The NCUA's proposed prompt corrective action rules for corporates would give the regulator greater authority than it has today.

Corporates will have to meet significant new capital requirements if the NCUA's proposed changes to part 704 become rule.

The $1.3 billion Constitution Corporate Federal Credit Union is still operating with its own management and board but under the "close supervision" of the NCUA because investments losses have depleted all capital and then some.

LAS VEGAS -- Serving consumers when the markets fail is the reason credit unions exist, Callahan and Associates President/CEO Chip Filson told California and Nevada Credit Union League annual meeting attendees this morning in a general session.

LAS VEGAS -- The California and Nevada Credit Union Leagues found a positive message with which to open the trade associations' annual meeting: what doesn't kill us will only make us stronger.

Owners of depleted corporate capital aren't likely to get it back, even if loss estimates that supported the write downs were too high, according to a statement issued today from Chairman Debbie Matz.

The Association of Corporate Credit Unions asked the NCUA to reconsider its position on corporate capital write downs during a special Nov. 5 meeting that was closed to the press.

Three days of heavy rains have produced nationwide flooding and mudslides in El Salvador, displacing thousands and threatening more, including credit union members, the World Council of Credit Unions reported.