The failure of U.S. Central Federal Credit Union was caused by the risky investment practices of its management and by insufficient examinations by the NCUA and weak regulation.
NCUA Chairman Debbie Matz announced today that the board will hold a special meeting on Friday, Sept. 24 at which it will unveil the final rule on corporate credit unions and announce its plans for dealing with the corporates' legacy assets.
Reaching inside the credit union movement following the tenure of a prominent outsider, CUNA last week named California-Nevada Credit Union League President Bill Cheney as its new leader.
Allowing credit unions to raise supplemental capital that is counted toward net worth requirements is an "appropriate policy consideration,"
Corporate America Credit Union won the right to advance to the discovery phase of its case against U.S. Central Federal Credit Union's former directors and executives.
Corporate America Credit Union's case against U.S. Central Federal Credit Union's former directors and executives is going to court. U.S. District Court Judge Inge P. Johnson filed the order March 25, setting a Dec. 6 trial date in Birmingham, Ala.
NCUA officials have repeatedly said they want credit unions to determine the future structure of the corporate system.
Eastern Corporate Federal Credit Union President/CEO Jane Melchionda has accused U.S. Central Federal Credit Union of withholding crucial information from its members in her Part 704 comment letter.
A nearly $500 million fourth-quarter other-than-temporary impairment blew through what was left of the $35 billion U.S
U.S. District Judge Inge Johnson advanced U.S. Central Federal Credit Union's fraud securities suit into discovery phase on March 2 when she denied the so-called "director defendants" motion to dismiss.