Credit unions

LOS ANGELES – Lawyers for former executives and directors of WesCorp FCU told a federal court here yesterday that NCUA’s new suits claiming JP Morgan and RBS Securities misrepresented the sale of risky mortgage-backed securities to the one-time $34 billion corporate should disprove the agency’s claims of negligence in a multi-billion federal lawsuit brought against them.

ALEXANDRIA, Va. – NCUA has scheduled a special meeting for next Wednesday when its Board is expected to approve a voluntary corporate bailout assessment program.

ALEXANDRIA, Va. – In keeping to its nine-month-old projections of the cost of the corporate credit union stabilization program at $7 billion to $9 billion, some experts are wondering if the agency is vastly underestimating the costs for political reasons.

ALEXANDRIA, Va. – Dozens of credit unions are committing to participating in a proposal allowing them to prepay NCUA assessments for the corporate bailout, with most of them calling for an increase in the program from the $300 million proposed to at least $1 billion.

WALL STREET – JP Morgan Securities agreed today to pay $153.6 million to settle civil charges brought by the Securities and Exchange Commission that it misled investors in a complex mortgage-backed securities deal just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money back.

ALEXANDRIA, Va. – CUNA called on NCUA yesterday to lift the secrecy over its corporate plan as one of the conditions to supporting the agency’s proposal to allow credit unions to prepay their corporate bailout assessments.

ALEXANDRIA, Va. – NCUA said its suits against JP Morgan Chase and RBS Securities over the sale of toxic mortgage backed securities to failed corporate credit unions should be considered by the federal court where they were filed earlier today as within the statute of limitations, even though some of the sales took place as long as five years ago.

WASHINGTON-NCUA Deputy Director Larry Fazio said last week that the agency is continuing to review credit union interest in its proposal to allow credit unions to prepay some of their corporate credit union stabilization fund assessments, and added that whether a credit union chooses to participate or not will not be an issue during examinations.

COLUMBUS, Ohio – Corporate One FCU announced a partnership with Bluepoint Solutions designed to assist natural person credit unions currently using IMAGEin through their current corporate credit union to establish a relationship with Corporate One FCU for check processing and clearing services.

BISMARCK, N.D.-Midwest Corporate FCU has become the first corporate credit union to voluntarily liquidate in the face of daunting new capital and other regulatory requirements by NCUA.

LENEXA, Kan. – NCUA is expected to sell the major non-financial assets of U.S. Central FCU – consisting of the payments systems services and the CU Investment Solutions Inc. broker-dealer – to two separate groups of corporate credit unions in a no-bid process, as part of the dissolution of the one-time $52 billion corporate credit union.

BISMARCK, N.D. – Midwest Corporate FCU has become the first corporate credit union to voluntarily liquidate in the face of daunting new capital and other regulatory requirements by NCUA.

WALL STREET – NCUA hit the Street today with its 13th and final offering of NCUA Guaranteed Notes, used to finance the corporate credit union bailout.

IRONDALE, Ala. – Corporate America CU announced this afternoon the introduction of its own mutual fund for credit unions, the Corporate America CU Short Duration Fund.

ALEXANDRIA, Va. – NCUA reported yesterday last fall’s three corporate credit union failures – of Southwest Corporate FCU, Members United Corporate FCU and Constitution Corporate FCU – are expected to bring losses of $1.5 billion after the final toll.

TALLAHASSEE, Fla. – Southeast Corporate FCU announced this morning its recapitalization plan has been cleared by NCUA and it plans to begin soliciting members for $80 million in perpetual contributed capital on Wednesday.

ALEXANDRIA, Va.-The NCUA Board last week proposed a plan that would allow credit unions to prepay their annual assessments for the corporate credit union bailout, which they project will amount to $2.94 billion, or 38 basis points, for this year and next.

NASHVILLE, Tenn. – Volunteer Corporate CU has agreed to combine with troubled West Virginia Corporate FCU, the latest of a growing list of corporate marriages.