Meltdown 101: What to know if your bank fails Oct 31, 2009
A: The National Credit Union Administration, a U.S. government agency, provides members of these nonprofit institutions insurance up to $250,000 through the National Credit Union Share Insurance Fund, much the way the FDIC covers bank deposits. So far this year, 19 credit unions have failed. (Muscatine Journal, IO)
Inside Alaska business Oct 3, 2009
The National Credit Union Administration said that Members Own's "declining financial condition led to its closure and subsequent purchase and assumption by Alaska USA.". NANA to hand out $12-a-share dividend. (Anchorage Daily News)
READ: Text of Bernanke's prepared remarks Oct 2, 2009
Information about the proposed guidance is available at Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration (2009), "," joint press release, June 30. For more information about the SCAP, see Ben S. Bernanke (2009), "," speech delivered at the Federal Reserve Bank of Atlanta 2009 Financial Markets Conference, held in Jekyll Island, Ga. (USA Today -- Money)
Security Service buys El Paso credit union Oct 2, 2009
National Credit Union Administration, the Texas Credit Union Department and the West Texas Credit Union board of directors each approved the purchase. San Antonio-based Security Service is the largest credit union in Texas and the ninth largest in the nation. (San Antonio Business Journal, TX)
United Federal takes over failed Nevada credit union (882) Sep 30, 2009
The news release said the merger was coordinated by the National Credit Union Administration, which is the federal agency that oversees credit unions ... wrote on Sep 28, 2009 10:17 PM:" A strong FI steps in and helps a weaker one out, saving jobs while increasing their worth. Hmmm......United did it before-looks like they're doing it again. The article says it was 'coordinated by the National Credit Union Administration-try reading 'cooridinated' as 'hey-strong CU-can you help fix this CU?". (The Herald-Palladium)
Troubled credit union aims for recovery Sep 26, 2009
If its capital levels don t bounce back, its options include finding a merger partner or having its primary regulator, the National Credit Union Administration, liquidate or sell its assets. The NCUA also insures credit union deposits up to $250,000. (Twin Cities Business Journal, MN)
Frank Proposes Changes to Consumer-Agency Plan Sep 23, 2009
The federal banking agencies, the National Credit Union Administration, Federal Trade Commission, the US Department of Housing and Urban Development, and the Chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council would be represented on the oversight board, according to the memo. No data currently available. (Fox News)
Randolph-Brooks CEO named top credit union professional in Texas Sep 15, 2009
He has worked for Randolph-Brooks for more than 20 years and during that time the National Credit Union Administration has consistently given the credit union high marks for overall operations. Also during that time, independent financial services firm has assigned a superior rating to Randolph-Brooks for 49 consecutive six-month periods since December 1984. (San Antonio Business Journal, TX)
How safe is your bank? (32) Sep 13, 2009
The FDIC and its credit union counterpart, the National Credit Union Administration, both insures individual accounts of up to 250,000. "There's not many average customers that have more than a quarter of a million dollars in the bank,'' said Iowa Banking Superintendent Tom Gronstal.If your funds exceed that amount, you could open accounts in multiple banks. There also are ways to increase your coverage in the same institution.For instance, if you and a spouse of family member open a joint... (Sioux City Journal, IO)
Proposed agency for consumer protection faces fierce debate Sep 9, 2009
National Credit Union Administration (NCUA). Department of Housing and Urban Development (HUD). (USA Today -- Money)
Data point to more bank failures Sep 9, 2009
Other regulators issuing orders during the period were the Federal Reserve Bank, National Credit Union Administration, Office of the Comptroller of the Currency and Office of Thrift Supervision. The FDIC also issued 90 percent of the 60 civil money-penalties ordered. (Charlotte Business Journal, NC)
Meriden Credit Union Official Admits Embezzling More Than $700,000 Sep 3, 2009
When the National Credit Union Administration, which insured the institution, closed it on July 16, 2008, it had 206 members with $337,968 in assets. U.S. District Judge Vanessa L. Bryant scheduled LaLiberte's sentencing for Jan. 12. (FOX61, CT)
Former Honolulu credit union manager barred for bank fraud conviction Aug 15, 2009
The National Credit Union Administration Board has issued an order barring a former Honolulu credit union manager from working in the industry because of her conviction on bank fraud charges. Roselle Farias, the former manager of Prince Kuhio Federal Credit Union, was convicted of bank fraud in Novmber 2007. (Honolulu Advertiser)
Mutual Savings Credit Union seized Aug 6, 2009
Two weeks ago, New Hope Community Development Credit Union in West End was seized by the National Credit Union Administration. Reader Comments. (Birmingham Business Journal, AL)
Goldman Sachs Hatred Might Cost You Your Bonus Jul 30, 2009
Under a bill approved this week along partisan lines by Franks committee, seven regulatory bodies -- from the Fed down to the National Credit Union Administration Board -- would be required to enact new rules prohibiting any incentive-based payment arrangement, that the regulators determine encourages inappropriate risks. . (Bloomberg -- Columnists)
HINGHAM WEDDING: Slaughter Melia Jul 28, 2009
She is employed at National Credit Union Administration as a title examiner. The groom graduated from Southlake/Carroll High School, Southlake, Texas, in 1999, and Northwood University in Dallas, Texas, in 2003. (Hingham Journal, MA)
Delinquencies on the rise in Black Hills Jul 6, 2009
Some credit unions in the Black Hills are loaded with double and, in some cases, triple the loans past due more than 60 days, foreclosed properties and repossessed vehicles, according to data from the National Credit Union Administration ... Deposit accounts of federally-insured credit unions are insured up to 250,000 by the National Credit Union Administration. (Rapid City Journal, SD)
Consumers likely to findincreased bank costs Jul 2, 2009
The National Credit Union Administration, which insures deposits up to $250,000 at more than 7,000 credit unions, also charged no premiums for 10 years, and even paid rebates in two of those years ... The funding crisis at the National Credit Union Administration illustrates the extent of the underfunding ... John McKechnie, a spokesman for the National Credit Union Administration, said that during the 10-year period when his agency charged no premiums, few complaints were heard. (Boston Globe)
Alaska USA to snap up troubled High Desert Federal credit union Jun 21, 2009
65 billion the year before, because of loan delinquencies and mortgage-backed securities, according to the National Credit Union Administration. High Desert stopped issuing those home construction loans in May 2008 to avoid more losses, according to the local paper. (Juneau Empire)
Alaska USA to buy Outside credit union Jun 20, 2009
Alaska USA said it supplied the winning bid when the National Credit Union Administration this year sought a buyer for High Desert Federal Credit Union in Apple Valley, Calif. The NCUA took control of High Desert, which has served San Bernardino County residents for nearly 60 years, last October. (Anchorage Daily News)
The battle is just beginning Jun 18, 2009
Banks will still be regulated by, among others, the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Controller of the Currency, the National Credit Union Administration and 50 separate state banking regulators. (The Office of Thrift Supervision will be eliminated and its functions folded into other bank regulators. (MSNBC -- Business)
Arizona's credit unions also hit hard by bad consumer loans May 30, 2009
Source: National Credit Union Administration. Most read. (AZCentral -- Business)
Thune: Reform bill goes too far May 21, 2009
"The Federal Reserve, the Office of Thrift Supervision, the National Credit Union Administration recently adopted rules last fall that would strike what I think is a much needed balance," Thune said of a process that took months and drew 60,000 comment letters. "Rather than leave it at that, Congress wasn't satisfied, had to figure out a way to legislate on this and so a bill was put on the floor without any hearings to adequately evaluate the potential impact on our credit markets.". (Sioux City Journal, IO)
Brevard credit union makes big move Apr 28, 2009
The merger talk follows Fridays announcement that the Florida Office of Financial Regulations, Bureau of Credit Union Regulation, appointed the National Credit Union Administration as conservator of Eastern Financial. The national group then appointed Space Coast Credit Union as the temporary manager of day-to-day operations, knowing Space Coast was interested in a merger. (Florida Today)
State regulator foresees trouble with capital levels at several credit unions in Washington Apr 28, 2009
Because of those potential losses, the National Credit Union Administration (NCUA) the credit union system s insurance system recently seized the two corporate credit unions and placed them under conservatorship. To keep the corporate credit unions running, the NCUA pulled $5. (Puget Sound Business Journal, WA)
Obama vows to protect credit card users Apr 28, 2009
Chuck Schumer, D-N.Y., wrote a letter asking the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration to enforce those rules immediately. The effect would be put emergency freeze on interest rates tied to existing balances on credit cards. (MSNBC -- Business)
King Penguin Properties, LLC Adds to Planned Distressed Real Estate Team Apr 16, 2009
Mr. Riehl most recently worked as a distressed debt analyst for Cedarcrest Fund, LP in New York where he analyzed and purchased troubled bank loans from US banks, The FDIC and The National Credit Union Administration. He has performed extensive due diligence on distressed commercial properties located in the New York metro area and in other major cities across the United States. (PR Newswire)
Seized Credit Union Planned to Understate Loss Apr 11, 2009
Senior managers at WesCorp were prepared to report an impairment figure for certain securities as of December 31 that was based on the lower internal estimate, the National Credit Union Administration said. The credit union regulator seized WesCorp and U.S. Central Federal Credit Union on March 20 after stress tests revealed that losses on their soured mortgage-related investments had reached a critical stage. (ABC News -- Wire)
Bank tests may put Treasury in tough spot Apr 9, 2009
The provisions, introduced by Republican Senator Mike Crapo of Idaho, would increase the Federal Deposit Insurance Corp s (FDIC) borrowing authority to US$100bil from US$30bil now to deal with banks and increase the National Credit Union Administration s (NCUA) limit to US$6bil from US$100mil for non-profit credit unions. The provisions also allow the agencies to exceed the new limits through the end of next year for up to US$500bil for the FDIC and US$18bil for the NCUA in the event of... (The Star Online, Malaysia -- Business)
Edgar F. Callahan, at 80; was US credit union chief Apr 8, 2009
NEW YORK - Edgar F. Callahan, who as chairman of the National Credit Union Administration under President Reagan brought stability to the credit union industry at a time of economic uncertainty, died March 18 at his home in Sacramento ... Mr. Callahan was director of the Illinois Division of Financial Institutions in 1981 when Reagan named him to lead the National Credit Union Administration. (Boston Globe)
Hill Credit Unions Chip In for Bailout Apr 1, 2009
Both credit unions also are required to pay out millions of dollars to help the National Credit Union Administration seize two corporate credit unions. It leads one to think, What s next. (Roll Call)
Credit card revamp no help on penalties before 2010 Mar 30, 2009
The regulations issued by the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration in December ban "unfair and deceptive practices." The rules prevent banks from raising interest rates on existing balances unless a payment is more than 30 days late, charging late fees without giving a borrower a reasonable amount of time to pay and applying payments so that debts with higher interest rates are repaid last. Federal officials and industry groups said... (Honolulu Advertiser)
Government Takes Over Two Corporate Credit Unions Mar 22, 2009
The National Credit Union Administration said Friday it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kan. and Western Corporate Federal Credit Union, in San Dimas, Calif. (KWTX.com, TX)
Credit union victim of soured mortgage market Mar 22, 2009
The National Credit Union Administration, or NCUA, took control of U.S. Central as well as Western Corporate (WesCorp) Federal Credit Union of San Dimas, California, another corporate credit union with 23 billion in assets ... The National Credit Union Administration. (Yahoo News -- Top Stories)
Federal regulators take over 2 corporate credit unions Mar 22, 2009
The National Credit Union Administration said it would replace the management of both institutions and that their operations would otherwise be unaffected. The NCUA said its action was intended to shelter customers of retail credit unions from any consequences. (Honolulu Advertiser)
U.S. Seizes Top Credit Union Clearinghouse Mar 21, 2009
The National Credit Union Administration (NCUA) took control of U.S. Central Federal Credit Union, a huge wholesale credit union with about $34 billion in assets based in Lenexa, Kansas. It also seized Western Corporate (WesCorp) Federal Credit Union of San Dimas, California, another corporate credit union with $23 billion in assets. (ABC News -- Wire)
FOXBusiness: 2 Corporate Credit Unions Seized Mar 21, 2009
Michael E. Fryzel, chairman of the National Credit Union Administration, said that the governments swift action was necessary to ensure the stability of both the credit union system and the insurance fund responsible for backing up retail-credit union deposits, according to the Journal. The two institutions, Fryzel said, werent accurately estimating their losses and put the system at risk. (Fox News)
Valley credit unions: 'We have money to lend' Mar 13, 2009
4% over September 2007, about the time the nationwide recession began, according to data from the National Credit Union Administration. During the same period, the value of loans by banks in California fell 24. (Fresno Bee)
Two area credit union mergers approved Feb 27, 2009
The National Credit Union Administration has now announced three local mergers this year. Last month, it announced approval for D.C. to merge into District-based Treasury Department Federal Credit Union. (Washington Business Journal, DC)
Community banks remain strong Feb 23, 2009
The net worth is a good indication, said Charlie Grossklaus, president of RCU. That information is available on FDIC Web sites or, in the case of credit unions, on the National Credit Union Administration (NCUA) website. Another way to express it is how well a bank or credit union is capitalized, basically a reserves to assets ratio though computing a financial institution s capitalization rate is much more complicated than that. (Chippewa Falls Chippewa Herald, WI)
American Southwest Credit Union CEO explains challenges facing his industry Feb 23, 2009
Now, the National Credit Union Administration is preparing to force U.S. Central to recognize these losses by further recording market value losses through their income statements. It s like if you have a stock portfolio, and some stocks have gone down, and someone is coming along and forcing you to pay the difference even though you re not selling (those bad stocks), said Brian Barkdull, president and CEO of American Southwest Credit Union in Sierra Vista. (Sierra Vista Herald, AZ)
Merger sign of changing tide of history, economy Feb 9, 2009
The financial institution received approval from the National Credit Union Administration (NCUA) in December to merge with locally based. Terms of the deal were not disclosed. (San Antonio Business Journal, TX)
TAPCO Credit Union Hosts Mega Sweetheart Car Sale Feb 8, 2009
From now through Feb. 15, TAPCO is loaning money at great rates and the local dealers are offering terrific deals in TAPCO's 13th annual "Sweetheart Car Sale to qualified buyers. Tacoma, Wash. (PRWEB) February 8, 2009 -- With Valentine's Day fast approaching, is offering unbelievably low rates - as low as 2.99 percent in its 13th annual Sweetheart Car Sale. If you're looking for a new or used car, TAPCO Credit Union can put you in the driver's seat for a sweet deal at five select Tacoma car... (Yahoo News -- Press Releases)
