Louisiana Corporate Credit Union has emerged victorious from a decade-long suit involving the liquidation of National Century Financial Enterprises. The corporate, in an announcement last week, said it has agreed to a $600,000 settlement with Credit Suisse, the last remaining defendant in the securities fraud case.
The NCUA reported April 2 that it scored a $165 million win against Wall Street, reaching a settlement with Bank of America over residential mortgage-backed securities losses at failed corporate credit unions. Bank of America did not admit fault as part of the settlement, the NCUA said in a release.
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.