The Appellate Division of the New York State Supreme Court yesterday granted MBIA's motion to dismiss a suit brought against it by a group of banks that had sought to block the transformation of the Armonk NY financial insurance company.
State Employees Credit Union of North Carolina CEO Jim Blaine is a man on a mission, and it starts with a $135 million gain from selling off SECU's Treasuries portfolio in the third-quarter 2010.
John McKechnie, who has headed the NCUA's Office of Public and Congressional Affairs for almost five years, plans to leave the agency early next year to take an as yet unannounced job in the private sector.
Congress has passed a two-year wage freeze for executive branch employees but the NCUA said it hasn't decided whether it will adopt it for the agency's employees.
The five members who are suing the NCUA for what they claim was negligence on the agency's part in the collapse two years ago of New London Security Federal Credit Union will have to wait to recover any monetary damages.
The NCUA, which over the weekend conserved AEA Federal Credit Union, reaffirmed Tuesday its policy of resolving CU failures on a case by case basis, choosing among liquidation, merger or ongoing preservation.
Want to earn more than Vice President Joseph Biden of Chief Justice John Roberts? Become a regional director at the NCUA.
As the liquidating agent, the NCUA said by law, it is the party, not members or others, to pursue actions first to recover monetary losses that followed the failure of New London Security Federal Credit Union.
As forecast in September-and months before that-the merger route for corporates is quickly coming home to roost with predictions that more plans might surface this month.
What the trade associations and certain credit union leaders can't accomplish, President Obama and Congress might be able to achieve.