Weekly Corporate Credit Union Update – June 5, 2009
June 5, 2009, Alexandria, Va. – Information related to the PIMCO review of corporate credit unions available under the Freedom of Information Act (FOIA) has been posted under a link titled “Frequently Requested Records” on the FOIA section of NCUA’s website. The list of corporate credit unions participating in the revised Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) is also posted on NCUA’s website. All but two corporate credit unions are participating in the revised TCCUSGP. A letter to all corporate credit unions is going out today providing information on the revised TCCULGP.
Normal operations continue without interruption at U.S. Central and WesCorp. The following items specific to U.S. Central and WesCorp are of note:
- U.S. Central and WesCorp continue successfully meeting member needs for the seasonal outflow of funds that normally occurs at this time of the year.
- Member communication and outreach efforts continue. The following is a summary of communications efforts for each corporate credit union:
- U.S. Central – A conference call was held on June 2, as part of its continuing efforts to ensure active and ongoing communication with member credit unions. Another call is scheduled for next week.
- WesCorp – A series of town hall meetings with member credit unions were held over the last few weeks. The next town hall meetings will take place in Honolulu on June 9 and Portland on June 23.
- Wescorp is in the process of revising its budgets and strategic plan. Transformations in the check processing industry and consumer payment preferences provide an opportunity to consolidate operations in response to the new environment. In keeping with industry trends and to minimize the expenses that reflect in fees charged to members, WesCorp will be consolidating branch processing facilities. These consolidations will take place from December 2009 through approximately June 2010 as facility leases expire in San Leandro, Seattle, Spokane, and Salt Lake City. As these consolidations occur WesCorp will continue to provide paper check collection processing for those members who have not converted to imaging.
- WesCorp’s conservatorship board convened this week to hold its monthly board meeting. The next board meeting will be held on June 25.
- U.S. Central conservatorship board’s next meeting will be held on June 23.
- U.S. Central members have formed an audit group to help ensure consistency in addressing impairment issues.
NCUA Webinar - June 24, 2009
NCUA has scheduled the corporate credit union update webinar for Wednesday, June 24, at 1:00 P.M. Eastern Time. Registration for the webcast will open on Friday, June 19. Participants will be able to register up to 1 hour prior to the start of the conference. A link with the registration information will be posted on NCUA’s website at www.ncua.gov on June 19.
Due to the continuing progress being made in stabilizing the corporate network, updates on the situation will now be provided periodically on an as-needed basis.
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of nearly 90 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.
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