When doing the first major overhaul of corporate credit unions in eight years, the NCUA covered the regulatory waterfront.
Attorneys for Todd Lane, former chief financial officer of WesCorp, have filed for dismissal of the charges the NCUA has brought against him in its amended lawsuit.
The NCUA Board, serving as conservator plaintiffs in the Western Corporate FCU lawsuit, filed an amended complaint
CUNA CEO Bill Cheney said he is "disappointed" NCUA has chosen to pursue gross negligence and breach of fiduciary duties charges against him in the Western Corporate FCU lawsuit.
NCUA used strong words - false, misleading, willful and malicious - to allege a scheme by former Western Corporate FCU officers Robert Siravo and Tom Swedberg to increase their Supplemental Executive Retirement Plan payouts.
Increasing concentrations of non-agency MBS drove Western Corporate FCU to failure, NCUA said in its amended complaint against former directors and officers yesterday in U.S. District Court.
The NCUA Board, serving as conservator plaintiffs in the Western Corporate FCU lawsuit, filed an amended complaint today in U.S. District Court that alleges more serious charges than those originally filed.
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