Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Corporate America at 4.13 cap ratio--without members capital
IRONDALE, Ala. (8/12/11)--Corporate America CU CACU) will be one of the surviving corporate credit unions, weighing in with a 4.13% capital ratio as of July 31--without requiring any capital from members, according to the Alabama-based corporate. The deadline for corporate credit unions to comply with the capital requirements of the National Credit Union Administration's Regulation part 704 is in October. Corporate America determined it would not require capital of its members because its leadership believes that capitalization should be a choice, not a mandate, CACU said in a press release. "By voluntarily investing in Corporate America's capital, our members have given us their highest vote of confidence," said Thomas D. Bonds, president/CEO. "We have substantially the same amount of retained earnings as we did prior to the [nation's financial] crisis and far more capital. In fact, we anticipate approaching a 5% interim leverage ratio within nine months," he added. Throughout the crisis, CACU took the approach that "it's a privilege, not a right, to have the trust of our members," Bonds said. The message resonated with membership and many other credit unions, said the corporate. CACU's asset size and the number of member credit unions have doubled in the past two years. CACU now serves more than 400 credit unions in 32 states. "Corporate America is stronger, larger, and better capitalized than ever before," said Bonds. "We're able to face our members because none of them lost capital at Corporate America. We will not require capital. We don't need to. We work for our members, not the other way around," he added.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
14 minutes ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
2 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
2 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
2 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
4 hours ago