NCUA Inspector General says poor investment decisions by executives and volunteers and inadequate oversight by the NCUA were the key factors in the heavy losses at Members United Corporate Credit Union.
Doug Wolf, the former president/CEO of Midwest Corporate Federal Credit Union, has been hired as vice president of ProDraft Services Inc., a payment processing CUSO, effective Dec. 1.
The NCUA-conserved Members United Corporate Federal Credit Union is opting for a full discussion of its condition--as well as the corporate/CU scene---as it continues with a packed schedule of town hall meetings.
The CUSOs owned by the three corporate credit unions placed in conservatorship Sept. 24 remain open for business today.
Members United Corporate Federal Credit Union found one way to recover OTTIs from a previously impaired bond: sell it.
Members United Corporate Federal Credit Union has announced that B. Don Crofut and David Mooney have joined the $9.5 billion corporate's Board of Directors.
New losses at the $9.5 billion Members United Corporate Federal Credit Union will leave the struggling corporate hanging by its fingernails, requiring it to deplete "substantially all" of its remaining capital.
The $9.5 billion Members United Corporate Federal Credit Union released its April 2010 and year-end 2009 audit today, reporting additional OTTIs that will impair member capital shares by 97%.
The Wisconsin-based monoline insurer subsidiary of Ambac Financial Group has restructured its residential mortgage-backed securities guarantees into a separate,
Ambac Assurance Corporation announced it restructured its residential mortgage backed securities guarantees into a separate "segregated account" after the Wisconsin Insurance Commissioner successfully petitioned to take control of the fund.