Banks Around The World Articles (2)

Credit UnionThe National Credit Union Administration today liquidated Trailblazer Federal Credit Union of Washington, Pennsylvania. Many credit unions have not filed any Bank Secrecy Act-mandated Suspicious Activity Reports (SARs)or Currency Transaction Reports (CTRs) for the past two years, Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery told a credit union group on Tuesday. Bloomberg is reporting that Royal Bank of Scotland Group Plc has agreed to pay $129.6 million to resolve a lawsuit claiming it sold toxic mortgage-backed securities to two failed corporate credit unions. NCUA claimed that RBS distorted the quality of mortgage loans backing securities bought by the defunct corporate credit unions.Credit Union

The National Credit Union Administration (NCUA) Board sued the units on behalf of the now-defunct Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union in 2013. After the meeting, I believe the NCUA Board has an affirmative obligation to make public any supervisory actions that it take against credit unions. The four credit union plaintiffs had sought an injunction against Uber arguing that they will suffer irreparable harm. The median membership growth rate for credit unions was a negative 0.3 percent. Credit unions with falling memberships tend to be small; about 75 percent had assets of less than $50 million.

Median membership growth for federally insured credit unions was negative in 21 states, with Pennsylvania ranking the lowest at minus 2.1 percent. The latest development is that some former officers and board members of Alabama One Credit Union filed a lawsuit on September 8 claiming they were improperly dismissed by the Alabama Credit Union Administration (ACUA), which seized the Tuscaloosa-based credit union on August 27.

The ACUA fired Alabama One’s executives and dismissed its board of directors on the same day the credit union was placed into conservatorship. The lawsuit seeks the reinstatement of 11 Alabama One officials to their previous positions and the return of the control of the credit union to the board of directors. The National Credit Union Administration (NCUA) in a legal opinion letter to the Georgia Credit Union Affiliates stated that a federally insured credit union (FICU) is permitted to purchase a participation in a loan generated by an indirect lending arrangement under limited circumstances. When a checking account becomes delinquent, a bank can report you to ChexSystems.

CoVantage Credit Union (Antigo, WI) has announced they have signed an agreement to purchase the facility operating as Northwoods National Bank in Elcho. While the agreement between CoVantage Credit Union and The Baraboo National Bank (which owns Northwoods National Bank) is subject to final regulatory approval, plans are being made to transfer ownership of the deposit accounts and overdraft protection lines from Northwoods National Bank to CoVantage.

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