Charles Furbee, who retired from the Federal Reserve Bank of Chicago in March 2004, has been named CEO of the conserved Members United Corporate FCU.
CO-OP Financial Services' acquisition of Members United Corporate FCU's SHARE SYSTEM ATM and debit card program is complete, the two organizations announced today.
Monoline insurer Ambac's forced restructuring could cost corporate credit unions as much as $400 million in new OTTIs.
The Wisconsin-based monoline insurer subsidiary of Ambac Financial Group has restructured its residential mortgage-backed securities guarantees into a separate,
Ambac Assurance Corporation announced it restructured its residential mortgage backed securities guarantees into a separate "segregated account" after the Wisconsin Insurance Commissioner successfully petitioned to take control of the fund.
NCUA officials have repeatedly said they want credit unions to determine the future structure of the corporate system.
The $8.35 billion Members United Corporate Federal Credit Union released its 2008 audited financial statements Dec. 31, along with the good news that auditors McGladrey & Pullen LLP didn't turn up any new losses that had not been recorded in 2009.
Owners of the $8.35 billion Members United Corporate Federal Credit Union can put their 2008 financial reports to bed now that the Warrenton, Ill.-based cooperative released its 2008 audited financial statements Dec. 31.