate’s Financials Improve Slightly
November 04, 2009
Southwest Corporate Federal Credit Union’s Sept. 30 financial statements show a slightly stronger capital position over July 31....
NCUA Announces a $356 Million OTTI for WesCorp
November 02, 2009
The $18 billion Western Corporate Federal Credit Union recorded other-than-temporary-impairment charges totaling $356 million for the third quarter of 2009, the NCUA announced today. ...
Only $140 Million MCS Left at U.S. Central
October 30, 2009
U.S. Central Federal Credit Union released its third quarter 2009 financial statements today, announcing a $308.5 million net loss that depletes remaining member capital shares to only $140 million as of Sept. 30, now an 88.7% impairment....
Members United’s Share of U.S. Central Loss: $51.7 Million
October 30, 2009
U.S. Central’s third quarter losses will deplete another $51.7 million from the membership share accounts of Members United Corporate, the Warrenville, Ill.-based institution announced today....
WesCorp to Offer $1.5 Billion in Medium Term Notes
October 28, 2009
Western Corporate Federal Credit Union will issue at least $1.5 billion in 3-year notes, guaranteed by the National Credit Union Administration under the Temporary Corporate Credit Union Liquidity Guarantee Program, the NCUA confirmed today....