Corporate credit unions

WASHINGTON — The National Credit Union Administration on Monday joined a growing queue of angry investors suing Deutsche Bank National Trust Co.

WESTMINSTER, Colo. and WARRENVILLE, Ill. — System United Corporate Federal Credit Union, better known as SunCorp, on Wednesday announced its intent to merge with Alloya Corporate Federal Credit Union of Illinois.

NASHVILLE, Tenn. and LOUISVILLE, Ky. — The Tennessee Department of Financial Institutions gave the nod to the proposed merger of Kentucky Corporate Credit Union and Volunteer Corporate Credit Union, the final step toward completing the union, VolCorp reported.

ALEXANDRIA, Va. — Total projected assessments from the NCUA's Temporary Corporate Credit Union Stabilization Fund dropped by $2.2 billion during the second half of 2013, the regulator announced Tuesday, adding it was "hopeful" that no future CU assessments would be necessary.

ALEXANDRIA, Va. — The Temporary Corporate Credit Union Stabilization Fund received a fifth consecutive clean audit opinion, NCUA said Monday.

WARRENVILLE, Ill. — Alloya Corporate FCU has tapped Todd Adams, who has served as interim CEO since September, to be its new permanent CEO, effective immediately.

To celebrate International Credit Union Week, Credit Union Journal presents its annual "A Day In The Life Of Credit Unions Project." On Aug. 15, participating credit unions around the U.S. shot photographs of events at their credit unions. In this issue we feature the best of that daily CU spirit.

A selection of images featuring credit unions' efforts in their communities.

In Las Vegas where the housing market has experienced breathtaking highs and lows in the last decade, one issue at the the American Credit Union Mortgage Association's recent annual conference seemed especially relevant.

WASHINGTON – The NCUA will remain open in the event of a government shutdown, but the ongoing fiscal battle in Congress still could have significant implications for the credit union community.

It's certainly not the typical CU office, as members occasionally walk by in pajamas while brushing their teeth.

A selection of images featuring credit unions' efforts in their communities.

NEW YORK – NCUA filed additional claims against underwriters of investments that led to the failure of the corporate credit unions, the latest one naming Morgan Stanley & Co. and eight other banks over $2.4 billion of faulty mortgage-backed securities sold to Southwest Corporate FCU and Members United Corporate FCUs.

WICHITA, Kan. – The National Credit Union Administration this evening filed a civil suit against 13 international banks, including J.P. Morgan Chase, alleging violations of federal and state anti-trust laws by manipulation of interest rates through the London Interbank Offered Rate (LIBOR) system.

SAN FRANCISCO – NCUA has filed an appeal with the Ninth Circuit U.S. Court of Appeals to reinstate claims against Wachovia Capital (now a unit of Wells Fargo & Co.) and Nomura Asset Acceptance Corp.

SAN FRANCISCO – NCUA filed an appeal yesterday with the Ninth Circuit U.S. Court of Appeals to reinstate claims against Wachovia Capital (now a unit of Wells Fargo & Co.) and Nomura Asset Acceptance Corp., which both originated subprime loans packaged into mortgage-backed securities that figured into the 2009 failure of WesCorp FCU.

WICHITA, Kan. – A federal court yesterday rejected a bid by RBS Securities to dismiss $1.9 billion of claims against it by NCUA over the failure of U.S. Central FCU, giving the federal regulator a much-needed boost to its dwindling prospects for recoveries on almost $10 billion of claims against Wall Street banks.

WICHITA, Kan. – A federal court yesterday dismissed almost $2 billion of civil claims NCUA filed against JP Morgan Chase for the sale of mortgage-backed securities sold by Washington Mutual Bank to U.S. Central FCU, WesCorp FCU and Southwest Corporate FCU, the latest in a string of dismissals issued by the court in the credit union regulator’s efforts to recoup losses for the corporate credit union bailout.

WICHITA, Kan. – The FDIC asked a federal appeals court here Friday to overturn a lower court ruling dismissing $550 million of securities claims by NCUA against Barclays Capital, as the ruling could jeopardize billions of dollars in claims the banking regulator itself has against numerous Wall Street banks.

ALEXANDRIA, Va. – NCUA filed suit in Federal District Court in Kansas against Morgan Stanley & Co., Inc. and other firms, alleging violations of federal and state securities laws in the sale of more than $566 million in mortgage-backed securities to U.S. Central and WesCorp.