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CPM FCU serves members of liquidated CU

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ALEXANDRIA, Va. (8/11/08)--The National Credit Union Administration (NCUA) said Friday that CPM FCU of North Charleston, S.C., agreed to purchase and assume the member accounts of recently-liquidated Port Trust FCU of Charleston, providing Port Trust FCU members with local credit union service. NCUA liquidated Port Trust FCU Aug. 5 to “protect member assets after the credit union was determined to be insolvent,” said the agency. With assets purchased and assumed by CPM FCU, the Port Trust FCU members’ loan and share accounts are being transferred directly to CPM FCU. The new CPM members are guaranteed full member-owner rights and can access their funds at any CPM office location. Headquartered in North Charleston, CPM Federal Credit Union is a full service, $178 million federally chartered credit union serving 48,488 members. Chartered in 2006, liquidated Port Trust FCU had assets of approximately $460,900. The community-based credit union served 260 members.

Comments taken on NCUA merger net worth proposal

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WASHINGTON (8/11/08)--Credit unions can comment on a National Credit Union Administration’s (NCUA) proposed rule that would amend the definition of post-merger net worth. In regard to an acquiring credit union's net worth, NCUA's proposed rule would result in a net worth similar to that arrived at under the "pooling method.” More specifically, the proposed rule would allow an acquiring credit union to combine with its retained earnings, those of its acquiree. Comments are due to NCUA by Sept. 29. Use the resource link below for more details on the proposal.

NCUAs Hood summit stresses proactivity flexibility

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CHICAGO (8/11/08)--During his second annual Risk Mitigation Summit, National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood encouraged attendees not to simply avoid risks, but to “manage them effectively in order to stimulate economic growth.” “This morning, I ask that you all join me on this journey of seeking clarity in the balance of risks and rewards, amid economic indicators we often wish were clearer and more predictable,” said Hood. “As financial service providers, today’s credit unions are able to create member value and stimulate economic growth by taking risks. The seeds you plant today will shape America’s families and communities tomorrow." The summit was held last week at the Federal Reserve Bank of Chicago. Leaders from government and industry attended the event, which addressed “the latest and most effective techniques for risk mitigation,” according to an agency statement released Friday. Hood noted the importance and timeliness of the summit, and stressed the necessity for NCUA and the industry to proactively address risk mitigation issues. “Safety and soundness and consumer empowerment are closely related concepts,” noted Hood. "My interest in hosting today’s Risk Mitigation Summit stems from my core belief that credit unions must have regulatory flexibility and empowerment to dynamically manage their balance sheet to respond to the challenges of the current economic stresses.” Donna Gambrell, Director of Treasury's Community Development Financial Institutions (CDFI) Fund, delivered the keynote address.