Items Tagged with 'NCUA'

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  • NCUA honors Trump's order to massively roll back regulation

    Releases package of regulatory reforms
    The National Credit Union Administration revealed “its sweeping regulatory reform plan” on how it can honor President Donald Trump’s order to massively scale back government regulations. While the NCUA is not required by law to honor the order, the NCUA chose to do so.
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  • NCUA plans major restructuring, including closing two regional offices

    NCUA chairman: “The time has come for the NCUA business model to change”
    Fresh off asking the Consumer Financial Protection Bureau to give it supervisory authority over the nation’s largest credit unions, the National Credit Union Administration announced a major restructuring plan that will see the agency close two of its five regional offices and eliminate some agency offices with “overlapping” functions.
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  • NCUA asks CFPB for examination and enforcement authority over largest credit unions

    "The CFPB and the NCUA can and should work together"
    The National Credit Union Administration wrote a letter to Consumer Financial Protection Bureau Director Richard Cordray, asking to be the primary agency responsible for the examination and enforcement of consumer financial protection laws for credit unions with assets of more than $10 billion. Interestingly enough, of the more than 5,700 FICUs operating in the U.S., only six currently have $10 billion or more in assets. One of those, however, one has already been slapped with a million-dollar fine from the CFPB in the past.
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  • NCUA recovers $445 million from UBS for RMBS losses

    Total recoveries now nearly $4.8 billion
    The National Credit Union Administration announced it recovered even more money from losses over residential mortgage backed securities. This time around NCUA, on behalf of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, recovered $445 million from UBS.
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  • NCUA reveals it paid $1 billion to lawyers in fight to recover credit union crisis losses

    Total settlement agreements top $4.3 billion
    In 2013, the National Credit Union Administration filed suit against some of the world’s biggest banks over the sale of nearly $2.4 billion in faulty residential mortgage-backed securities to several corporate credit unions, which subsequently failed during the financial crisis, due in part to losses from those very same mortgage bonds. The total amount recovered for the failed credit unions in those settlements is more than $4 billion, but for the first time, the NCUA revealed just how much it cost to reach those settlements.
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  • UBS will pay $69.8 million to NCUA for credit union RMBS losses

    NCUA recoveries top $3 billion
    The National Credit Union Administration announced that it reached a $69.8 million settlement with UBS, becoming the latest entity to settle with the NCUA over losses related to several corporate credit unions' purchases of faulty residential mortgage-backed securities in the run-up to the financial crisis.
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  • Credit Suisse becomes latest to settle with NCUA over credit union RMBS losses

    Bank will pay $29 million to failed credit unions
    The NCUA said that this settlement with Credit Suisse is only for the Members United and Southwest corporate credit unions, and stated that it still has litigation pending in federal court in Kansas against Credit Suisse for sales of faulty residential mortgage-backed securities to U.S. Central and other corporate credit unions.
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