News

Given what has happened on the corporate scene, the consolidation of the Florida and Alabama Credit Union Leagues looks today to be a rather prudent, "far sighted" move, according to the new chairman of the League of Southeastern Credit Unions.

Cooperatives pack a powerful economic punch that often flies beneath the radar screen.

NCUA today released a summary of its analysis of distressed securities held by U.S. Central FCU and Western Corporate FCU, posted on the agency's Web site under corporate stabilization. (www.ncua.gov)

Preliminary figures from the Federal Reserve suggest that credit unions issued $800 million less in revolving credit in February than they did in January of this year.

NCUA will release a summary of its commissioned PIMCO report "in the near future", said Chairman Michael Fryzel today. Comments from the agency's leader were included in NCUA's weekly Friday corporate update.

According to the NCUA's newly released corporate securities summary, Western Corporate FCU's AAA-rated securities at the time of purchase didn't accurately reflect investment quality.