NCUA says onsite WesCorp and other corporate examiners were limited by regs, not influenced by executives.
NCUA official says a lack of regulatory authority is to blame. Material loss reviews concur.
Read about new hires, promotions, retirements and other career milestones from the credit union industry.
The NCUA fights court orders to provide documents that provide more information regarding who was responsible for corporate losses.
The NCUA refuses to provide subpoenaed documents that could detail management and examiner responsibility for corporate failures.
It was more than five years ago – March 2009 – when the NCUA seized WesCorp and U.S. Central, and thus began a shakeup that would completely redraw the map of corporate credit unions and their spokes. That story has been told, extensively, in CU Times.
Catch up with three former corporate leaders: Thomas Bonds, Francois Henriquez and Brian Hague.
Former WesCorp lawsuit defendant Todd Lane will become the next president/CEO of the $1.8 billion California Coast Credit Union.
Former WesCorp CFO Todd Lane will replace the retiring Marla Shepard in early 2015.
The NCUA announced Aug. 30 it filed a suit in Federal District Court in Kansas two weeks earlier against another Wall Street firm that the regulator said sold faulty mortgage-backed securities to failed corporates U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.