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...
Investment house says it informed corporates of risk.
NCUA Inspector General says poor investment decisions by executives and volunteers and inadequate oversight by the NCUA were the key factors in the heavy losses at Members United Corporate Credit Union.
Glum is the one word summing up of the mood of the bridge task forces, at least for Members United Corporate Bridge and Western Bridge and their plans to create viable entities for tomorrow.
In accordance with NCUA's instruction that bridges transition to independently operating corporates, Western Bridge issued a statement that indicated it planned to pursue a new charter.
After he read the recent statements issued by NCUA, Dave Chatfield said there is just one conclusion: the regulator intends to block mergers of Tier One corporates.
With the fate of Constitution Corporate CU now sealed, NCUA made good this week on its pledge to hold a town hall meeting for CEOs of Connecticut CUs in a Q&A session conducted by the state's top regulator, Howard Pitkin.
The decision-making process began in earnest last week among credit union managers and the leaders of state leagues on the next step in dealing with possible alternate vendors for wholesale services as a result of the corporate seizures.
The $7.4 billion Members United Corporate FCU found a way around accounting rules that prevent investors from recovering bond losses once they are written down as OTTI: sell it rather than hold it to maturity.
Members United is soliciting participants for two private member meetings this month in which the $8 billion corporate will gather feedback on its preliminary strategic, business and capital plans.