Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Corp. CU update NCUA begins stabilization process
ALEXANDRIA, Va. (6/8/09)--The National Credit Union Administration (NCUA) in its most recent update on the status of the corporate credit union system said that it has begun to use the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to cover corporate stabilization-related expenses. In a Tuesday press release, the NCUA said that the implementation of the TCCUSF will allow natural person credit unions to “reflect a fully restored National Credit Union Share Insurance Fund (NCUSIF) deposit on their June 30 call reports.” According to the release, the TCCUSF has relieved the NCUSIF “from any reserve requirements” related to U.S. Central FCU’s capital note by paying $1 billion into the NCUSIF. The TCCUSF will also now oversee the Temporary Corporate Credit Union Share Guarantee Program (TCUSGP) and the Temporary Corporate Credit Union Liquidity Guarantee Program (TCCULGP), the NCUA added. The majority of corporate credit unions have agreed to take part in the TCCULGP, the NCUA said. The NCUA also updated the status of U.S. Central and Western Corporate Federal Credit Union (WesCorp), reporting that “normal operations” at those two credit unions “continue without interruption.” WesCorp announced that it expects to recognize a 30% reduction in operating costs this year due to a number of cost cutting measures, including “consolidations and staff reductions,” the release said.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
15 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
16 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
17 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
17 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
18 hours ago