Credit unions

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.

NCUA told a federal court last week that former officers of WesCorp FCU may not raise the regulators' own oversight and numerous approvals of risky and exotic investments in their defense of a multi-billion dollar negligence suit brought by the credit union agency.

LOS ANGELES – Goldman Sachs asked a federal court this week to dismiss a billion-dollar suit brought by NCUA in the failure of U.S. Central FCU and WesCorp FCU, saying risks associated with $1.1 billion of mortgage-backed securities it underwrote for the two corporate giants were adequately disclosed in voluminous offering prospectuses.

LOS ANGELES – NCUA told a federal court yesterday that former officers of WesCorp FCU may not raise the regulators’ own oversight and numerous approvals of risky and exotic investments in their defense of a multi-billion dollar negligence suit brought by the credit union agency.

WASHINGTON – NCUA said the $12 billion the Congressional Budget Office reported Monday as representing federal budget outlays related to the corporate credit union resolution are unrelated to the sale of $12 billion of NCUA Guaranteed Notes in 2011.

ALEXANDRIA, Va. – NCUA told corporate credit unions today it will continue to keep the ACH APEX processing at U.S. Central FCU going until December 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.

The Government Accountability Office, the accounting arm of Congress, last week said that NCUA's loss projections for the corporate credit unions' meltdown were unreliable and as a result it is not possible to estimate the ultimate losses related to the corporates.

NASHVILLE, Tenn. – Volunteer Corporate CU said it signed an agreement with LendingTools.com, a provider of third-party correspondent financial service solutions, to implement LT’s Private Correspondent Gateway.

WASHINGTON – The Government Accountability Office, the accounting arm of Congress, said today that NCUA’s loss projections for the corporate credit unions meltdown were unreliable and therefore it is not possible to estimate the ultimate losses from the corporate debacle.

WASHINGTON – The Government Accountability Office, the congressional auditing arm, is expected to issue a report as soon as today urging greater NCUA scrutiny of the costs of the corporate credit union resolution, which have varied widely since the 2009 takeover of the nation’s two biggest corporates, U.S. Central FCU and WesCorp FCU.