retail credit unions

• U.S. Central Formally Gone, Liquidity Rule Comments Under Review

  By Marc Rapport  |  October 30, 2012

  NCUA declares three-year corporate system rescue effort complete.

• NCUA Sues Wachovia Securities Over Corporate Losses

  By Claude R Marx  |  December 4, 2011

  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.

• NCUA Sues Wachovia Securities over Corporate Credit Union Losses

  By Claude R. Marx  |  November 29, 2011

  Agency goes after firm now known as Wells Fargo Securities for mortgage-backed securities sales to U.S. Central, WesCorp.

• Goldman Sachs Latest NCUA Suit Target

  By Claude R. Marx  |  August 17, 2011

  The NCUA sued investment bank Goldman Sachs last week, seeking damages of more than $491 million and alleging misrepresentations by the firm when selling mortgage-backed securities to U.S Central and Western Corporate credit unions.

• NCUA Suing Goldman Sachs to Recover Corporate CU Losses

  By Claude R. Marx  |  August 9, 2011

  Agency adds to list of actions filed against investment banks in wake of corporate collapses.

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  Will NCUA Suit Force Banks to Settle?

  By Claude R. Marx  |  June 27, 2011

  See you in court. After failing to reach an agreement with two of the largest investment bank to recover losses from mortgage-backed securities sold to corporate credit unions, the NCUA last week filed civil lawsuits against RBS Securities, a Royal Bank of Scotland unit, and J.P. Morgan Securities. The agency is...

• NCUA Goes After JP Morgan, RBS for $800 Million

  By Claude R. Marx  |  June 20, 2011

  The NCUA on Monday filed suit to recover more than $800 million from JP Morgan Securities and RBS Securities for losses from what the agency alleges were faulty securities.

• NCUA’s Rulemaking Pendulum Has Swung Too Far

  By Marvin C. Umholtz  |  March 2, 2011

  Unfortunately, it has become increasingly difficult for the credit union industry to discuss the NCUA board’s regulatory rulemaking without a profusion of expletives. The NCUA’s regulatory pendulum has swung from the overly permissive cheerleading that led to the corporate credit union crisis to the opposite extreme of paralyzing restrictions and...

• Fox Airs Corporate Segment Featuring Cheney

  By Jim Rubenstein  |  September 28, 2010

  The industry's latest corporate crisis wound up again getting national attention Monday night in a segment on Fox Business Network featuring interviews with CUNA President/CEO Bill Cheney and one of the Wall Street Journal writers of "bailout" fame.

• Investment Restraints Will Be a Stealth Tax

  August 11, 2010

  Credit unions like many other leveraged institutions have experienced huge investment losses primarily with investment