Regulatory & Compliance

The NCUA's corporate stabilization Webinar presenters provided insight today regarding the agency's analysis of corporate investment portfolio values.

Credit unions finalizing 2008 annual reports will have to make some 11th-hour adjustments to their year-end financials, thanks to Friday's conservatorship of the $34 billion U.S. Central FCU and the $23 billion WesCorp.

Credit union leaders Monday were voicing support, albeit reluctant, for the NCUA takeover of two corporate credit unions.

The "very severe earnings hit" on credit unions by NCUA's corporate takeovers should now force the Treasury and Congress to come up with a CU aid package, the president/CEO of The Golden l CU of Sacramento said Monday.

Saying that stress tests revealed "an unacceptably high concentration of risk," the NCUA today placed U.S. Central Federal Corporate Credit Union and Western Federal Corporate Credit Union into conservatorship and removed their boards and top executives.

Credit union CEOs representing CUNA and NAFCU today urged lawmakers to increase the NCUSIF's borrowing authority with the Treasury Department to $100 billion and allow the CLF to lend to corporate credit unions.