News

U.S. Central Federal Credit Union's 2008 audit, released Sept. 11, produced a balance sheet with $740 million less capital as of Dec. 31 than reported just one month ago.

U.S. Central Federal Credit Union and the NCUA have clarified the bottom-line affect the 2008 audit will have on member capital.

Bill Cheney, president/CEO of the California and Nevada Credit Union Leagues, received $545,178 in salary and benefits during 2007, plus contributions toward a retirement plan worth $175,512 and a $10,000 expense account.

The NCUA will likely propose stricter rules to regulate allowable risks for corporate credit unions but won't specify the number of corporates that will remain, NCUA Chairman Debbie Matz told Credit Union Times last week.

The recent spate of bank failures seems to be "taken in stride" by the public with no current evidence of CUs gaining substantial new business, the president/CEO of the $7 billion Alliant Credit Union of Chicago said Monday.

When it comes to efforts by banks and credit unions to cross-sell investment and insurance products, their attempts may be coming up short.