Corporate credit unions

NCUA Chairman Mark McWatters has written a letter to a House Financial Services Committee member defending the agency’s use of a contingency arrangement to recover funds lost during the corporate credit union crisis.

With lawmakers reportedly looking into NCUA’s $1 billion legal bill, some members of the NCUA board behind that arrangement say they’re unsure what exactly legislators are hoping to accomplish.

Republican members of Congress are pressing the regulator for details on the high attorney's fees it has incurred in its quest to recover losses from the corporate credit union collapse.

After having insisted many times that it couldn't begin returning funds to CUs until 2021, the agency may have found a way to start making payments as early as 2018.

PSCU will provide processing and support services for 55 Corporate One CUs, representing nearly 100,000 cards and accounts.

Second settlement of the week pushes recoveries by the regulator from MBS suits to $5.1 billion.

The trade group says that by merging the Share Insurance Fund and Corporate Stabilization Fund to issue dividends now – instead of in 2020 – the regulator could avoid instituting new premiums to the NCUSIF.

NCUA is teaming up with the CFPB to offer guidance related to new Home Mortgage Disclosure Act requirements.

NCUA's Larry Fazio offers glimpse at how the agency's Temporary Corporate CU Stabilization Fund has performed.

The merger of Missouri Corporate CU and Kansas Corporate CU continues the trend of consolidation among corporate credit unions and leagues.

ALEXANDRIA, Va. — NCUA's Temporary Corporate Credit Union Stabilization Fund continues to improve, and if the current trend holds, credit unions can expect a nice payout — but not for another six years.

ALEXANDRIA, Va. — NCUA has filed another suit against one of the major Wall Street banks in relation to the failed corporate credit unions.

ALEXANDRIA, Va. — NCUA's Corporate Resolution Program continues to run in the negative range, making it unlikely that the regulator will charge future assessments to credit unions for the Stabilization Fund.

NCUA's Temporary Corporate CU Stabilization Fund has received its sixth consecutive clean audit, the regulator said today, but this time with a change-this was the first year the fund saw a net positive position.

ALEXANDRIA, Va.—The 10th Circuit Court of Appeals today revived NCUA's suit against Barclays Capital that claims the bank misrepresented more than $555 million in mortgage-backed securities (MBS) that led to the failure of Western Corporate FCU and U.S. Central FCU.

MUSKEGO, Wis. — Jim Schrimpf has retired from his position on the board of directors at Corporate Central CU here, with Jay Magulski set to take his place on the corporate CU's board.

Members of System United Corporate Federal Credit Union (SunCorp) voted "overwhelmingly" to approve a proposed merger with Alloya Corporate FCU, the two corporates said on Thursday.

System United Corporate Federal Credit Union (SunCorp) and Alloya Corporate FCU on Thursday said NCUA has approved the application for SunCorp to merge into Alloya.

The Supreme Court has denied an appeal from several banks regarding a lawsuit filed by NCUA concerning the sale of mortgage-backed securities that contributed to the failure of two corporate credit unions more than seven years ago.

ALEXANDRIA, Va. — NCUA said it has filed suit in federal court against U.S. Bank N.A. and Bank of America N.A., alleging these institutions violated state and federal laws by failing to fulfill their duties as trustees for 99 residential mortgage-backed securities trusts.