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News Now

CU System
Readers choice Top 20 stories of 2009
MADISON, Wis. and WASHINGTON (1/5/10)--Stories about the corporate credit union system overwhelmed News Now's top 20 story list for 2009, largely because of a corporate stabilization program that garnered many of the year’s headlines. The list is based on the number of readers accessing the stories on the Credit Union National Association's website. During 2009, President Barack Obama signed S. 896--the Helping Families Save Their Homes Act--into law, which included a stabilization program for credit unions. The program was created after several corporate credit unions and U.S. Central experienced losses that impacted the rest of the credit union system. S. 896 extended the share and deposit insurance coverage ceiling to $250,000 from $10,000 through 2013. Credit unions also were allowed to spread the cost of National Credit Union Share Insurance Fund replenishment over eight years to deal with the cost of a premium assessment resulting from losses at wholesale corporate credit unions. Any impairment related to the replenishment can be booked over a seven-year period. The top 20 stories of 2009 are: 20. House, Senate pass corporate stabilization bill WASHINGTON (5/20/09)--The House and Senate on May 19 approved S. 896, the Helping Families Save Their Homes Act, which would extend $250,000 share and deposit insurance coverage and help credit unions manage the impact of the financial crisis on the credit union system through a corporate stabilization program. 19. Longer compliance time needed on CARD Act provision: CUNA WASHINGTON (7/8/09)--The Federal Reserve Board must give credit unions more time to comply with a provision of its expected rules to implement new credit card statutes if that provision is going to apply beyond credit cards, the Credit Union National Association urged the federal regulator Tuesday. 18. Credit CARD Act: CUNA addresses CUs’ FAQs WASHINGTON (8/18/09)--The Credit Union National Association has prepared a document to assist state leagues and credit unions with credit unions' questions regarding their compliance obligations under the Credit Card Accountability, Responsibility and Disclosure Act provisions--especially on the 21-day periodic statements provision. 17. NCUSIF shows preliminary accounting decisions ALEXANDRIA, Va. (3/2/09)--The most recent monthly National Credit Union Share Insurance Fund report showed the fund booked both the expenses and the income associated with the corporate credit union stabilization plan in January. 16. Details to Obama loan mod plan released WASHINGTON (3/5/09)--The Obama administration released details Wednesday of its mortgage loan modification program first announced Feb. 18. 15. New Dodd bill would set overdraft rules WASHINGTON (10/20/09)--Sen. Christopher Dodd (D-Conn.), who heads the Senate Banking Committee, unveiled his new bill Monday that would limit the fees financial institutions can charge on overdraft protection services. 14. New NCUA bill would spread out replenishment ALEXANDRIA, Va. (3/27/09)--The National Credit Union Administration (NCUA) announced Thursday that it has drafted legislation allowing credit unions to spread the cost of the National Credit Union Share Insurance Fund replenishment over as many as seven years. 13. Top 10 News Now stories during December MADISON, Wis. (1/8/09)--Here are the Top 10 News Now stories most requested by readers during December. Use the link to review the entire story online. 12. NEW: CUNA concerned about costs of NCUA corporate plan WASHINGTON (1/30/09, UPDATED 10:30 a.m. ET)--The Credit Union National Association said that is does not welcome federal regulators' action to support corporate credit union liquidity by extracting a high price from credit unions, but does understand the need for the agency to act. 11. New info required in March 2009 call report WASHINGTON (2/4/09)--Credit unions will be required to supply more information on delinquencies, foreclosures, and repossessions on the quarterly form 5300 “call report”-- which is no surprise given the current market pressures. 10. President’s pen turns corporate stabilization bill into law WASHINGTON (5/21/09)--In a ceremony held at the White House on May 20, President Barack Obama signed S. 896, the Helping Families Save Their Homes Act, into law. 9. New corp stabilization plan implemented by NCUA ALEXANDRIA, Va. (6/19/09)--The National Credit Union Administration will immediately borrow $1 billion of the total $6 billion offered by the U.S. Treasury to shore up the corporate credit union system after the board at its monthly meeting voted to implement the temporary corporate credit union stabilization fund. 8. NCUA bans 12 from financial institution work ALEXANDRIA, Va. (9/24/09)--Twelve former credit union employees have been banned by the National Credit Union Administration from participating in the business of any federally insured financial institution. 7. CUs get accounting guidance for corporate plan costs WASHINGTON (3/11/09)--The American Institute of Certified Public Accountants yesterday issued guidance on how credit unions may account for costs associated with the National Credit Union Administration’s Corporate Stabilization Plan. 6. More accounting guidance sent to NCUA examiners WASHINGTON (4/10/09)--National Credit Union Administration examiners received additional clarification today regarding credit unions’ flexibility in booking the National Credit Union Share Insurance Fund deposit impairment, according to NCUA 5. Card processor’s breach may be the largest yet PRINCETON, N.J. (1/21/09)--Card payments processor Heartland Payment Systems announced Tuesday that its processing system was breached last year by a malicious software program in what could be the largest data breach to date, with possibly more than 100 million credit cards compromised. 4. CUNA compiles NCUA stabilization program info WASHINGTON (2/6/09)--The Credit Union National Association has compiled information that may be useful to credit unions regarding the National Credit Union Administration's Corporate Stabilization Program. 3. NCUA approves stabilization efforts for corporates ALEXANDRIA, Va. (1/29/09)--The National Credit Union Administration (NCUA) Wednesday took steps to “enhance and support” the corporate credit union system. 2. NEW: CORPORATE CUs: Corporate costs must be spread out, Mica says WASHINGTON (3/23/09, UPDATED 11:30 a.m. ET)--The Credit Union National Association called on the federal credit union regulator and lawmakers to mitigate the costs of its decision to place two corporate credit unions into conservatorship. 1. CUs urged: Contact NCUA before corporate action today WASHINGTON (3/26/09)--Credit unions are asked to urge each National Credit Union Administration board member to provide greater transparency regarding a report by Pacific Investment Management Company LLC on corporate credit unions.


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