Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CDCU launches fund-raising drive to boost reserves
TOLEDO, Ohio (3/29/11)--A Toledo, Ohio, community development credit union (CDCU), Toledo Urban FCU, will hold a fund-raising drive to bolster its shrinking cash reserves. The credit union will accept individual donations, with the rationale that no contribution is too small, said Suzette Cowell, Toledo Urban treasurer/CEO (toledoblade.com March 28). The credit union, which will begin sending out letters to the community next week to explain its situation, hopes to raise $250,000 by late September, the newspaper said. Toledo Urban is making the move to put in abeyance potential orders by the National Credit Union Administration (NCUA) to improve its financial condition, the newspaper said. NCUA requires credit unions to have capital reserves of 7% of their total assets. Following an audit of its financial condition, Toledo Urban determined it had a 4.6% capitalization rate, the paper said. The credit union’s capital reserves have diminished because the poor economy has caused members to become delinquent on their loan payments, and adversely affected the $3.6 million-asset Toledo Urban’s reserves, Cowell told the paper.


RSS print
News Now LiveWire
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
12 minutes ago
.@MICreditUnions is recruiting member #creditunions to participate in a campaign to help state residents thrive in retirement.
21 minutes ago
#NewsNow: How @MyCUgov makes financial education resources available (Pt1 in a 2-Pt series) http://t.co/XzvD5sj8Am
25 minutes ago
Consumer spending, income slip in July #Market #NewsNow http://t.co/GHFviIePLS
2 hours ago
Breaking on #NewsNow: Loan balances up 9.8% in 2nd Q, per @TheNCUA http://t.co/sqoJTfHQ8q
3 hours ago