Credit unions

Catalyst Corporate FCU announced it will roll out an agent loan participation program in the next few weeks that will connect credit unions that want to sell loans with those that want to purchase an interest in a loan pool.

MUSKEGO, Wis. – Corporate Central CU has signed a correspondent services contract with Lending Tools, which will include the conversion of the corporate’s ACH system from to LT’s Private Correspondent Gateway.

WASHINGTON – The former CEO of Constitution Corporate FCU asked a federal appeals court yesterday to overturn the NCUA Board’s ruling denying him some $250,000 in back pay and benefits after the federal regulator took over his failed corporate in September 2010, along with two others.

LOS ANGELES – The Justice Department’s suit against Standard & Poor’s targets several failed credit union deals among the more than two dozen collateralized mortgage obligations, or CDOs, the Wall Street agency allegedly rated falsely, causing two of the biggest credit union failures ever, WesCorp FCU and Eastern Financial Florida CU, the only two credit unions authorized to buy CDOs.

LOS ANGELES -- The U.S. Department of Justice filed suit last night against Standard & Poor's, alleging the firm ignored its own standards to give high ratings to mortgage bonds sold to WesCorp FCU and other investors that created billions of dollars of losses.

WICHITA, Kan. – Wall Street’s leading lobby group told a federal appeals court Friday that numerous claims brought by NCUA against underwriters of failed securities sold to corporate credit unions – some of them filed as many as seven years after the sale – could have broad ramifications for the securities industry as a whole and should be rejected.

COLUMBUS, Ohio – Last year’s merger of Southeast Corporate FCU into Corporate One FCU, creating one of four major surviving national corporate credit unions, was accomplished with up to $15 million of financial assistance from NCUA to help make up for potential shortfalls due to troubled Southeast investments.

GREENSBORO, N.C. – First Carolina Corporate CU has signed with LendingTools.com to deploy the company’s Correspondent Gateway, providing member credit unions with ACH origination, management and processing services.

WICHITA, Kan. – The Securities Industry and Financial Markets Association told the federal appeals court yesterday it will be filing a brief on behalf of several Wall Street banks that say NCUA waited too long to file billions of dollars in civil claims over mortgage-backed securities the banks sold to five failed corporate credit unions, as the stakes in the huge legal battle grow more apparent.

WICHITA, Kan. – Several Wall Street banks told a federal appeals court Friday that confidential contingency agreements with lawyers representing NCUA on its corporate credit union suits contradicts NCUA’s own argument it should be afforded special powers to extend the statute of limitations on the multi-billion corporate claims.

WICHITA, Kan. – Focus of NCUA’s efforts to recover billions of dollars in losses for faulty mortgage-backed securities sold to five corporate credit union failures is slowly shifting to the federal appeals court here, which has been asked to determine whether the credit union regulator waited too long to file civil claims, some of them dating to securities sold as much as seven years ago.

WICHITA, Kan. – NCUA opened a new battle with Wall Street this afternoon by filing a new suit over the sale of faulty mortgage-backed securities to the failed corporates—the third one naming JP Morgan Chase as the defendant and ninth suit against a Wall Street entity.

NEW YORK – NCUA has joined a variety of creditors in the huge Residential Capital LLC bankruptcy seeking a mediator to review its claims of $300 million in recompense for the failures of U.S. Central FCU and WesCorp, among the credit union agency’s growing claims over the collapse of the corporate system.

SOUTHFIELD, Mich. – Cencorp said it is expecting the NCUA board to vote during Q1 on its merger with Alloya Corporate.