U.S. Central

• Corporates React to U.S. Central Closure Plans

  By Robert McGarvey  |  January 11, 2012

  With the release to memos from the NCUA and U.S. Central, corporates are getting a better idea of how the corporates' corporate will wind down, and they're ready.

• The U.S. Central “Wind Down” - Why It Happened, What It Means

  By Robert McGarvey  |  December 23, 2011

  Corporates say they're ready; NAFCU's Becker says FOI request sent to NCUA to find out more.

• 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.

• J.P. Morgan Asks Court to Dismiss NCUA Suit

  By Claude R. Marx  |  November 6, 2011

  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.

• J.P. Morgan Asks for Dismissal of Suit By NCUA

  By Claude R. Marx  |  November 1, 2011

  Investment house says it informed corporates of risk.

• Scoring the Corporate Credit Unions: Who Is Left Standing?: Online Only

  By Robert McGarvey  |  August 29, 2011

  The Aug. 31 deadline for capitalizing – a date self-imposed by multiple corporate credit unions – is here. Who’s left standing? Who is folding?

• 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.

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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...

• Debunking the U.S. Central Liquidity Rumor Mill

  By Robert McGarvey  |  May 24, 2011

  Rumors swirled Monday that U.S. Central Bridge had tumbled deep into a “liquidity crisis,” as one Credit Union Times source put it.