When Constitution Corporate Federal Credit Union released its December 2009 financials Feb. 8, reporting an inflated $25.2 million prior undivided earnings deficit, the industry wondered if the $1.3 billion corporate was under conservatorship.
Western Corporate Federal Credit Union has published an instructional document to help credit unions protect themselves from fraudulent electronic financial transactions.
Western Corporate Federal Credit Union Vice President of Economic and Market Research Dwight Johnston today called the Obama Administration's prediction of an average net increase of 95,000 jobs per month "somewhat disingenuous."
At least five corporate credit unions had posted their unaudited December month-end financial statements online as of press time.
Of the five corporates that have posted unaudited December and year-end figures, three reported net losses and two net profits. However, all are anticipating better bottom lines than those recorded in 2008.
Despite alleging different crimes, the three lawsuits targeting seized corporate credit unions have one thing in common: defendants are arguing plaintiffs don't have the right to sue because the charges are so-called "derivative claims."
More than 200 people filled the NCUA's Jan. 22 town hall meeting to capacity and then some.
In three separate lawsuits that involve U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, defendants argue plaintiffs don't have the right to sue, because charges are so-called "derivative claims."
Despite the NCUA-directed cancellation of Western Corporate Federal Credit Union's town hall meetings,
Credit union chief financial officers are being asked to provide more reporting and education these days, often to the point that it gets in the way of their ability to actively manage their positions.