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 plan would cost PolishSlavic FCU 7.5 million
BROOKLYN, N.Y. (2/10/09)--The National Credit Union Administration’s (NCUA) corporate stabilization program would cost Brooklyn, N.Y.-based Polish and Slavic FCU (PSFCU) $7.5 million, PSFCU said. “This bailout will actually hurt us, as our insurance premiums to the National Credit Union Share Insurance Fund will increase $7.5 million just to prop up these failing institutions,” said Bogdan Chmielewski, PSFCU CEO, in a press release.. “Although we remain financially sound and have adequate reserve funds, this is going to negatively impact our bottom line.” PSFCU has 70,000 members and $1.2 billion in assets. It has joined several natural-person credit unions to support the demand that NCUA control the corporate credit union system. NCUA said it would provide $1 billion for the corporate stabilization program. The $1 billion injection is intended to provide reserves to offset anticipated realized losses on some mortgage- and asset-based securities held by U.S. Central, known as the “corporates’ corporate” (News Now Jan. 29).


RSS





print
News Now LiveWire
#creditunion #tax-help programs ready for new Affordable Care Act questions http://t.co/3tOzFzXEk5
9 minutes ago
~90% of 2014's data breaches were preventable says @otalliance See #NewsNow http://t.co/wq4WkLbNpX
33 minutes ago
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
15 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
17 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
17 hours ago