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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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SUPP. CAPITAL FOR RBC GAINS ADVOCATE updated 12/16/14 11:04 AM
McWatters Supports Model for CUs
National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters recently said he supports including a supplemental capital provision in the agency's risk-based capital (RBC) rule to help credit unions meet the rule’s requirements.

CU DIRECT TO DONATE 20K TO CMN updated 12/16/14 11:03 AM
‘20 for 20’ Anniversary Campaign
CU Direct, the nation’s leading provider of lending, automotive, and strategic solutions for credit unions, is celebrating its 20th anniversary by holding a contest to donate $20,000 to one of the nation’s Children’s Miracle Network (CMN) hospitals.

NCUA MAY BE LIABLE FOR DATA BREACH updated 12/16/14 10:05 AM
Flash Drive with Member Info Lost
The National Credit Union Administration (NCUA) confirmed on Dec. 15 that a flash drive containing the personal information of Palm Springs FCU member was lost during a recent audit. The loss of data includes names, addresses, Social Security numbers, and account information.

PREPARE FOR HEALTH CARE REQUIREMENTS updated 12/16/14 09:42 AM
Also, Digital Media and Marketing
Federal health care law requirements, creating a quick digital message, and the marriage of innovation with marketing are all highlighted within the latest “Problem? Solved!” column in Credit Union Digest!