News

The Wisconsin Division of Banking Tuesday called the abrupt closing of Central States Mortgage Co., the Milwaukee CUSO, discomforting and "extremely unusual" for an operation its size.

The sudden closing of Central States Mortgage Co., a Wisconsin CUSO with 25 CUs and the Wisconsin Credit Union League as shareholders, set off a new round of charges Tuesday.

Touting the industry's differences, Sheilah Montgomery, president/CEO of 1st Choice Credit Union, was a guest speaker on "Minding Your Money," an Atlanta-based radio program.

The debate over how much, if any, of U.S. Central Federal Credit Union's December capital losses will be absorbed by retail corporates through their paid-in capital continues.

The NCUA's plan to guarantee deposits at corporate credit unions-which could result in a premium levied on natural person credit unions-was one of the recommendations made by a consulting firm hired by the agency last year.

The $247 million Picatinny Federal Credit Union is continuing to take the legal lead among credit unions victimized by vendor U.S. Mortage Corp. and its credit union division, CU National Mortgage.