News

Low mortgage rates and an increase in the availability of foreclosed properties helped trigger an increase in sales of existing homes last month, the National Association of Realtors reported today.

For the last several years, U.S. Central Federal Credit Union has been one of NACUSO's "platinum partners." However, it's too early to tell whether the corporate's recent conservatorship will have an impact on the alliance.

The $34 billion U.S. Central Federal Credit Union and the $23 billion Western Corporate Federal Credit Union both failed NCUA stress testing, but agency spokesman John McKechnie said the rest of the corporate network passed.

NCUA Executive Director David Marquis said WesCorp ignored third-party vendor portfolio valuations in favor of its own modeling, which used more optimistic assumptions.

CUNA President/CEO Dan Mica is scheduled to testify before the Senate Banking Committee tomorrow to discuss how credit unions would like to see any regulatory restructuring affect them.

The credit union industry is familiar with interim U.S. Central Federal Credit Union CEO James Nance. However, Western Corporate Federal Credit Union's new CEO Philip Perkins is relatively unknown to the industry.