Tag Archives: Credit Unions

Federally insured credit unions brought in record-high earnings last year, the National Credit Union Administration (NCUA) reported. NCUA reported earnings of $8.5 billion across the industry in 2012, the highest annual figure ever posted. Earnings last year were 36.1 percent higher from the $6.3 billion reported in 2011. The rise in earnings came largely from reductions in loan loss reserves, "a positive sign of improving economic conditions," NCUA said in a release.

ORNL Federal Credit Union (FCU), the largest credit union in East Tennessee, announced it has entered into an agreement to purchase land to be used for a new full service branch in 2014. The announcement follows a tremendous year of growth for the credit union, which saw a 15 percent increase in its customer loan portfolio and a more than 12 percent growth in all loans in 2012.

The National Credit Union Administration (NCUA) announced Monday it has filed suit against JPMorgan Securities and Bear Stearns over allegations of falsely representing the quality of mortgage-backed securities (MBS) sold to corporate credit unions. NCUA's complaint alleges that although Bear Stearns' offering documents described the firm's adherence to underwriting guidelines, the originators had in fact "systematically abandoned the stated underwriting guidelines in the Offering Documents."

In Virginia, Navy Federal Credit Union (NFCU) is celebrating the final weeks of the year with record closing volume. Recently announcing that the organization's total mortgage loan closings for October hit $1 billion, NFCU reported that year-to-date, it has made more than $8.3 billion in mortgage-related funding available to consumers.

While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is "challenging," Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers "abandon efforts for a one-size-fits-all approach." Speaking before the Community Bankers Symposium in Chicago, Duke said the Federal Reserve has received a large volume of comments from community banks expressing concern over the proposed regulatory capital requirements.

The National Association of Federal Credit Unions expressed opposition to the CFPB's proposed rule on mortgage application and settlement disclosures.

The National Credit Union Administration (NCUA) announced the closing of U.S. Central Bridge Corporate Federal Credit Union (U.S. Central Bridge). The closing comes after three years of efforts to stabilize the corporate credit union sector, the agency stated in a release.

The Pentagon Federal Credit Union Foundation (PenFed Foundation) is on track to give away a record number of grants this year through its Dream Makers program.

Another major bank took a hit as the National Credit Union Administration (NCUA) filed a lawsuit against Credit Suisse Securities.

Mortgage-related business closings and failures are on track to post fewer incidences in 2012 than any year since the mortgage crisis began. In the third quarter, 17 mortgage-related businesses failed, down from 25 in the previous quarter and 31 in the same quarter last year, according to a findings released by Mortgage Daily. Bank closings followed this trend, falling from 15 failings in the second quarter to 12 in the third. Both numbers are down from the third quarter of last year, when 26 banks failed.