Corporate America Credit Union has purchased and assumed Smart Source Solutions, the CUSO owned by Constitution Corporate FCU, which the NCUA plans to liquidate by the end of November.
WesCorp's management didn't manage risk well and invested too heavily in residential mortgage-backed securities, while NCUA examiners failed to "adequately and aggressively," address the risks.
Corporate America Credit Union has purchased and assumed Smart Source Solutions, the CUSO owned by Constitution Corporate FCU, which the NCUA plans to liquidate by the end of the month.
The NCUA turned over 750,000 pages of documents about its handling of U.S. Central Corporate Credit Union to Corporate America Credit Union, which is suing former directors and executives of U.S. Central.
Though it has not said it in writing, the NCUA is asking credit unions to make decisions on corporate credit unions by the first part of next year.
The head of Alabama-based Corporate America Credit Union, Thomas D. Bonds, is speaking out this week on recent corporate developments, venting some strong views and projections.
Corporate America Credit Union filed suit against the NCUA in an effort to obtain information it is seeking in pursuing its lawsuit against U.S. Central.
Records from BDO Seidman, the auditor of U.S. Central Federal Credit Union, have been subpoenaed by Corporate America Credit Union in its suit against the directors and officers of the corporate.
CEO Thomas Bonds confirmed to Credit Union Times that his $3.6 billion Corporate America Credit Union has hired NCUA Corporate Field Supervisor
The $3.6 billion Corporate America Credit Union announced Aug. 30 that it has hired Ben F. Hayley as general counsel. He will report to CEO Thomas Bonds.