News

The trend toward state league consolidation picked up new momentum with plans by the Credit Union Associations of Colorado and Wyoming to pursue a formal merger.

The troubled $220 million Sarasota Coastal CU, hit by loan losses tied to the housing recession in south Florida, may have found a new merger partner, the $650 million Achieva CU of Clearwater.

On Monday, April 27, Eastern Corporate Federal Credit Union's Board of Directors voted unanimously to participate in the NCUA's Temporary Corporate Credit Union Share Guarantee Program, per the $1.4 billion institution's May newsletter.

Association of Corporate Credit Unions Executive Director Brad Miller said he disagrees with the NCUA's decision to record corporate losses based on future estimates.

Credit unions have the "moral high ground" to promote a regulatory structure that allows them to keep operating as is.

An integrated online loan application and new member enrollment solution is netting $4.4 billion Digital Federal Credit Union about 65 applications a day, the Massachusetts-based credit union said.

Credit unions and other card issuers might take heart from the news that some of the same people who developed the data encryption standard that currently protects ATM transactions are discussing developing a similar standard for card transactions.

The NCUA is primarily focused on addressing corporate safety and soundness issues, and less interested in tinkering with the structure of the system, said Brad Miller, executive director of the Association of Corporate Credit Unions.