Credit unions

ALEXANDRIA, Va.-NCUA last week said that following the sale of U.S. Central FCU's electronic banking services to CO-OP Financial Services it will move forward with plans for an orderly wind-down of the other U.S. Central services in 2012.

WICHITA, Kan.–LendingTools and Viewpointe reported they have entered into an agreement to jointly provide a new settlement option for corporate credit unions, helping to fill the void being created as U.S. Central FCU’s operations are wound down by NCUA.

ALEXANDRIA, Va. – NCUA has introduced two new websites, one dedicated to corporate credit union resolution costs, the other to its NCUA Guaranteed Notes program.

PLANO, Texas—With NCUA saying it will wind down the remaining components of U.S. Central Bridge Corporate, including payment services such as ACH and automated settlement, Catalyst Corporate issued a statement saying it will have no problems filling any void for its member CUs, as it began researching the offering of replacement services in 2010.

ALEXANDRIA, Va. – NCUA said this afternoon after the sale of U.S. Central FCU’s electronic banking services to CO-OP Financial Services it will move forward with plans for an orderly wind-down of the other U.S. Central services in 2012.

LOS ANGELES – A federal judge issued a ruling this morning suggesting that the statute of limitations may have expired on NCUA’s claims that Wall Street banks sold mortgage-backed securities they knew were faulty to corporate credit unions, potentially rendering NCUA suits filed earlier this year moot.

LOS ANGELES – A federal judge yesterday questioned NCUA’s claims of malfeasance in the sale of mortgage-backed securities to WesCorp FCU by RBS Securities and issued a preliminary ruling that the credit union regulator has failed to show the Wall Street bank and related entities disregarded their own underwriting standards in the creation of and sale of the MBS.

LOS ANGELES – A federal judge last week directed NCUA and RBS to begin negotiations aimed at settling NCUA’s $629 million claims over the failure of WesCorp FCU, one of five suits NCUA has filed against Wall Street banks over the sale of risky mortgage-backed securities to corporate credit unions.

ALEXANDRIA, Va. – NCUA announced this afternoon it awarded CO-OP Financial Services, the credit union-owned payments company, the right to acquire the assets of U.S. Central’s Corporate Network eCom, the failed corporate’s online and mobile payments services.

ALEXANDRIA, Va. – NCUA this afternoon approved the combination of Treasure State Corporate CU in Montana and Kansas Corporate CU, one of seven corporate mergers pending.

PLANO, Texas – NCUA has awarded the remnants of WesCorp FCU, including computer systems and member accounts, to Catalyst Corporate FCU, formed by the recent merger of Southwest Corporate FCU and Georgia Corporate FCU.

PLANO, Texas – In just its second month of operation, Catalyst Corporate FCU reported it has achieved “well-capitalized” status, an objective it had projected to reach in 2013.

WASHINGTON – U.S. Central FCU, WesCorp FCU and other troubled corporate credit unions accessed the Federal Reserve’s special Term Auction Facility for huge amounts of emergency loans as they sought liquidity in the face of mounting losses on their mortgage backed securities, according to new data released by the Fed.

NASHVILLE, Tenn. – Members of Volunteer Corporate CU approved the combination with West Virginia Corporate FCU to create a $1.5 billion corporate, one of six pending corporate marriages.

ALEXANDRIA, Va. – NCUA said this afternoon if filed another suit against a big investment firm over the sale of mortgage-backed securities to failed corporate credit unions, this one naming defunct Wachovia Bank and its subsidiaries.

MIDDLETON, Penn. – Members of both Mid-Atlantic Corporate FCU and Virginia Corporate FCU have approved the combination of the two entities, creating a corporate credit union serving some 800 credit unions with $4 billion in assets.