Court Rules In Favor Of NCUA On Securities Suit
ALEXANDRIA, Va.-The U.S. 10th Circuit Court of Appeals handed NCUA a victory in its lawsuits against Wall Street firms regarding sales of mortgage-backed securities to corporate credit unions. The appeals court affirmed last year's ruling by the Federal District Court in Kansas that a federal "extender" statute, which allowed NCUA, as liquidating agent for five failed corporate credit unions, more time to file its lawsuits, does apply in the cases of the agency's securities law claims. Defendants in the suits had argued the agency had filed its claims too late and asked the court to dismiss them.
Alloya Corporate CEO Walby Is Resigning From Position
WARRENVILLE, Ill.-Alloya Corporate FCU CEO Bill Walby will be resigning as Alloya's CEO for personal reasons effective Sept. 15. While the board conducts a search for a new CEO, Todd Adams, who is Alloya SVP and president of Balance Sheet Solutions LLC, will serve as interim CEO.
CUNA, NAFCU Join Others In Brief On Interchange
WASHINGTON-The two credit union trade associations last week joined with a number of other financial industry representatives to file a supplemental briefing in the lawsuit over Dodd-Frank's debit interchange provisions. Credit unions and others have filed the brief in support of the Federal Reserve, which has appealed the recent court ruling that calls for the debit swipe fee cap to be invalidated, a move some experts say could keep the current interchange guidelines in place for at least a year. The FI coalition has asked the court to keep the current Fed regulation in place pending the Fed's appeal.
NCUA Awards $871K In Grants
ALEXANDRIA, Va.-NCUA has awarded 126 low-income credit unions some $871,597 in total grants as part of the 2013 Community Development Revolving Loan Fund. The funds are to help expand services, offer new loan products and provide education to members.
Lending Awards Now Open
MADISON, Wis.-Entries are being accepted through Sept. 13 for the 14th annual Excellence in Lending Awards, which recognize outstanding lending results and practices by credit unions. The Excellence in Lending Awards, sponsored by the CUNA Lending Council and CUNA Mutual Group include these categories: Consumer lending Excellence, Mortgage Lending Excellence, Low/Modest Means Excellence, and Business Lending Excellence.
For info: www.cunalendingcouncil.org/awards/excellencelending.html.
CU Pioneer Al George Dies
SAN DIEGO-Credit union pioneer and organizer and North Island CU Board Director Emeritus Al George has died. George recently retired from the board iafter serving in CUs for 65 years, 17 years at North Island. George's volunteer activities began in 1948 as a director of SDG&E CU (now Financial 21 Credit Union). During his career in CUs, George served on the league board, was a past chair of CUNA, and on the WOCCU board. He helped form Central CU, what is now Pacific Marine CU, and WesCorp.
DE Registrations Being Accepted
MADISON, Wis.-Registration is now open for all three Credit Union Development Education (DE) training classes in 2014, to take place in January in Chapel Hill, N.C., followed by trainings in April and September in Madison, Wis. For info: www.ncuf.coop/home/programs/developmenteducation/Registration/Registration.aspx.
NIFCU$ IS Liquidated
ARLINGTON, Va.-NAFCU Services Corp. announced that it has closed its National Investment Fund for Credit Unions (NIFCU$), citing low interest rates, a smaller fund and competition.
Correction
In the Aug. 26 Buyers Guide & Directory, information on the Wisconsin Office of Credit Unions appeared incorrectly. The director is Kim Santos.
