News

Countrywide Financial announced late Friday that it would layoff as many as 12,000 workers, nearly 20% of its workforce, in an effort to trim costs in a down mortgage market. IndyMac Bancorp, another large lender also said it would trim 1,000 employees, or 10% of staff to save money.

Co-sponsors for the Credit Union Regulatory Improvements Act (H.R. 1537) climbed to 126 yesterday, including primary co-sponsor Paul Kanjorski (D-Pa.).

NCUA has determined that in cases where a state chartered, federally insured credit union is merging with a state chartered, federally insured mutual bank, the merging credit union does not have to follow the notification or ballot procedures that a CU would otherwise have to follow in a CU-to-bank charter...

The Iowa Insurance Commissioner has approved the merger of the CUNA Mutual Life Insurance Company with the CUNA Mutual Insurance Society, clearing the way for the insurer to consolidate two of its branches into one.

Despite having normal seasonal outflows of $1 billion, WesCorp members moved a record $3.3 billion into certificates during August.

Corporate Central Credit Union is now offering an ALM package that includes a series of Webinars, a modeling workshop, quarterly reports and consulting.