NCUA AND BofA SETTLE ON $165M
updated 04/03/13 08:59 AM
Total Recovered Exceeds $335M
In its latest feat, the National Credit Union Administration (NCUA) has reached an agreement with Bank of America for $165 million to settle charges related to the sale of mortgage-backed securities to failing corporate credit unions. This brings the total amount recovered from the agency's lawsuits to more than $335 million.
Yesterday's payout follows previous agreements with Citigroup, Deutsche Bank Securities, and HSBC for more than $170 million. Other Wall Street firms NCUA has pursued legal action against include J.P. Morgan Securities, UBS Securities, Washington Mutual, RBS Securities, Goldman Sachs, Wachovia, and Barclays Capital.
The lawsuits alleged violations of federal and state securities laws when firms like Bank of America sold billions in residential mortgage-backed securities that later failed to now busted corporate credit unions.
NCUA said it plans to use the monies recovered through these suits to help reduce the amount of future corporate stabilization assessments on credit unions.
CELEBRATE 100 MILLION MEMBERSHIPS updated
07/24/14 03:42 PM
National Awareness Campaign
The credit union movement is on pace to reach 100 million memberships this summer. To commemorate this milestone, the Credit Union National Association (CUNA) launched the “100 Million Memberships” campaign, and invites all credit unions to participate.
ECONOMY 'WELL POSITIONED AND READY' updated
07/23/14 02:06 PM
CUs Can Target Growth Areas
As the economy expands throughout the latter half of 2014, credit unions should focus particularly on the largest employment sectors and growth in these areas, according to California and Nevada Credit Union Leagues Chief Economist Dwight Johnston in his latest Credit Union Digest column.
STORY ON CONGRESSMAN ISSA CLARIFIED updated
07/22/14 11:53 AM
'Misrepresents Facts,' Dykstra Says
Some within the credit union industry may have read the recently published Credit Union Times article regarding remarks from Rep. Darrell Issa, R-CA, in relation to the credit union movement.
GIGI HYLAND TALKS PHILOSOPHY AT WCMS updated
07/21/14 04:11 PM
Foundation Leader Addresses Colloquium
The foundational philosophy of credit unions isn’t dead. But keeping true to the movement’s ideology means staying nimble in how it’s executed and harboring an open mind to change.