Guest blogger Charles Bruen, CEO of First Entertainment Credit Union, questions the choice of Elizabeth Warren to head up the formation of the Consumer Financial Protection Bureau.
New securities issued from legacy assets will be guaranteed by NCUA, said Deputy Executive Director Larry Fazio.
NCUA today placed three corporate credit unions into conservatorship: the $7.4 billion Members United Corporate FCU, the $9.5 billion Southwest Corporate FCU and the $1.2 billion Constitution Corporate FCU.
NCUA's sale of $800 million worth of U.S. Central FCU and Western Corporate FCU securities announced yesterday wasn't part of the regulator's legacy assets plan.
The U.S. Treasury Department's Community Development Financial Institutions Fund has announced it will make almost $13 million available to qualified community development credit unions.
Some credit union executives, anxious for the NCUA to reveal its corporate balance sheet solution, say they fear a pending corporate "Black Friday," during which the regulator places three or more corporates into conservatorship or forces mergers.
Dort FCU of Flint is still enjoying the national limelight this week as the first financial institution in the U.S. to actually launch and implement funds distribution for the $1.5 billion Obama Administration program to help homeowners.
Credit unions that have been recognized as community development financial institutions and those that have been judged viable by the NCUA have begun receiving money under the Community Development Capital Initiative.
The SEC said Goldman Sachs & Co. will pay a $550 million fine, the largest penalty ever paid by a Wall Street firm, to the agency, and reform its business practices to settle charges that it misled investors in a subprime mortgage product.
Although the funding process is nowhere near complete, it appears that fewer than 100 credit unions may wind up receiving any money from the U.S. Treasury's Troubled Asset Relief Program.