Agency goes after firm now known as Wells Fargo Securities for mortgage-backed securities sales to U.S. Central, WesCorp.
Agency says $165.5 million will help lower future costs of corporate rescues.
At press time, the fate of the credit union tax exemption was still up in the air.
The NCUA has failed to prove that J.P. Morgan Securities the firm made “material misrepresentations” to the corporate credit unions when selling them residential mortgage-backed securities, according the firm’s court filing. And with that J.P. Morgan asked a federal judge to dismiss the agency’s June lawsuit against it.
Investment house says it informed corporates of risk.
Reaction from around the industry has been highly mixed. In general, a great diversity of thinking exists across the industry as to what’s important and relevant. That’s good. In formulating your own opinions, there are several pieces to consider.
The Obama administration announced on Oct. 21 the nomination of Carla M. Decker, CEO of District Government Employees FCU, to replace NCUA Board Member Gigi Hyland, whose term has expired.
The NCUSIF’s equity ratio remained at 1.31% for the third consecutive month in September, according to a report to the NCUA board by the agency’s chief financial officer Mary Ann Woodson at its Oct. 27 meeting.
Now comes the hard part. As tumultuous as the House subcommittee hearing on raising the cap on member business lending was, the really difficult battle will take place in the months ahead.
Sen. Olympia Snowe (R-Wash.) says Small Business Lending Fund "not an effective use of taxpayers' money."