May 15, 2009

Midwest Corporate FCU announced to its members today that it is a participant in the revised NCUSIF Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP).

The Midwest Corporate Board and management reviewed the new Corporate CU Deposit Guarantee Program Agreement at a special meeting on 4/29/09.  The new guarantee agreement, in addition to allowing for the extension of the deposit guarantee period, revised nearly all of the restrictive language that caused concerns with the original agreement.  While the revised restrictions are essentially the same, the provisions to approach the NCUA for waivers has made the agreement much more acceptable and less restricting on future Board authority.  Therefore, the Board Of Midwest Corporate unanimously agreed to participate in the revised Corporate CU Deposit Guarantee Program. 

As of today, all deposits in excess of NCUSIF insurance limits (except for capital accounts and term deposits with maturities in excess of two years) are now 100% guaranteed under the terms of the program by the NCUSIF.  The fact sheet from the NCUA explains the program terms in more detail.  

The Board and management of Midwest Corporate thanked thier members for supporting the decision to not participate in the original program.  According to Midwest Corporate CEO, Doug Wolf, "We continue to believe that it was the appropriate decision to not participate in the original guarantee program.  However, the changes made to the program by the NCUA gives us the flexibility we felt we needed going forward and we are confident that participating in the revised program is the right course of action now."   

On Friday, March 13, 2009, Midwest Corporate submitted its comment letter to the NCUA regarding the NCUA Advanced Notice of Proposed Rulemaking and issued a guide on the ANPR for its members. 

In its letter, Midwest Corproate sites expanded authorities and improper regulatroy oversight of corproate credit unions with expanded authoriites as the true cause of todays problems within the corporate credit union system, not the structure of the corproate creidt union network wiht a wholesale tier and a retail tier. 

To view the entire comment letter and the ANPR Guide click here.

Midwest Corproate reports that it has no investment exposure to Lehman Brothers or AIG. 

We want to keep our members updated as to our exposure to market events in the news. 

Midwest investments consist of insured $100,000 financial institution certificates of deposit, four asset-basked credit card securities, and investmetns with U.S. Central FCU.

U.S. Central FCU has reported no exposure to AIG, no investmetn expsoure to Lehman Brothers and only slight exposure to Lehman Brothers in swap transactions. 

Despite all the concerns and developments in the markets, Midwest Corporate continues to be a very well capitalized and safe place for credit unions to invest. 

If you have any questions regarding Midwest Corporate's risk exposure and investment holdings, please call Doug Wolf at 1-800-852=2677. 

Minnesota CU Network Fall Meeting -- 9/5-7/08 -- Brainard, MN -- Look for our booth at the vendor show!

UMACHA Annual Electronic Payments Conference -- 10/9-10/08 -- St. Louis Park, MN -- Look for our staff that will be in attendance and be siure to stop by our booth at the vendor show!  

Mid-America CU Association Fall Institute -- 10/23-25/08 -- Fargo, ND -- Look for our staff that will be in attendance. 

Dare to Grow Credit Union Conference -- 11/12-14/08 -- Louisville, KY -- Look for our staff that will be in attendance. 

CUNA GAC -- 2/22-26/09 -- Washington, DC -- Look for our staff that will be in attendance and be siure to stop by our booth at the vendor show!

Midwest Corporate Annual Economics Conference & Annual Meeting --    4/16-17/09 -- Join us for this outstanding educational opportunity! 

Mid-America CU Association Annual SUMMIT -- 6/10-13/09 -- Grand Forks, ND -- Look for our staff that will be in attendance and be siure to stop by our booth at the vendor show!

Midwest Corproate now makes Remote Branch Capture (RBC) affordable for everyone! From hardware, to software, to the actual deposit, we are your best choice.

Per Item Costs As Low As 1.1 Cents Per Item

When you transmit your electronic deposit file, the per item cost can be as low as 1.1 cents. (Even our paper check deposits are low cost at only 3 to 7 cents per item).

Merchant Capture Solutions

Midwest Corporate's RBC solution can accommodate merchant deposits as well, allowing your creidt union to more fully service your business account members.

Already Have RBC Equipment and Software?

Not a problem. Ask us how we can save you money by sending your files to us.

What About Hidden Costs?

There are none. Besides the per item fee, the only other costs are a per cash letter fee of $1.25 and a $40.00 monthly fee that enables us to get your deposit into our high-yielding overnight account quickly.

Call Us Now!

Call Chad Bartosh at 800/852-2677 now to find out how Midwest Corporate's RBC / Check Deposit Service can drive down your costs and improve your effecincies!

Electronic Bill Payment (eBP) is quickly becoming a service your credit union must offer to members - we have the solution!

More and more members are finding out that Midwest Corporate's eBP solution is inexpensive, but full of the features that will make your members even more loyal to your credit union.

Our eBP solution can be in palce within 60 days of signing the agreement.

Not a member of Midwest Corporate? Not a problem, $10.00 establishes membership and we can get you set up with our eBP solution at the same time you apply for membership!

So why wait, call Doug Wolf now at 800/852-2677 or e-mail him at wolf.doug@ndcu.org to find out how Midwest Corporate's eBP solution can work for you!