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.
Western Corporate Federal Credit Union President/CEO Philip Perkins spoke out against some proposed NCUA corporate regulations in a letter to members that was obtained by Credit Union Times.
The NCUA filed suit in Los Angeles Superior Court Dec. 30 to replace seven natural person credit unions as plaintiffs in a negligence suit against current and former employees and volunteers of failed Western Corporate Federal Credit Union.