News

Stuart Perlitsh, president/CEO of the $338 million Glendale Area Schools Federal Credit Union, called foul on WesCorp President/CEO Phil Perkins' recent criticism of credit unions suing current and former WesCorp employees and volunteers.

Financial consultant and industry veteran Marvin Umholtz praised corporate credit unions for thinking outside the box when brainstorming new strategies. However, Umholtz said those efforts "might prove to be a hopeless exercise."

Stressing discussion is still "very much premature," the Virginia Bankers Association is exploring a bill in the next legislative session to allow banks to buy credit unions and vice versa.

After doing an analysis of member business loan data, CU Business Group discovered that 50% of delinquencies are concentrated in 18 of the 698 credit unions that hold 95% of all MBL dollars.

Open Solutions Inc. said it recently completed three core conversions over a single weekend representing credit unions with more than $7 billion in assets.

For purposes of whether to grant a community charter, a well defined local community would have to have 2.5 million or fewer people and have a core area containing 50% of the jobs and 33% of the population.

Running counter to prevailing trends, the $1.4 billion Texas Dow Employees Credit Union detailed Thursday what it described as an "aggressive expansion and growth" plan encompassing five new branches in east Texas for 2010.

Investment losses at the $21 billion Western Corporate Federal Credit Union are "substantially greater" than originally projected by Clayton Holdings earlier in the year, Chief Investment Officer Joe DiMichele told members in yesterday's Webcast.