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NCUA Seizes Three Corporate Credit Unions

By Heather Anderson

NCUA today placed three corporate credit unions into conservatorship: the $7.4 billion Members United Corporate FCU, the $9.5 billion Southwest Corporate FCU and the $1.2 billion Constitution Corporate FCU.

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Credit Unions Own Legacy Assets Upside and Downside

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Legacy Asset Trust Will Prevent Write-Downs, Increase Transparency

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September 23, 2010

On-Site Coverage: Trades Have Mixed Reactions To NCUA Actions

ALEXANDRIA, Va. -- CUNA President/CEO Bill Cheney said today's actions were a good first step while NAFCU President/CEO Fred Becker said he was pleased and it could have been worse.

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September 23, 2010

NCUA: Some Corporates Can Retain Legacy Assets

Not all corporates that own legacy assets will be required to give them up to NCUA, according to final corporate rules posted online today.

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September 23, 2010

U.S. Central and WesCorp Shed Assets to Repay Treasury

NCUA's sale of $800 million worth of U.S. Central FCU and Western Corporate FCU securities announced yesterday wasn't part of the regulator's legacy assets plan.

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September 23, 2010

Final Corporate Rules a Mixed Bag

NCUA's final corporate rules simplified limitations on permissible investments for wholesale credit unions.

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September 23, 2010

Western CUs Form Corporate Realignment Task Force

The California and Nevada Credit Union Leagues announced today they will provide staff support for a newly created Corporate Realignment Task Force.

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September 23, 2010

N.Y. CU Aids in Rehab of 171-Year-Old Stone Mill

A $650,000 government loan administered by the GPO Federal Credit Union will be used to renovate a stone mill built in 1839 to include tourism and business spaces.

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September 23, 2010