Credit unions

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.

The same week Miley Cyrus was causing a stir at the MTV Video Music Awards, some Vegas locals were complaining about a word they did not even hear or see. So forgive Greg Barnes for thinking critics of One Nevada Credit Union's new marketing campaign are chasing the wrong target.

Catalyst Corporate FCU has emerged from the corporate crisis with a cleaner bill of health and a restructured balance sheet, and it is member relations that have been one of the keys to survival of the institution.

ALEXANDRIA, Va. – NCUA filed suit today 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.

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.

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.

WARRENVILLE, Ill. – Alloya Corporate FCU CEO Bill Walby will be resigning as Alloya’s CEO for personal reasons.

ALEXANDRIA, Va. – The director of NCUA’s Office of Examination and Insurance has issued a response to some of the ongoing analyses by third parties regarding the agency’s handling of the failed corporates and the so-called legacy assets and their cost to credit unions.

NCUA's Larry Fazio discusses the Corporate Stabilization Fund, NCUA Guaranteed Notes and the future of corporate CU assessments.

NEW YORK – NCUA has opposing a proposed bankruptcy reorganization for Ally Financial, General Motors’ one-time subprime lender known as Residential Capital, saying the plan does not offer enough compensation for the $600 million of claims the agency has for ResCap’s sale of more than $600 million of mortgage-backed securities to U.S. Central FCU and WesCorp FCU.

WICHITA, Kan. – NCUA asked a federal appeals court for an expedited review of last month’s lower court ruling dismissing $550 million in claims against Barclays Capital, saying unless the ruling is overturned it could lead to the dismissal of more than $5.2 billion of claims against Wall Street banks for the failure of five corporate credit unions.

PLANO, Texas – Catalyst Corporate FCU has asked NCUA, which is poised to lift its ban on financial derivatives, to let it deal interest rate swaps, caps, and options to credit unions through its investment subsidiary.

WICHITA, Kan. – A federal appeals court on Friday directed NCUA and Barclays Capital to negotiate a possible settlement of claims in the corporate credit union crisis, as a preliminary step to formal review of a lower court ruling dismissing NCUA’s $555 million suit against the Wall Street bank.