Credit unions

WARRENVILLE, Ill. – Alloya Corporate FCU said it is moving its ACH services from U.S. Central to Fundtech, the latest corporate to do so.

LOS ANGELES – With its lawsuits hanging by a thread, NCUA urged separate federal courts here and in Kansas Friday to allow it to advance its claims and make its case against Wall Street banks who sold faulty mortgage-backed securities that caused the failure of five corporate credit unions.

COLUMBUS, Ohio – Corporate One FCU has signed with Fundtech to offer credit unions ACH services through Fundtech’s CASHplus and PAYplus-ACH payment systems.

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services yesterday said it has completed the acquisition of the assets of U.S. Central FCU’s Corporate Network eCom, LLC, including its online and mobile bill pay services, and all employees.

MIDDLETOWN, Penn. – Mid-Atlantic Corporate FCU said this afternoon it has completed the merger of Virginia Corporate FCU, the latest corporate combination creating a corporate credit union with $4.1 billion in assets serving more than 800 credit unions.

WICHITA, Kan. – A federal judge issued a show cause order yesterday, jeopardizing NCUA’s suit against Wachovia Securities for the sale of failed mortgage backed securities to WesCorp FCU and U.S. Central FCU because NCUA has yet to legally serve the Wall Street bank, now a unit of Wells Fargo, more than two months after bringing the suit.

PARKERSBURG, W.Va. – Members of West Virginia Corporate CU overwhelmingly approved its combination with Volunteer Corporate CU, the final approval needed for the merger creating a $1.4-billion corporate serving 335 members.

ALEXANDRIA, Va. – NCUA said this morning it disagrees with yesterday’s tentative ruling by a federal judge dismissing its suit against RBS Securities in the failure of WesCorp FCU, a ruling that could jeopardize similar suits against JP Morgan Chase, Goldman Sachs and Wells Fargo for the sale of risky mortgage backed securities to five failed corporate credit unions.

LOS ANGELES – A federal judge on Monday indicated he plans to dismiss NCUA’s suit against RBS Securities for the sale of failed mortgage backed securities it sold to WesCorp FCU, a ruling that potentially jeopardizes all of NCUA’s claims against Wall Street banks for the failure of the five corporate credit unions.

ALEXANDRIA, Va. – The NCUA Board this morning approved the proposed merger of Tennessee’s Volunteer Corporate CU with West Virginia Corporate CU, accelerating the pace of the corporate restructuring.

LOS ANGELES – A federal court this week scheduled a settlement conference for Feb. 27 on NCUA’s civil negligence suit against top executives of WesCorp FCU.

PLANO, Texas – Catalyst Corporate FCU has released a mobile banking solution that credit unions can, in turn, offer to members.

WICHITA, Kan. – JP Morgan Chase on Wednesday told a federal court here NCUA’s negligence suit against top executives of WesCorp FCU proves that it was the shortcomings of corporate executives – and not any misrepresentations by the Wall Street bank’s sales force in the sale of mortgage-backed securities – that caused the failure of WesCorp and three other corporate credit unions.

WESTBROOK, Maine – TriCorp FCU is the latest corporate credit union to sign with Lending Tools to provide it with third party correspondent financial solutions for its members.

LOS ANGELES – A federal judge on Friday ruled NCUA’s oversight of WesCorp FCU is not on trial in the civil suit the federal regulator brought against executives of the failed one-time $34 billion corporate credit union.

COLUMBUS, Ohio – Corporate One FCU, which announced plans in September to combine with Florida-based Southeast Corporate FCU, said this afternoon the two corporates have signed a definitive merger pact.

LOUISVILLE, Ky. – Kentucky Corporate CU on Tuesday said it signed with Lending Tools to provide it with correspondent services such as ACH and international wire transfers for its credit union members.

WARRENVILLE, Ill. – Alloya Corporate FCU, formerly Members United Corporate FCU, on Tuesday said it signed a deal with VSoft Corp to outsource the corporate’s back office item processing services to VSoft.

LOS ANGELES – NCUA urged a federal judge here last week not to dismiss its claims against underwriters of more than $1 billion of mortgage-backed securities sold to WesCorp FCU, as the regulator’s numerous legal claims in the corporate credit union failures appear to be slipping away.

NCUA told corporate credit unions last week it will continue to keep the ACH APEX processing at U.S. Central FCU going until Dec. 31, but plans to raise prices for the processing by 80% July 1 in order to encourage corporates to find new ACH providers by then.