(please click ad for more information)

Current News

Relevant Information—For You, By You

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.

 
print   email   share   share   share

THE HOME EQUITY OPPORTUNITY IS BACK updated 09/29/14 11:10 AM
However, 1st Mortgage Originations Drop
Even as total real estate loans for California credit unions in the second quarter of this year matched the all-time high in late 2008, it’s a different story for the “other real estate loans” category—primarily home equity loans, which are off by 38 percent.

2014 CU STAFF COMPENSATION SURVEY updated 09/29/14 10:16 AM
Now Available—Order Yours Today
As the economy continues to push forward, credit unions need a trusted employee compensation rulebook they can consult.

PROACTIVE WAYS TO BUILD CU CHAMPIONS updated 09/29/14 10:02 AM
Building Relationships is Vital
Credit union leaders passionate about political advocacy recently met with candidates throughout California and Nevada to show the industry’s support of their campaigns, including Rep. Tony Cardenas, D-CA, Brian Sandoval, governor of Nevada, and Pat Bates, candidate for California State Senate District 36 and current fifth district county supervisor for Orange County.

SUCCESSION PLANNING: CRITICAL AREAS updated 09/29/14 09:37 AM
Meet Your CU’s Needs
What is succession planning? And is there a regulation requiring credit unions to have a succession plan in place?