Credit unions

LOS ANGELES – NCUA told a federal court here yesterday it should not be required to indemnify or pay hundreds of thousands of dollars in legal fees for the defense of top executives of WesCorp FCU it is suing unless or until the executives prove they were not responsible for the failure of the one-time $34 billion corporate credit union.

ALEXANDRIA, Va. – NCUA announced this afternoon it will receive $165 million from Citigroup and Deutsch Bank Securities to settle claims of wrongdoing in the sale of mortgage backed securities to failed corporate credit unions.

PLANO, Tex.-The vacuum created by the demise of U.S. Central FCU is being felt by other corporates and, in turn, their natural-person CU members.

WARRENVILLE, Ill.-Natural-person credit unions are still skeptical about their corporate counterparts, and one person said much of that boils down to the options available to small to mid-size CUs.

BIRMINGHAM, Ala.-Corporate America CU continues to move forward with its merger with Louisiana Corporate CU, with representatives of both corporates saying there is no basis for one report that NCUA has concerns over the deal.

IRONDALE, Ala.-As the corporate CU market shakes out, at least one CEO believes the emerging battleground will be in fighting for the business of small and mid-size credit unions.

FRISCO, Texas-America is still waiting for the housing market to recover. Get ready to wait a lot longer.

COLUMBUS, Ohio-Corporate credit unions are going to be under a lot of pressure to perform as they move forward, and one person believes some simply aren't going to make it.

DES MOINES, Iowa – Iowa Corporate Central CU plans to make a partial distribution to its 140 members before year-end as part of a voluntary liquidation plan approved by the board of the $100-million corporate credit union.

ALEXANDRIA, Va. – NCUA on Wednesday said it expects next year’s corporate credit union assessment to be much less than this year’s 25 basis points, $2 billion charge.

SAN DIEGO-The field of potential acquirers for WesCorp/Western Bridge Corporate CU has been narrowed down to four unidentified bidders, with action expected by the end of November.

WICHITA, Kan. – JP Morgan Chase rebutted claims in an NCUA lawsuit it misled four failed corporate credit unions into buying $1.5 billion of risky mortgage-backed securities, and pointed the finger—as NCUA’s own internal reviews have—at the management of the failed corporate and NCUA’s own examiners.

ALEXANDRIA, Va. -- The NCUA Board voted in closed meeting this morning to approve the combination of Pennsylvania-based Mid-Atlantic Corporate FCU with Virginia Corporate FCU, one of six corporate mergers in progress.

The NCUA Board is expected to vote in closed meeting next week on the combination of Pennsylvania-based Mid-Atlantic Corporate FCU with Virginia Corporate FCU, one of six corporate mergers in progress.

DES MOINES, Iowa – Directors of Iowa Corporate CU are scheduled to meet over the next two weeks to prepare a voluntary plan of liquidation for the $100-million corporate.

SAN DIMAS, Calif. – NCUA on Tuesday said it completed the early redemption of CDs held by members of WesCorp (Bridge) Corporate FCU last week.