News

Poor decisions by management caused the failure of Ensign FCU and Clearstar Financial CU, which cost the NCUSIF $42 million, according to reports by the NCUA's Office of Inspector General.

Bank of America and United Midwest Savings Bank are the first financial institutions to assemble SBA 504 first mortgage pools to be sold on the secondary market, the agency said today.

The media blitz by both CUNA and NAFCU to counter the negative "credit union bailout" message went into high gear today with new videos and top brass keeping in contact with TV producers and financial reporters on the corporate crisis.

Despite the average interest rates on certificates of deposit being higher than those on money market accounts since June 2009, some consumers may still favor quick access to cash.

The corporate crisis aside, Pennsylvania credit unions are moving ahead--and even reducing the assessment--for another season of a three-year-old awareness campaign, iBelong, aimed at developing the member base.

The industry's latest corporate crisis wound up again getting national attention Monday night in a segment on Fox Business Network featuring interviews with CUNA President/CEO Bill Cheney and one of the Wall Street Journal writers of "bailout" fame.