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NCUA update TCCUSGP participation ticks up
WASHINGTON (6/8/09)--The National Credit Union Administration today announced that all but two corporate credit unions have now elected to participate in NCUA’s revised Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP). The TCCUSGP, which backs up the National Credit Union Share Insurance Fund’s (NCUSIF) coverage of all shares, excluding paid-in-capital and membership capital accounts, at corporate credit unions, became effective for Central Corporate Credit Union, Corporate America Credit Union, Kansas Corporate Credit Union, Kentucky Corporate Federal Credit Union, Southeast Corporate Federal Credit Union, and VACORP Federal Credit Union on May 29. In other corporate credit union news, both U.S. Central and Wescorp have been able to fulfill the needs of their members. These credit unions have also continued to communicate their status through conference calls and town hall meetings, and future communication plans are currently in the works. Wescorp held its monthly board meeting this week, and the credit union plans to cut costs by consolidating some of its branch processing facilities over the course of the next year. WesCorp disclosed $7.6 billion in losses in its 2008 and 2007 audited Consolidated Financial Statements released earlier this week. U.S. Central members have created an internal audit group to better address it impairment issues, and a board meeting has been planned for June 23. This week's update on the corporates will be the last for the time being, as NCUA said that it will provide future updates on an as-needed basis.


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