Credit unions

Corporate CUs have had to make a number of adjustments to their product mixes and the services they offer, especially as closure of U.S. Central leaves a void.

Credit Union Journal asked three corporate credit union CEOs, "What is the value proposition of your corporate?"

As reported by Credit Union Journal, June 17, information on the performance of five failed corporates' so-called "legacy assets" are now available online.

Addressing its decisions to place five corporates into conservatorship in 2009, NCUA restated that its actions were the best for the industry.

Credit unions can now pull back the curtain on the so-called "legacy assets" and gain a better understanding of the performance of securities once held by the five failed corporate credit unions.

The FDIC told a federal court here last week it should allow NCUA to extend the nominal statute of limitations on securities claims against several Wall Street banks that sold mortgage-backed securities to five failed corporate credit unions because the 1989 S&L bailout law allows for the extension.

WICHITA, Kan. – The FDIC told a federal court here this morning it should allow NCUA to extend the nominal statute of limitations on securities claims against several Wall Street banks that sold mortgage-backed securities to five failed corporate credit unions because the 1989 S&L Bailout law allows for the extension.

Credit unions can now pull back the curtain on the so-called "legacy assets" and gain a better understanding of the performance of the securities that were once held by the five failed corporate credit unions.

Four years after NCUA placed five corporate credit unions into conservatorship, the biggest question that remains is what will be the final cost to natural-person CUs.

It's been four years since the most cataclysmic and costly series of events in the history of U.S. credit unions: the conservatorship by NCUA of five failed corporates.

Credit Union Journal spoke with NCUA Director of Examination and Insurance Larry Fazio, who shared NCUA's view on its management of those five failed corporates' investments and the conservatorships.

LOS ANGELES – NCUA asked a federal court here yesterday to reconsider a March ruling dismissing the vast majority of $491 million of claims against Goldman Sachs for mortgage-backed securities the Wall Street bank sold to corporate credit union failures U.S. Central FCU and WesCorp FCU, or at least certify the issue for an immediate review by the U.S. Court of Appeals.

DENVER – A lawyer for NCUA told a federal appeals panel this morning that billions of dollars in claims related to the corporate credit union bailout rely on whether the courts allow it to extend the nominal statute of limitations on securities claims until after it and the banking regulators take over failed institutions.

The improving bottom lines at credit unions across the country have been a dose of good news that is tempered by just one outstanding issue: how many more assessments will need to be paid to cover the costs of the failed corporate CU investments.

WICHITA, Kan. – A federal judge yesterday agreed to delay further proceedings in eight different NCUA suits against Wall Street banks over the failure of the corporate credit unions until the U.S. Court of Appeals for the Tenth Circuit has decided whether NCUA filed the civil claims too late to satisfy the statute of limitations.

WICHITA, Kan. – Lawyers for more than a half-dozen Wall Street banks on Friday joined together in an unusual motion to urge the federal court here to stay proceedings in the various civil suits NCUA has brought against them until a federal appeals court has decided whether the credit union regulator waited too long to bring claims for the failure of five corporate credit unions.