News

Basic "common sense" with an eye on keeping extravagant junkets in check should guide credit union boards in dictating travel policy of volunteers, one of the industry's most prominent chairman, Wesley Bone of Maryland, said Thursday.

During yesterday's House Subcommittee on Financial Institutions and Consumer hearing, witness George Reynolds, had supportive words for his state's corporate, the $2 billion Georgia Central Credit Union.

Elan Financial Services may have purchased CU credit card portfolios from TNB Card Services, but it may have a ways to go to win over those credit unions.

Kevin Brauer, Members United Corporate FCU's executive vice president, member relations, said corporate capital has historically been adequate to weather previous economic cycles.

The NCUSIF's reserve balance was $5.3 billion last month and the fund lost $2.5 million in income, NCUA Chief Financial Officer Mary Ann Woodson told the board today.

WASHINGTON -- Corporate credit unions would have to keep a 5% core capital leverage ratio to be considered well capitalized under rules that the NCUA plans to discuss later this year, NCUA Chairman Michael E. Fryzel told lawmakers today.