The $3.1 billion Space Coast Credit Union has filed a suit against two investment firms over the alleged misrepresentation of a collateralized debt obligation that the cooperative said led to financial losses.
Space Coast CU is suing Barclays and State Street Securities over investment losses that led to its takeover of Eastern Financial CU.
When Congress returns, credit unions can expect fewer consumer bills, tweaking the financial overhaul bill and new leaders of House and Senate committees that oversee credit unions.
Pulling out all the stops, the credit union trades were in damage control mode all last week to tamp down public worries about credit union safety and soundness and a "credit union bailout,"
The media blitz by both CUNA and NAFCU to counter the negative "credit union bailout" message went into high gear today with new videos and top brass keeping in contact with TV producers and financial reporters on the corporate crisis.
As Congress contemplates whether to pass a law regulating debit card interchange, a majority of economists and government officials attending a meeting on the subject agreed that there is no economic basis for the proposed regulatory change.
In response to the record flooding in Tennessee, the NCUA has activated its processes for dealing with natural disasters.