Corporate credit unions

WARRENVILLE, Ill. – Alloya Corporate FCU says it has submitted its application for the previously announced merger with CenCorp CU and hopes to complete the combination by year end.

LOS ANGELES – Lawyers for former WesCorp FCU CEO Bob Siravo and CFO Todd Lane filed documents in federal court Friday saying they still want to depose Gigi Hyland on what she knew about the agency’s approval of the failed corporate’s risky investments, even though Hyland resigned from the NCUA Board the same day.

LENEXA, Kan. – NCUA has reached agreement to sell the offices of U.S. Central FCU, just as it was scheduled to shut down the operations of the one-time $52 billion central bank for credit unions last week.

WICHITA, Kan. – NCUA filed another civil suit this afternoon against a Wall Street bank, this time naming Credit Suisse Securities USA, as chief defendant, alleging that its sale of $715 million of faulty residential mortgage –backed securities helped cause the collapse of three corporate credit unions, U.S. Central FCU, WesCorp FCU and Southwest Corporate FCU.

DENVER – Lawyers for Wachovia Capital Markets, now a unit of Wells Fargo, called on the U.S. appeals court here Friday to dismiss a securities suit brought by NCUA in the failure of U.S. Central FCU and WesCorp FCU, claiming a lower court erred when it allowed the credit union regulator to extend the period allowed for filing the claims even though the mortgage-backed securities were sold to the two corporate giants as long as six years before NCUA filed suit.

WICHITA, Kan. – NCUA filed another suit against a Wall Street bank this afternoon, this one naming Barclays, alleging the sale of faulty mortgage-backed securities by Barclays to U.S. Central FCU and WesCorp FCU contributed to the collapse of the two corporate credit union giants.

WICHITA, Kan. – A federal judge agreed yesterday to halt pending litigation over the failure of U.S. Central FCU and WesCorp FCU to allow two Wall Street banks to appeal his July ruling preserving mortgage-backed securities suits by NCUA, in an effort to resolve whether the statute of limitations can be extended to allow for a government conservator’s claims.

IRONTON, Ala. – The long-pending marriage between Corporate America CU and Louisiana Corporate CU was called off last night, after 22 months in the works.

LOS ANGELES – A federal judge ruled yesterday that a so-called tolling agreement between NCUA and Goldman Sachs & Co. in August 2010 allowed the credit union regulator to extend the statute of limitations on securities claims against the Wall Street bank and so refused to dismiss NCUA’s $1.1 billion claims over the failures of U.S. Central FCU and WesCorp FCU.

WICHITA, Kan. – NCUA filed suit this afternoon against UBS Securities claiming securities fraud in the sale of $1.1 billion in mortgage-backed securities to U.S. Central FCU and WesCorp FCU.

Members of FirstCorp have officially approved a "unique consolidation" of the corporate into Catalyst Corporate FCU, Plano, Texas.

PHOENIX – Members of FirstCorp have officially approved a “unique consolidation” of the corporate into Catalyst Corporate FCU, Plano, Texas.

Credit union board members are being reminded to get their liquidity plans in order, while also preparing for an iffy recovery in the economy.

LOS ANGELES – Lawyers for NCUA failed to reach a settlement last week with representatives for Todd Lane, the former chief financial officer at WesCorp FCU, but talks will continue towards a deal.

LOS ANGELES – Lawyers for NCUA are scheduled to meet tomorrow with lawyers for former WesCorp FCU Chief Financial Officer Todd Lane to discuss a potential settlement of civil negligence claims brought by NCUA in the 2009 collapse of the one-time $34-billion corporate credit union.

ALEXANDRIA, Va. – NCUA Chairman Debbie Matz hailed Wednesday’s federal court ruling denying a bid by Wall Street banks to dismiss NCUA’s suits regarding corporate credit union investments and said the agency is determined to see the cases through.

WICHITA, Kan. – A federal court yesterday rejected separate bids by two Wall Street banks to dismiss claims by NCUA over the banks sale of billions of dollars of mortgage-backed securities to two failed corporate credit unions, U.S. Central FCU and WesCorp FCU, ruling the suits must proceed.

ALEXANDRIA, Va. -- The NCUA Board this morning approved a 9.5 basis point assessment for the corporate credit union resolution, a total of $790.5 million.

ALEXANDRIA, Va. – NCUA has set this year’s corporate credit union assessment at 9.5 basis points, a total of $790.53 million.

As its new name implied, Western Bridge Corporate FCU was designed to be a short-term bridge to something new — ideally, a new corporate capitalized by member credit unions — that was made up of something old: most of WesCorp's operations.