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NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts.
Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan.
Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats
AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr
NCUA approved 2010 OTR of 57.2 percent
U.S. Central posts 3Q results
LENEXA, Kan. (11/2/09)--U.S. Central FCU Friday posted its financial report for the third quarter ending Sept. 30 on its website, recording a net loss of $308.5 million for the quarter. The loss is the result of other-than-temporary impairment (OTTI) charges, which totaled $320.1 million for the quarter.
That compares with a net income of $16.3 million for the same period in 2008.
Year-to-date through September, net losses totaled $1.3 billion, compared with net income of $45.9 million for the same period in 2008.
OTTI charges totaled $1.3 billion through the first nine months of 2009. Excluding OTTI charges, U.S. Central recorded net gains on financial instruments of $0.5 million for third quarter, compared with losses of $3.9 million for the same period in 2008.
Assets as of Sept. 30 totaled $28 billion--up $0.9 billion or 3.2%, from $27.1 billion as of Dec. 31, 2008. The increase reflects primarily an increase of $5.9 billion in cash, offset by a $2.3 billion decline in the fair value of U.S. Central's investment securities and a $2.5 billion decrease in loans.
Net interest income during the quarter totaled $17.1 million, compared with $42.5 million for third-quarter 2008--a decrease of $25.4 million or 59.7%.
Fee income totaled $5.2 million, compared with $4.6 million for third-quarter 2008, an increase of $0.6 million or 13%. Operating expenses totaled $11.3 million, a decrease of $4.4 million, or 27.9% over the same quarter last year.
Total funding, excluding capital accounts, was $36.2 billion as of Sept. 30, compared with $36.9 billion as of Dec. 31, a decrease of 1.8%. Borrowed funds dropped by $6.2 billion, and members' share and certificate accounts increased by $5.5 billion. Member accounts remain U.S. Central's primary source of funding, averaging $28.9 billion for third quarter of 2009 and equaling $25.2 billion at Sept. 30.
The corporate noted that as delinquencies for consumer loans, especially mortgages continued to mount, "the market for non-agency residential mortgage-backed securities remained illiquid, although the prospect of the Public-Private Investment Program brought some renewed interest to this sector. This further deterioration caused loss projections for some of U.S. Central's non-agency residential mortgage-backed securities."
For the full report, use the link.
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