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.
The NCUA’s settlement with former Western Corporate FCU Chief Investment Officer Robert Burrell has been finalized, court documents show.
Former WesCorp economist Dwight Johnston has a new home: the California and Nevada Credit Union Leagues.
Now you have it, now you do not. Puzzlement has percolated on the part of some in the industry over the insistence by the NCUA that indemnification and coverage of legal fees incurred by the onetime WesCorp officers it is suing are not owed. That is, the defendants (now down...
Barely three years ago, an entire industry teetered on the brink of financial collapse as four corporate credit unions, US Central, Wescorp, Members United, and Southwest Corporate reported massive losses in their investment portfolios, losses that not only would eradicate their capital but threaten the uninsured shares and daily operations...
Lawyers for Wachovia Capital Markets filed documents in Kansas City Federal Court asking the court to dismiss NCUA’s securities fraud case against the firm now owned by Wells Fargo. Central to Wachovia’s argument is a question that has haunted the NCUA ever since the collapse of U.S. Central FCU: Why...
Filings in suit over U.S. Central losses show bank says corporates knew the risks of investing in mortgage-backed securities.
The 285 credit unions also will get two new seats on the corporate's board.