News

The FDIC budget announcements at today's board meeting revealed significant increases in dealing with banks' escalating woes.

The $1 billion Pacific Service Credit Union, headquartered in Walnut Creek, Calif., has announced that a recent redesign of its card program has reduced the card rates for most of its cardholders.

The U.S. Treasury Department's Community Development Financial Institutions Fund is slated for an increase of $107 million over its 2009 funding level and, most crucially, will drop the so-called "matching funds" requirement.

Credit unions and the IRS are gearing up for post-trial briefs, due Feb. 1, following the close of oral arguments last Friday in the case challenging the IRS' interpretation of unrelated business income tax.

At the end of the third quarter, 156 credit unions with assets over $1 billion held 34% of all of the movement's membership, according to industry data.

NCUA regulation, not GAAP accounting standards, require corporate credit unions to eliminate retained deficits by impairing capital, said Scott Waite, a credit union executive.