Western Corporate Federal Credit Union

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  Will NCUA Suit Force Banks to Settle?

  By Claude R. Marx  |  June 27, 2011

  See you in court. After failing to reach an agreement with two of the largest investment bank to recover losses from mortgage-backed securities sold to corporate credit unions, the NCUA last week filed civil lawsuits against RBS Securities, a Royal Bank of Scotland unit, and J.P. Morgan Securities. The agency is...

• NCUA Threatens Investment Banks With Litigation Over Corporates' Mortgage-Backed Securities

  By Claude R. Marx  |  March 30, 2011

  The NCUA has threatened to sue four investment banks if they don’t refund $50 billion from the sale of mortgage-backed securities to five corporate credit unions that the agency conserved last year, according to several sources within the credit union industry.

• Western Bridge Corporate Offers Strategic Planning Pointers

  By Robert McGarvey  |  January 26, 2011

  "We are helping credit unions to survive during tough times," said Amy Rapp, a senior manager at Western Bridge Corporate Federal Credit Union.

• NCUA Files New WesCorp Charges

  By Robert McGarvey  |  January 19, 2011

  It's not over until it's over.

• NCUA Files New Complaints Against WesCorp Defendants

  By Robert McGarvey  |  January 12, 2011

  Not so fast when it comes to dismissing complaints against Western Corporate Federal Credit Union's outside directors--that is the gist of yesterday's filing by NCUA in the continuing case of NCUA v. Siravo, et. al.

• Sun Shines in Los Angeles for WesCorp Board Members

  By Robert McGarvey  |  December 23, 2010

  In a dense, 23-page preliminary decision, Judge George H. Wu has handed out holiday cheer to former directors of Western Corporate Federal Credit Union, according to experts who have studied the decision distributed to involved parties on Monday.

• Corporate America CU Buys Constitution CUSO

  By Claude R. Marx  |  December 1, 2010

  Corporate America Credit Union has purchased and assumed Smart Source Solutions, the CUSO owned by Constitution Corporate FCU, which the NCUA plans to liquidate by the end of November.

• NCUA Liquidates Constitution Corporate FCU

  By Claude R. Marx  |  November 19, 2010

  The NCUA said today that on Nov. 30 it will liquidate Constitution Corporate FCU, one of the three coporates it conserved in September.

• Corporate America CU Seeks Audits

  By Michelle A. Samaad  |  October 27, 2010

  Records from BDO Seidman, the auditor of U.S. Central Federal Credit Union, have been subpoenaed by Corporate America Credit Union in its suit against the directors and officers of the corporate.

• NCUA IG Faults US Central Management and NCUA Oversight

  By Claude R. Marx  |  October 22, 2010

  The failure of U.S. Central Federal Credit Union was caused by the risky investment practices of its management and by insufficient examinations by the NCUA and weak regulation.