News

Top management of credit unions must now be aware "they are no different from any other industries sharing the economic pain" and look toward possible compensation reductions, a California salary consultant warned Thursday.

WASHINGTON -- In the wake of an expected $1 billion loss by U.S. Central, the NCUA is infusing $1 billion into the troubled credit union and undertaking a series of efforts to shore up the corporate credit union system.

WASHINGTON - U.S. Central FCU said it will report $1.2 billion in other-than-temporary-impairments for 2008, writing down $2.3 billion worth of private label mortgage backed securities to slightly less than 50 cents on the dollar.

TREVOSE, Pa. -- A 16% growth spurt in 2008 has helped TruMark Financial Credit Union reach $1 billion in assets.

BOSTON -- While employees continue to contribute to their 401(k) plans, the average workplace savings account balance dropped 27% in 2008 to $50,200 from $69,200 in 2007, according to Fidelity Investments.

WASHINGTON - Sales of new homes fell 14.7% in December and were 44.8% below the levels of December 2007, the Commerce Department reported today.