Credit unions

LOS ANGELES – Lawyers for NCUA asked a federal court yesterday to bar potentially embarrassing testimony by NCUA Board members Debbie Matz and Gigi Hyland and former Chief Corporate Examiner Kent Buckham in the civil trial over the 2009 collapse of WesCorp FCU, which is projected to cost credit unions $7 billion to resolve.

Has the National Credit Union Association's new corporate guidelines created more secure CUs?

ALEXANDRIA, Va. – NCUA announced Saturday morning the completion of its liquidation of WesCorp FCU, marking the end of the most costly failure in credit union history.

While debate persists over whether the new corporate structure affords the credit union community greater investment safety, discussion continues regarding the viability of the new marketplace.

CEO of Mid-Atlantic FCU and Victor Vrigian, Jr. share their views on changes in risk and regulation.

ALEXANSRIA, Va. – NCUA Friday afternoon issued a prohibition order against Thomas Swedberg, the former director of human resources for WesCorp FCU, which bars Swedberg from working for corporate credit unions.

LOS ANGELES – One of two WesCorp executives still fighting NCUA civil charges over the 2009 collapse of the corporate credit union giant has called for testimony from senior NCUA executives, including two on-site examiners at the one-time $34 billion corporate, as to their roles in landmark failure.

COLUMBUS, Ohio – Corporate One FCU announced this afternoon that Southeast Corporate FCU fell a little short of its goal to raise $75 million in perpetual contributed capital but the combination of the two corporates will go through anyway with Southeast’s $68 million of PCC.

ALEXANDRIA, Va. – The NCUA Board next month is expected to vote a corporate assessment of between eight basis points and 11 bps, or between $800 million and $1.05 billion, according to a top agency official.

TALLAHASSEE, Fla. – Southeast Corporate FCU on Monday said it is still short of its planned capital raising for its merger into Corporate One FCU and has extended the deadline for subscriptions another month, until June 29.

WICHITA – A federal judge Friday agreed to consolidate two suits NCUA has brought against Wall Street banks for their sale of faulty residential mortgage-backed securities that went bad and helped cause the failure of U.S. Central FCU and WesCorp FCU, the two biggest of five corporate credit union failures.

LOS ANGELES – A settlement conference between NCUA and lawyers for former WesCorp FCU CEO Bob Siravo failed to bear fruit and the sessions ended without a deal, according to sources involved in the negotiations.

Corporate Central CU last week announced what it is calling "flexible membership options."

COLUMBUS, Ohio – Corporate One FCU said this afternoon that members of Florida’s Southeast Corporate FCU have approved the combination of the two, creating one of the biggest corporates in the country with $5 billion in assets.

ALEXANDRIA, Va. – NCUA said this morning it has barred the former CEOs of U.S. Central FCU and Members United Corporate FCU from working for or with any corporate credit union for their roles in two of the biggest credit union failures.

ALEXANDRIA, Va. – NCUA followed up yesterday’s legal settlement with former WesCorp executive Robert Burrell with a cease and desist order barring the former chief investment officer at WesCorp from working for any corporate credit union; consulting or advising a corporate on investments; or selling any investments to a corporate.

LOS ANGELES – NCUA on Wednesday signed a settlement deal with Robert Burrell, who was the chief investment officer of WesCorp FCU prior to the collapse of the one-time $34-billion corporate credit union.