Credit unions

LOS ANGELES – The former chief executive of WesCorp FCU is said to be ready to settle civil negligence claims with NCUA over the failure of the one-time $34-billion corporate credit union, following two other senior WesCorp executives who have agreed to terms.

LOS ANGELES – NCUA on Thursday told a federal court here Goldman Sachs & Co. violated an agreement between the two parties that suspended the running of the statute of limitations on securities claims related to the failures of U.S. Central FCU and WesCorp FCU while the two sides negotiated a settlement.

PLANO, Texas – Catalyst Corporate on Monday said it has expanded its deal with Bluepoint Solutions and now will offer the company’s teller capture and mobile deposit applications to its 1,000 credit union members.

LOS ANGELES – A federal judge Friday dismissed claims by senior WesCorp FCU officials that NCUA may have contributed to the failure of the one-time $34-billion corporate by approving the risky investments that sunk the corporate giant.

LOS ANGELES – A federal judge indicated yesterday he plans to reject Goldman Sachs & Co.’s motion to dismiss NCUA’s suit and continue the case challenging the Wall Street bank over $1.1 billion of faulty residential mortgage-backed securities it sold to U.S. Central FCU and WesCorp FCU, the two biggest credit union failures ever.

LOS ANGELES – A federal judge yesterday rejected requests from five WesCorp FCU executives being sued by NCUA for reimbursement of their legal fees during the case and told them to “get in line” with other WesCorp creditors after their case is completed.

LOS ANGELES – NCUA agreed yesterday to settle civil negligence charges against a second WesCorp FCU executive for the 2009 failure of the one-time $32 billion corporate credit union, Robert Burrell, who was WesCorp’s chief investment officer.

ALEXANDRIA, Va. – NCUA said this morning it will received $5.25 million from HSBC for settling claims against the banking giant related to mortgage-backed securities it sold to five failed corporate credit unions.

NCUA has issued an order against Timothy Sidley, the former chief risk officer for WesCorp. It is the first civil enforcement action brought by NCUA against any executive in the failure of the five corporate credit unions.

AUSTIN, Texas – Greater Texas FCU has signed with Catalyst Corporate FCU and Malauzai Software for mobile deposit capture services.

PLANO, Texas – Catalyst Corporate FCU, which acquired the remnants of WesCorp FCU at year end, on Tuesday said it has extended WesCorp’s contract with CO-OP Financial Services for payment settlements, including check clearing, ACH, EFT and ATM transactions for its 1,000 credit union members.

METAIRIE, La. – Louisiana Corporate CU is the latest corporate credit union to sign a correspondent services deal with Lending Tools, which will include the conversion LaCorp’s ACH system from the U.S. Central APEX system to LT’s Private Correspondent Gateway.

ALEXANDRIA, Va. – NCUA this afternoon issued a banning order against Timothy Sidley, the former chief risk officer for WesCorp FCU, the first civil enforcement action brought by NCUA against any executive in the failure of the five corporate credit unions.

LOS ANGELES – Two former executives have agreed to settle civil negligence claims with NCUA, leaving charges pending against three representatives of the one-time $32-billion corporate credit union.

LOS ANGELES – Top officials of NCUA are scheduled to give depositions in NCUA’s lawsuit against officers of WesCorp FCU next week, promising to shed new light on the corporate credit union debacle.

WICHITA, Kan. – JP Morgan Chase & Co. told a federal court here it should reject NCUA’s claims regarding $1.4 billion of mortgage backed securities sold to four failed corporate credit unions and dismiss the suit without even allowing for discovery.