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.
Senators of both parties asked pointed, though not hostile, questions of NCUA Chairman Debbie Matz about how the agency dealt with the problems of corporate credit unions and whether the agency's examination procedures were adequate.
WesCorp's management didn't manage risk well and invested too heavily in residential mortgage-backed securities, while NCUA examiners failed to "adequately and aggressively," address the risks.
WesCorp's management didn't manage risk well and invested too heavily in residential mortgage backed securities while NCUA examiners failed to "adequately and aggressively" address the risks.
More than two years since New London Security Federal Credit Union was liquidated after alleged investment fraud led to its
The website and phone number for CU Business Capital LLC, which was owned by Eastern Financial Florida Credit Union, are both inoperable in light of a loan participation lawsuit.
Five persons who filed a lawsuit against board members and staff of the liquidated New London Security Federal Credit Union are now going after the NCUA to recoup losses stemming from alleged investment fraud.