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News Now

CU System
Top 10 INews NowI stories for November
MADISON, Wis. (12/2/10)--Stories about the corporate credit union system, and elections results with Credit Union National Association analysis dominated November’s list of top 10 stories in News Now. Other stories that made the list include a Filene study on adapting services to retain young adults, and a study on how free checking can prompt people to switch financial institutions. November's top stories are: 10. Counterfeit checks reported by CUs in five states MADISON, Wis. (11/23/10)--Credit unions from New York, Pennsylvania, Washington, Iowa and California reported counterfeit checks scams, CUNA Mutual Group announced on Wednesday, according to the New Jersey Credit Union League (The Weekly Exchange Nov. 15). 9. Constitution Corporate to be liquidated ALEXANDRIA, Va. (11/22/10)--Constitution Corporate FCU (Constitution) will be liquidated on Nov. 30, the National Credit Union Administration (NCUA) announced Friday. 8. Restitution, employment ban ordered for two by NCUA ALEXANDRIA, Va. (11/23/10)--Two former credit union employees have been banned from future work at any federally insured financial institution, as well as ordered to pay substantial restitutions, under prohibition orders issued by the National Credit Union Administration (NCUA). 7. WesCorp risk management was inadequate, NCUA says ALEXANDRIA, Va. (11/22/10)--The National Credit Union Administration (NCUA) has found that the management of failed Western Corporate FCU (WesCorp) “did not implement appropriate risk management practices to adequately limit or control significant risks in its investment strategy” before its ultimate conservatorship in early 2009. 6. Study pinpoints what prompts a switch in FIs: Free checking LOMBARD, Ill. (11/16/10)--Offering a free checking account is the top reason consumers say they would switch financial institutions, according to new research by Raddon Financial Group. Of consumers surveyed, 39% said they would switch if free checking changed. 5. NCUA to create ‘loan loss’ resolution tool ALEXANDRIA, Va. (11/18/10)--Saying it was ‘taking a page’ from the Federal Deposit Insurance Corp.’s (FDIC’s) recent action plan to increase available tools to resolve large, complex financial institutions, the National Credit Union Administration (NCUA) Wednesday announced its own Loss Share Program. 4. Filene Study: Adapt services to retain young adults MADISON, Wis. (11/17/10)--Attracting more Gen Y members is more than a marketing strategy for credit unions, it’s a matter of survival, according to a just-published report from the Filene Research Institute. 3.Projected corporate fund assessment a concern: CUNA ALEXANDRIA, Va. (11/19/10)--While the National Credit Union Administration’s (NCUA) proposed National Credit Union Share Insurance Fund (NCUSIF) assessment of 0 to 10 basis points “is right within the range” that the Credit Union National Association (CUNA) expected, CUNA President/CEO Bill Cheney said that CUNA is “troubled with the projected corporate stabilization assessment.” 2. Fitch withdraws ratings of three more corporates CHICAGO (11/2/10)--Ratings organization Fitch says it has affirmed and then withdrawn its ratings for three corporate credit unions under conservatorship. 1. How did CUs fare? CUNA election analysis WASHINGTON (UPDATED: 1:00 P.M. ET 11/3/10)--With the makeup of the 112th Congress falling into place after Tuesday’s midterm elections, the Credit Union National Association (CUNA)has analyzed the near future for credit unions and legislation in general.


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