Marvin Umholtz

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  NCUA Audit Stokes an Uproar

  By Robert McGarvey  |  January 16, 2012

  Audits typically are prosaic matters, filed by accountants, read by accountants and swiftly forgotten. Not so the recent audit of NCUA’s Temporary Corporate Credit Union Stabilization Fund, announced by the agency on Dec. 27, a day when many are on vacation.

• Corporate Fix Sites Launched

  By Robert McGarvey  |  January 9, 2012

  Shortly before year end, NCUA announced it had launched two new websites to increase transparency of the corporate resolution system.

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  The Day the NCUA Demanded CU Directors Smarten Up

  By Robert McGarvey  |  January 9, 2012

  The tough NCUA financial literacy requirements for credit union volunteer directors came as a loud wake-up call on Jan. 27, 2011. And the provision came with a requirement that all new directors had to gain financial literacy within six months of their election.

• Industry Reacts to GAO Report

  By Robert McGarvey  |  January 5, 2012

  Corporate leaders had mixed reactions to this week's report from the GAO critiquing the NCUA's handling of the corporates crisis.

• Western Bridge News Expected This Week

  By Robert McGarvey  |  December 11, 2011

  Despite an earlier indication from the NCUA that the regulator hoped to reach a decision about how best to dispose of the assets of conserved corporate Western Bridge in November, that month came and went with no announcements.

• No News Is the News About Western Bridge

  By Robert McGarvey  |  December 2, 2011

  November gone, sources say NCUA board meeting on Dec. 15 should include an announcement.

• NCUA Rethinks Corporate Too Big to Fail Policy

  By Robert McGarvey  |  November 20, 2011

  What a difference 10 months makes. That’s a prevailing thought in corporate credit union circles as executives digest the reports, unconfirmed by the NCUA, that two of the leading bidders for the failed Western Bridge corporate are Alloya (formerly Members United) and Catalyst (formerly Southwest Bridge plus Georgia Corporate). This...

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  Corporate Merger Mania on the Horizon?

  By Robert McGarvey  |  November 20, 2011

  There may be only four or five corporate credit unions within 10 years. There isn’t that much business out there. "The small won’t survive,” predicted John Fiore, CEO of Motorola Employees Credit Union and a key figure in the recapitalizing of Members United as Alloya. “Within a couple years we...

• Western Bridge Next Steps?

  By Robert McGarvey  |  November 13, 2011

  The initial NCUA-sponsored bidders conference for corporate credit unions interested in possibly acquiring all or parts of the failed Western Bridge corporate credit union was a month ago and now questions are circulating among credit unions about probable next steps.

• CUSO Reg Comment Letters Swamp NCUA

  By Michelle A. Samaad  |  October 30, 2011

  The NCUA will likely have much to consider as it reads through more than 280 comment letters that came in on the agency’s proposal to amend the CUSO rule.