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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.

 
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Three Panelists Share Opinions
With Alessandro Acquisti as moderator, Wednesday’s audience was treated to a lively discussion—and a bit of back-and-forth debate—on the use of “big data” at credit unions and its ramifications.

SPEAKER DELVES INTO DATA PRIVACY updated 10/22/14 11:57 AM
The Credit Union Connection
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SOCIAL CHARM: INGREDIENT FOR SUCCESS updated 10/22/14 07:59 AM
Chen Lizra at REACH
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INNOVATION PANEL SPURS TAKE-AWAYS updated 10/22/14 05:21 PM
Three CU Industry Perspectives
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