Saying that it failed to disclose the risks to two now-defunct corporate credit unions, the NCUA is suing the company formerly known as Wachovia Securities.
Credit unions should set aside between 8 and 11 basis points for next year’s assessment to pay for the corporate credit union rescue, NCUA Chairman Debbie Matz advised last week.
The NCUA board decided that keeping track of the bonds it has issued as part of the corporate stabilization effort has grown so complex that the agency has decided to hire a committee to oversee it.
More of the costs left over from failed corporate credit unions will hit most existing credit unions in late September. The NCUA Board approved assessing federally insured credit unions an additional 25 basis points of insured shares to help foot the bill for the Temporary Corporate Credit Union Stabilization Fund.
New site will provide transparency for investors, public to track and project bond performance.
CU leaders want update on agency actions in capitalization and provider services.
Agency board told Monday that losses may not be as large as originally projected.
Sarah Snell Cooke’s column, “Parsing the Possible Harm Awaiting NCUSIF” (Aug. 17 issue) presents some unfounded extrapolations about potential losses to the NCUSIF. The column simply took the assets of all CAMEL 4 and 5 credit unions, assumed they would all fail and applied the average loss ratio of 17%...
ALEXANDRIA, Va. — CUSOs would have to submit financial reports to the NCUA and there would be limits on the investments certain credit unions can make in CUSOs, according to a proposed rule the NCUA sent out for comment on July 21.
NCUA General Counsel Robert Fenner and Office of Examination and Insurance Director Melinda Love both plan to retire later this year, the agency announced last week.