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Starting in January, the National Credit Union Administration (NCUA) will tap a $41.5 billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail credit unions, which are the institutions consumers interact with. In addition, the plan provides $2 billion for retail credit unions to cut interest rates on mortgages held by homeowners struggling to make payments. All of the funding is structured as loans and is due to be paid back. (See TIME...
...Central Federal Credit Union, for instance, reported paper losses of $4.6 billion in October, $800 million more than it showed just one month earlier. Declining asset values are starting to take a toll: on Dec. 9 another large credit union, Members United Corporate, said it would be laying off employees to reduce expenses and conserve cash. "I've been watching the whole thing fall apart," says Ed Roberts, who runs the Washington bureau of the trade publication Credit Union Journal. "It's very...
Today, even though only about one-fifth of all retail credit union deposits make their way to corporate credit unions, corporates still fill an important role in providing liquidity and other sorts of services - like check-processing - to the industry, especially to smaller outfits. Were a corporate credit union to fail, the industry would feel it. No one knows how far the impact would spread, and whether it would trigger the collapse of any retail credit unions. In 1995, Capital Corporate Credit Union, which serviced the White House and Pentagon employee credit unions, failed because of heavy investments in - wait...
What is certain is that no matter the long-term viability of the corporate credit union model as it currently exists, the NCUA is banking on retail credit unions having a short-term interest in preserving the system through such a trying time. The way the liquidity injection is structured, it is up to the retail credit unions to funnel money into the corporates. In explaining the program, NCUA chairman Michael Fryzel has been quick to point out that retail credit unions have a "vested interest" in their corporate brethren. Let's hope they do, to the tune of billions...
...Afghans that the West depends on to build a strong, stable country. Educated moderates, such as Samimi, have no love for the Taliban, but they have also become disillusioned with the current government's failings, as exemplified by the unaddressed predations of militia commanders. Francesc Vendrell, the former European Union envoy to Afghanistan, holds that "warlordism," as he calls it, is just as much at the root of the insurgency as religious ideology. "In Muslim society justice is the most essential element and, here in Afghanistan, people simply don't see it exist. They see impunity; they...