The NCUA reported April 2 that it scored a $165 million win against Wall Street, reaching a settlement with Bank of America over residential mortgage-backed securities losses at failed corporate credit unions. Bank of America did not admit fault as part of the settlement, the NCUA said in a release.
Corporate collapse settlement totals now top $335 million, agency says. Lawyers to get $84 million. Corporate rescue assessment to be determined.
J.P. Morgan, others named in sale of $2.2 billion in failed mortgage-backed securities that led to collapse of WesCorp, U.S. Central and Southwest Corporate.
Executives from different parts of the credit union industry are hard at work to build credit unions’ share of the U.S. mortgage market even higher than the record 8% that credit union’s achieved in the first quarter of this year.
Sure, there are challenges, but overall, this may be a great time to be a credit union marketer.
The 7,600-member, $75 million Puget Sound Cooperative Credit Union has continued to benefit from its decision to open a branch on a sparsely populated island off the coast of Washington State.
Hawaii State Federal Credit Union announced it has hired Andrew Rosen as president/CEO.
Executive comes over from Bank of the West.