The NCUA has failed to prove that J.P. Morgan Securities the firm made “material misrepresentations” to the corporate credit unions when selling them residential mortgage-backed securities, according the firm’s court filing. And with that J.P. Morgan asked a federal judge to dismiss the agency’s June lawsuit against it.
Investment house says it informed corporates of risk.
NCUA examiners didn’t follow up on many documents of resolution and as a result gave better CAMEL ratings to some credit unions than they deserved, according to a report by the agency’s Office of Inspector General.
One quarter of the unresolved items related to management issues.
Nearly a year and a half after several members sued the NCUA to recover $4 million involving the defunct New London Security Federal Credit Union, their case was recently dismissed by a federal court for missing a key deadline.
Several members suing the NCUA to recover $4 million involving the defunct New London Security Federal Credit Union missed a deadline and saw their case dismissed in federal court.
Nearly a year after the NCUA filed a proof of loss claim to recover alleged monetary damages connected to the collapse of St. Paul Croatian FCU, the CUMIS Insurance Society has denied it.
Inspector General report says loan losses, investment concentrations doomed liquidated CU.
When it comes to member business lending, credit unions are reminiscent of Oliver Twist.
Might this time finally be the charm for member business lending? After years of lobbying and cajoling, credit unions will finally get their wish on June 16 when the Senate Banking Committee holds a hearing on Sen. Mark Udall’s (D-Colo.) legislation to raise the cap on member business loans.