News

A former credit union now turned bank may find out that it didn't clear itself from all of its CU relationships in time to avoid losing significant money.

As a result of the sluggish economy, 5.13% of all insured shares are in credit unions with CAMEL 4 or 5 ratings, and there are 326 credit unions with such ratings, NCUA Chief Financial Officer Mary Ann Woodson told the NCUA Board last Thursday.

Many accounts of the nation's economic problems go overboard either on the wonkish policy analysis at one end or the heartstring-tugging anecdotes on the other. It is rare to find a writer who strikes the necessary delicate balance.

Total Systems Services Inc., the second largest card processor based in the U.S., announced last week that it was opening a new division and wants that division to process credit union card transactions.

Some of the credit unions that had mortgage loans fraudulently sold to Fannie Mae by the now defunct U.S. Mortgage Corp. have begun lobbying Congress in an attempt to recover their money.

Economists may be saying that the economy is improving, but consumers seem to not have gotten the message.