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Interest Rates
- US: H15 -0.06 2010-11-18 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.20 2010-11-18 FRB Federal funds effective rate
- US: H15 0.22 2010-11-18 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 1.03 2010-11-18 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.18 2010-11-18 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
Trade (FTC)
- FTC to Send Refund Checks to Consumers Who Bought Bogus "Ab Force" Weight Loss DevicesAn administrator working for the Federal Trade Commission will mail 34,130 refund checks today for approximately $17.89 each to consumers who were deceived into buying “Ab Force” electronic stimulation devices by advertisements that falsely claimed they could help people lose weight. […]
- FTC to Send Refund Checks to Consumers Who Bought Bogus "Ab Force" Weight Loss Devices
Commerce News
- President’s Spectrum Plan ReportsNTIA announced it is recommending that 115 MHz of spectrum be reallocated for wireless broadband service within the next five years -- an important step towards achieving President Obama’s goal to nearly double the amount of commercial spectrum available over the next decade. NTIA has also established a plan and timetable for identifying spectrum that can be […]
- President’s Spectrum Plan Reports
Small Business News
- Chief Counsel Endorses Repeal of 1099On November 18, 2010, Chief Counsel for Advocacy Winslow Sargeant, Ph.D., testified before the U.S. Senate Committee on Small Business and Entrepreneurship hearing on “Assessing the Regulatory and Administrative Burdens on America’s Small Businesses.” […]
- Chief Counsel Endorses Repeal of 1099
Monetary Policy
Cost Estimates
- S. 3517, Claims Processing Improvement Act of 2010Cost estimate for the bill as ordered reported by the Senate Committee on Veterans' Affairs on August 5, 2010 […]
- S. 1649, WMD Prevention and Preparedness Act of 2009Cost estimate for the bill as ordered reported by the Senate Committe on Homeland Security and Governmental Affairs on November 4, 2009 […]
- S. 510, FDA Food Safety Modernization ActPay-as-you-go estimate for Senate Amendment 4715 in the nature of a substitute to S. 510 […]
- S. 3517, Claims Processing Improvement Act of 2010
Banking
- OCC Enforcement ActionsThe Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. […]
- OCC Enforcement Actions
Bridge Corporate Credit Unions
November 12, 2010, Alexandria, Va. — The National Credit Union Administration today announced the creation of two new bridge corporate credit unions assuming the operations of Members United Corporate of Warrenville, Ill., and Southwest Corporate of Plano, Texas.
These actions, which were originally announced in conjunction with the unveiling of NCUA’s Corporate System Resolution Plan on September 24, comprise the next phase in transition of corporate credit unions currently under NCUA conservatorship.
The newly created institutions will be known as Members United Bridge Corporate Federal Credit Union and Southwest Bridge Corporate Federal Credit Union. The first two bridge corporates created by NCUA were U.S. Central Bridge Corporate Federal Credit Union and Western Bridge Corporate Federal Credit Union.
“Creation of the four bridge corporates ensures that 4,600 member credit unions continue to have access to essential liquidity and payment services,” said NCUA Chairman Debbie Matz.
NCUA has implemented a “Good Bank/Bad Bank” model to facilitate the corporate resolution process. Bridge corporate credit unions (“good banks”) are chartered by the NCUA Board to purchase and assume “good” assets and member share deposits from the conserved corporate credit unions (“bad banks”). Bridge corporate credit unions will be highly liquid and operated to ensure stability and minimize disruption of service to member credit unions.
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314-3428
www.ncua.gov
Media Contact: NCUA Office of Public & Congressional Affairs
Phone: (703) 518-6330
Email: pacamail@ncua.gov
Other bridge corporate operational highlights include:
No new service offerings, except in instances where there is a need to enhance the security and functionality of existing services;
Fields of membership will be identical to those of the conserved credit unions they replace;
New loans will be provided primarily for settlement purposes, and existing loans will continue to be serviced;
Bridge corporate balance sheets will consist of assets and liabilities sufficient to sustain operational activities of the bridge corporate;
Payments and settlement activities will be the focus of the bridge corporates. Funding will not be secured to build an asset portfolio above this stated purpose;
Bridge corporates will not accept new members; and
In the interest of continuity of service at bridge corporates, critical staff are retained.
NCUA is committed to operating bridge corporates in a way that minimizes disruption of services provided to members. However, the bridge corporate cannot operate indefinitely. Bridge leadership will consult with members to develop a viable long-term plan that would enable the delivery of services transferring the bridge corporate’s operations to a newly chartered corporate credit union, or selling operations to another entity capable of providing uninterrupted services.
Should a bridge corporate’s members decide not to support the plan or another entity not be identified, NCUA is committed to operating the bridge corporate for sufficient time so that members can find individual solutions. NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of over 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.