NCUA Files New Lawsuit Against U.S. Bank & BOA

The agency claims banks unlawfully withdrew investment trust funds to pay for legal costs from the residential mortgage-backed securities debacle.

By Peter Strozniak | December 12, 2018 at 02:51 PM

In a new lawsuit, the NCUA claimed U.S. Bank and Bank of America unlawfully withdrew money from residential mortgage-backed securities trust funds to pay for their legal costs from court cases following the subprime mortgage debacle that triggered the 2008 financial crisis and led to the demise of several corporate credit unions.

Continue Reading for Free

Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
Educational webcasts, white papers, and ebooks from industry thought leaders.
Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

NOT FOR REPRINT

Fraud & Enforcement

1 Virginia CU Goes Federal, Joining 14 Other Charter-Switching CUs

2 Credit Union's Internal Investigation Leads to Employee Grand Theft Charge

3 Man Pleads Guilty in Credit Union Fraud Ring Conspiracy

4 Boomers Are Not Enough: How to Attract Younger Consumers

5 CU Loses Nearly $300,000 in Four Hours With ATM Skimming Device

Credit Union Times Luminaries Awards 2024
November 07, 2024 - Orlando

This event shines a spotlight on the individuals, teams, projects and organizations that are changing the financial industry.
More Information
Consulting
Consulting Best Firms to Work For 2024
September 12, 2024 - New York

Consulting Magazine identifies the best firms to work for in the consulting profession.
More Information
GlobeSt. Multifamily Fall 2024
October 15, 2024 - Los Angeles

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information

Man Pleads Guilty in Credit Union Fraud Ring Conspiracy

By Peter Strozniak | July 24, 2024

Evan Cutler admits to his role in stealing more than $113,000 from Broadview Federal Credit Union in Albany, N.Y.

Man Pleads Guilty in Credit Union Fraud Ring Conspiracy

Credit Union's Internal Investigation Leads to Employee Grand Theft Charge

By Peter Strozniak | July 23, 2024

Macey Wymore, who allegedly stole more than $63,000 from Idaho Central CU, is expected to appear in court in August.

Credit Union's Internal Investigation Leads to Employee Grand Theft Charge

CU Loses Nearly $300,000 in Four Hours With ATM Skimming Device

By Peter Strozniak | July 22, 2024

Six foreign nationals, who face multiple felony charges, also siphon more than $17,000 from a bank ATM.

CU Loses Nearly $300,000 in Four Hours With ATM Skimming Device

Embracing a Modern Tech Stack and Architecture for Seamless Payment Experiences, Increased Efficiencies and Lower Operating Costs link

White Paper

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
Exclusive discounts on ALM and Credit Union Times events.
Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Instant Insights /