Credit Union Times | Accurate and Timely CU News

KV Members Want to See Records

By David Morrison

AUGUSTA, Maine -- Members of the $51 million KV Federal Credit Union opposed to KV's proposed charter change and merger with a local savings bank will approach the credit union tomorrow with a petition to see board minutes leading up to the conversion.

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January 28, 2009

Managers Need to Share the Pain, Says Pay Consultant

Top management of credit unions must now be aware "they are no different from any other industries sharing the economic pain" and look toward possible compensation reductions, a California salary consultant warned Thursday.

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January 28, 2009

CUs to Pay for Massive Rescue of Corporates

WASHINGTON -- In the wake of an expected $1 billion loss by U.S. Central, the NCUA is infusing $1 billion into the troubled credit union and undertaking a series of efforts to shore up the corporate credit union system.

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January 28, 2009

US Central's $1.2 Billion OTTIs From Private Label MBS

WASHINGTON - U.S. Central FCU said it will report $1.2 billion in other-than-temporary-impairments for 2008, writing down $2.3 billion worth of private label mortgage backed securities to slightly less than 50 cents on the dollar.

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January 28, 2009

TruMark Financial CU Joins $1 Billion Club

TREVOSE, Pa. -- A 16% growth spurt in 2008 has helped TruMark Financial Credit Union reach $1 billion in assets.

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January 28, 2009

401k Holders Keep Contributing, Hardship Withdrawals Trend Up

BOSTON -- While employees continue to contribute to their 401(k) plans, the average workplace savings account balance dropped 27% in 2008 to $50,200 from $69,200 in 2007, according to Fidelity Investments.

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January 28, 2009