What the Tennessee Electric cybersecurity suit against TriSummit Bank means for credit unions.
It was more than five years ago – March 2009 – when the NCUA seized WesCorp and U.S. Central, and thus began a shakeup that would completely redraw the map of corporate credit unions and their spokes. That story has been told, extensively, in CU Times.
Catch up with three former corporate leaders: Thomas Bonds, Francois Henriquez and Brian Hague.
Because Choice Escrow declined bank security tools, it is responsible for a $440K fraudulent wire loss.
Former U.S. Central Bridge Attorney Moves to Florida firm.
Mark the calendar: The NCUA aims to turn off the lights at the conserved U.S. Central Bridge no later than Dec. 31, 2012, and now it has announced the specifics of its plan.
With the release to memos from the NCUA and U.S. Central, corporates are getting a better idea of how the corporates' corporate will wind down, and they're ready.
Many U.S. Central services will have new requirements starting Jan. 12, while wires will be discontinued as of March 30 and automated settlement transactions will be discontinued as of May 31.
U.S. Central and the NCUA have retained the services of Prairie Village, Kan.-based Michael Shirley Associates; and, according to a representative for the firm, the regulator expects the institution to survive corporate restructuring.