The NCUA on Saturday said that Western Bridge Corporate Federal Credit Union has been formally liquidated.
NCUA order allows Thomas Swedberg to work for natural person credit unions, but not corporates.
Former exec demands to see the documents.
Sacramento credit union replaces processing work it had been doing with a failed corporate credit union with an in-house system from Bluepoint Solutions.
Suits against Wachovia Capital Markets for U.S. Central, WesCorp losses combined into one.
Still suffering from the bite of losing all their Western Corporate FCU capital in 2009, credit unions report they are still capital shy when it comes to replacing corporate services.
WesCorp members seek new home for services, shy from staking new capital. Get the story in next week's print edition today in this print preview.
Most credit union leaders decline comment on order against failed corporate leaders but some criticism emerges.
More than 300 credit unions deposit capital with $2.2 billion Texas corporate as transition also begins from U.S. Central ACH service.
JPMorgan Chase’s $2 billion failed credit risk hedge is different than the investments that led to the corporate credit union crisis. However, there are also similarities, according to industry investment experts. Specifically, overleveraging and a drive for income that compromised risk management.