WesCorp President/CEO Philip Perkins wrote in a letter to members obtained by Credit Union Times that the NCUA's proposed corporate regulations as currently written contain a "number of elements that would have a detrimental impact on credit unions."

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.

Owners of the $8.35 billion Members United Corporate Federal Credit Union can put their 2008 financial reports to bed now that the Warrenton, Ill.-based cooperative released its 2008 audited financial statements Dec. 31.

Corporate One Federal Credit Union survived its November portfolio review with all member contributed capital intact, writing off $32.2 million that still leaves more than $25 million in reserves.

Representatives from 11 small corporates gathered at the Monte Carlo casino and hotel in Las Vegas on Dec. 15 to discuss their options for the future,

NCUA regulation, not GAAP accounting standards, require corporate credit unions to eliminate retained deficits by impairing capital, said Scott Waite, member of Financial Accounting Standards Board's small business advisory committee.

Corporate credit union investments took a nosedive early in 2009, and corporate network owners and regulators spent the rest of the year creating and debating ways to pay for the resulting losses.

Stuart Perlitsh, president/CEO of the $338 million Glendale Area Schools Federal Credit Union, called foul on WesCorp President/CEO Phil Perkins' recent criticism of credit unions suing current and former WesCorp employees and volunteers.