TITLE

Corporate CU Limits Sought

PUB. DATE
September 2009
SOURCE
American Banker;9/9/2009, Vol. 174 Issue 169, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The author reports on recommendations that have been made by a joint task force regarding services that should be offered by corporate credit unions. Services that the task force feels that corporate credit unions should offer include payments and settlements, short-term investments and liquidity. Western Corporate Federal Credit Union and U.S. Central Corporate Federal Credit Union were seized after they experienced losses on mortgage-backed securities.
ACCESSION #
44151199

 

Related Articles

  • Takeovers to Raise Premiums for CUs. Roberts, Ed // American Banker;3/24/2009, Vol. 174 Issue 56, p5 

    The article reports that U.S. credit unions will be charged higher insurance premiums. The high premiums are meant to cover the $6 billion cost of the takeover of the Western Corporate Federal Credit Union and the U.S. Central Federal Credit Union. Commentary is provided by Michael E. Fryzel,...

  • Self-Determination. Blumenfeld, Matt // Credit Union Journal;11/2/2009, Vol. 13 Issue 44, p15 

    The article reports that the National Credit Union Administration (NCUA) will not state the size of the corporate system when it releases it new rule on November 19, 2009. Scott Hunt, the director of the Office of Corporate Credit Unions emphasizes that all corporate will be treated equally. It...

  • Corporate CU Writedowns Put Focus On Fair-Value Accounting. Davenport, Todd // Credit Union Journal;6/9/2008, Vol. 12 Issue 23, p1 

    The article discusses how the turmoil in the credit market is negatively effecting corporate credit unions' balance sheets. The author also discusses fair-value accounting and the difference it makes for corporate credit unions. Reports on the financial conditions of major corporate credit...

  • Illiquid Securities, U.S. Central Cause a Delay in Audited Financials. Anderson, Heather // Credit Union Times;4/15/2009, Vol. 20 Issue 15, p3 

    The article reports on the delay in audited financials of corporate credit unions in the U.S. given the conservatorships of U.S. Central Credit Union and WesCorp Federal Credit Union. CenCorp needs to determine the value of its own investments in an illiquid market and write down U.S....

  • Biggest Offering Of Corporate Bonds Launched By NCUA.  // Credit Union Journal;11/15/2010, Vol. 14 Issue 46, p27 

    The article reports that the National Credit Union Association (NCUA) had launched the cash flows on the residential mortgaged-backed securities (MBS) from four corporations including the U.S. Central Federal Credit Union (FCU), WesCorp FCU, and Members United Corporate FCU.

  • WesCorp, VolCorp Union Back On Track. Burger, Carol Anne // Credit Union Journal;12/4/2006, Vol. 10 Issue 48, p1 

    The article reports the merger between VolCorp (Volunteer Corporate Credit Union) of Tennessee and WesCorp (Western Corporate Federal Credit Union) of San Dimas, California, after the approval from Department of Financial Institutions (DFI) of Tennessee. The article discusses the reasons behind...

  • Paper checks face electronic dethroning. Crompton, Kim // Journal of Business (10756124);1/26/2006, Vol. 21 Issue 3, pB1 

    The article reports on the decreasing number of checks being processed at financial institutions in Washington due to the emergence of new technologies. According to Byron Edgett, president and CEO of Spokane Federal Credit Union, the number of checks being processed for groups of credit unions...

  • WesCorp, VolCorp Merger Hits Glitch Over Return To CUs.  // Credit Union Journal;3/13/2006, Vol. 10 Issue 10, p3 

    The article reports on the proposed merger between Volunteer Corporate Credit Union (VolCorp) and California-based Western Corporate Federal Credit Union (WesCorp) in Nashville, Tennessee. Problems arise after the state regulator requested the corporate to pay more to members from reserves and...

  • NCUA CORPORATE STABILIZATION UPDATE.  // CU360;4/13/2009, Vol. 35 Issue 7, p1 

    The article offers updates on corporate stabilization from the National Credit Union Administration (NCUA) in the U.S. The Financial Accounting Standards Board (FASB) has adopted revisions on mark-to-market accounting rules and on treatment of the "other-than-temporary impairment" of assets on...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics