As the nation's budget deficit continues to grow, the government may be looking for new sources of revenue. Therefore, formerly sacred cows such as credit unions' tax-exempt status may go the way of VCRs and rotary phones.
The three corporate credit unions placed into conservatorship Sept. 24 bring the total of seized corporates to five. Operations will continue at all five corporates.
After months of speculation, the NCUA revealed on Sept. 24 a "good bank, bad bank" plan to deal with corporate legacy assets.
The revelation that NCUA sold $800 million worth of U.S. Central FCU and Western Corporate FCU securities in mid-September
Forty eight credit unions received almost $70 million from the U.S. Treasury's Community Development Capital Initiative program, according to the National Federation of Community Development Credit Unions.
The $2.2. million Thurston Union of Low Income People Credit Union, headquartered in Olympia, Wash., is celebrating a $75,000 loan from the U.S. Treasury's Community Development Financial Capital Initiative.
Guest blogger Charles Bruen, CEO of First Entertainment Credit Union, questions the choice of Elizabeth Warren to head up the formation of the Consumer Financial Protection Bureau.
New securities issued from legacy assets will be guaranteed by NCUA, said Deputy Executive Director Larry Fazio.
NCUA today placed three corporate credit unions into conservatorship: the $7.4 billion Members United Corporate FCU, the $9.5 billion Southwest Corporate FCU and the $1.2 billion Constitution Corporate FCU.
NCUA's sale of $800 million worth of U.S. Central FCU and Western Corporate FCU securities announced yesterday wasn't part of the regulator's legacy assets plan.