Are your credit union’s pockets deep enough to satisfy the NCUA?
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.
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.
Shortly before year end, NCUA announced it had launched two new websites to increase transparency of the corporate resolution system.
Corporate leaders had mixed reactions to this week's report from the GAO critiquing the NCUA's handling of the corporates crisis.
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.
November gone, sources say NCUA board meeting on Dec. 15 should include an announcement.
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...
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...
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.