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.
STATE CANDIDATE VISITS CU LEADERS updated
07/29/14 11:06 AM
Bates Engages With CEOs, Staff
Credit union leaders in Orange County gathered at Eagle Community CU last week to meet with Fifth District County Supervisor Pat Bates.
WCMS HONORS 2014 GRADUATING CLASS updated
07/29/14 09:58 AM
Weidler Receives 'Highest Honors'
Nearly 90 students from the “Mu” Class proudly received their Western CUNA Management School (WCMS) diplomas last Thursday night at Pomona College in Claremont, CA, where a lively audience cheered another successful send-off of credit union leaders who are devoted to keeping the credit union philosophy alive.
NATIONAL REG ADVOCACY TOOL LAUNCHED updated
07/25/14 01:55 PM
'PowerComment' Combats Burdens
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CELEBRATE 100 MILLION MEMBERSHIPS updated
07/24/14 03:42 PM
National Awareness Campaign
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