The NCUA filed an antitrust lawsuit Sept. 23 against 13 international banks involved in the Libor rate scandal.
The NCUA late Monday said it filed an antitrust lawsuit against 13 international banks involved in the Libor rate scandal.
Mortgage lending CUSO CUMAnet Inc. has named Joseph Herbst at its new president.
Joe Herbst, the former CEO of the conserved Members United Corporate Federal Credit Union, has been named the new president/CEO of CUMAnet LLC.
The head of the Credit Union League of Connecticut Monday called "good news" that term deposits held in the pending liquidation of Constitution Corporate Federal Credit Union will be held secure at fixed rate and maturity.
The operations takeover of the soon-to-be liquidated Constitution Corporate Federal Credit Union by the also NCUA-conserved Members United Bridge Corporate FCU should take 90 days.
The CUSOs owned by the three corporate credit unions placed in conservatorship Sept. 24 remain open for business today.
When Constitution Corporate Federal Credit Union released its December 2009 financials Feb. 8, reporting an inflated $25.2 million prior undivided earnings deficit, the industry wondered if the $1.3 billion corporate was under conservatorship.
The NCUA clarified Constitution Corporate Federal Credit Union's regulatory status to the Credit Union Times, saying the $1.3 billion corporate is not under conservatorship, nor has it received a capital infusion or any other new financial support.
The $1.3 billion Constitution Corporate Federal Credit Union sunk further into insolvency, reporting an additional $24.4 million OTTI in December financials and increasing its unaudited prior undivided earnings deficit to $25.2 million.