Credit unions

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.

PLANO, Texas – Catalyst Corproate FCU, the new corporate credit union formed by the combination of Southwest Corporate FCU and Georgia Corporate FCU, said this afternoon it hired Kathy Garner, the former president of Northwest Corporate FCU, as president and CEO.

The Federal Home Loan Bank system, which has emerged as a critical CU backstop, has made a pitch to NCUA that could tap the movement for tens of billions of dollars in new funds.

ALEXANDRIA, Va. – Credit unions are calling on NCUA to undertake major reforms to its emergency lending fund, the Central Liquidity Facility, which is endangered by the demise of its owner, U.S. Central FCU.

LOS ANGELES – NCUA told a federal court Friday a ruling earlier in the week in Massachusetts should support its billion-dollar lawsuits against two Wall Street banks for the sale of mortgage backed securities to failed corporate credit union giants, WesCorp FCU and U.S. Central FCU.

WARRENVILLE, Ill. – Alloya Corporate FCU, the remnants of Members United Corporate FCU, a one-time $14-billion corporate, yesterday reported 2011 net income of $9.6 million on what is now just $1.7 billion of assets.

ALEXANDRIA, Va. – The NCUA Board this morning approved the combination of Ohio’s Corporate One FCU with Florida’s Southeast Corporate FCU, the fifth corporate merger over the past few months, whittling down the number of corporates to 15.

PLANO, Texas – Catalyst Corporate FCU yesterday said it plans to offer credit unions a secure and affordable alternative for processing lockbox payments next month.

ST. LOUIS – Missouri Corporate CU has signed with Lendingtools.com to offer the company’s ACH services.