CEO David Savoie says 98% of losses recovered. Legal fees at 10% sharply lower than NCUA contingent fees.
Corporate collapse settlement totals now top $335 million, agency says. Lawyers to get $84 million. Corporate rescue assessment to be determined.
NCUA Inspector General William DeSarno told House Oversight and Government Reform Chairman Darrell Issa (R-Calif.) in a letter that amounts paid to attorneys working under contingency contracts on securities fraud suits are reasonable and are not unnecessarily high.
NCUA inspector general responds to California congressman's concerns about legal fees for Wall Street suits over securities losses.
House Republicans asked tough questions of Richard Cordray about his plans for running the Consumer Financial Protection Bureau, but the session wasn’t as hostile as it was when Elizabeth Warren testified.
New CFPB director said he would work with credit unions and community banks to better understand impact of its actions.
Rep. Elijah Cummings (D-Md.) asks Rep. Darrell Issa (R-Calif.) to subpoena mortgage lenders and investigate alleged foreclosure abuses.
Democratic Sen. Dianne Feinstein and GOP Rep. Darrell Issa, both Californians, have signed on to raising the lending cap.
House Republicans used a July 14 hearing to accuse those setting up the new Consumer Financial Protection Bureau of not disclosing enough information and for not spelling out what financial products it plans to target for increased scrutiny.
Testy exchanges focus on potential compliance costs and financial products targeted for increased scrutiny.