ALEXANDRIA, Va. — The NCUA giveth and the NCUA taketh away. At its Dec. 15 meeting the agency’s board proposed placing more restrictions on loan participations while granting credit unions greater flexibility in other areas.
Announcement follows October bidding.
The NCUA has sued RBS Securities for $685 million, alleging that that firm misled Western Corporate FCU (WesCorp) when it sold it mortgage-backed securities.
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...
WesCorp's management didn't manage risk well and invested too heavily in residential mortgage-backed securities, while NCUA examiners failed to "adequately and aggressively," address the risks.
The NCUA turned over 750,000 pages of documents about its handling of U.S. Central Corporate Credit Union to Corporate America Credit Union, which is suing former directors and executives of U.S. Central.
Almost 11 months after it was due, the NCUA has not given Congress its annual report for 2008, and several sources have said that the reason for the delay is a dispute with its auditing firm,