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Interest Rates- US: H15 -1.18 2012-02-02 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.11 2012-02-02 FRB Federal funds effective rate
- US: H15 0.09 2012-02-02 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 0.56 2012-02-02 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.12 2012-02-02 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
- Trade (FTC)
- FTC Action Halts Telemarketers Who Sold Bogus Credit CardsAllegedly Charged Illegal Up-Front Fee, Took Consumers' Money Without Their Consent […]
- FTC Action Halts Telemarketers Who Sold Bogus Credit Cards
- Commerce News
- Commerce Spectrum Management Advisory Committee MeetingTopics: Spectrum Management CSMAC Date: February 03, 2012 The Commerce Spectrum Management Advisory Committee will meet March 1, 2012 from 9 a.m. to 12 p.m., Pacific Standard Time. The meeting will be held at the Stanford Institute for Economic Policy Research (SIEPR), Room 130, 366 Galvez Street, Stanford, CA 04305. The Committee will deliberate on the fi […]
- Commerce Spectrum Management Advisory Committee Meeting
- Small Business News
- Small Business GDP: Update 2002-2010Landing page summary: U.S. gross domestic product (GDP) is the market value of the goods and services produced by labor and property located in the United States. This research takes each component of private nonfarm GDP and estimates the proportions produced by small and large businesses. This study is another installment in the series of studies sponsored […]
- Small Business GDP: Update 2002-2010
- Monetary Policy
- Cost Estimates
- H.R. 3521, Expedited Line-Item Veto and Rescissions Act of 2011Cost estimate for the bill as ordered reported by the House Committee on Rules on January 31, 2012 […]
- S. 896, Public Lands Service Corps Act of 2011Cost estimate for the bill as ordered reported by the Senate Committee on Energy and Natural Resources on Novemaber 10, 2011 […]
- S. 2038, STOCK ActCost estimate for the bill as reported by the Senate Committee on Homeland Security and Government Affairs on January 26, 2012 […]
- H.R. 3521, Expedited Line-Item Veto and Rescissions Act of 2011
- Banking
- Office of the Comptroller of the Currency Hosts Workshop in DelawareThe Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Wilmington, Delaware, at the Hotel DuPont, March 19-21, 2012. […]
- Office of the Comptroller of the Currency Hosts Workshop in Delaware
NCUA Complaint
August 31, 2010, Alexandria, Va. – The National Credit Union Administration (“NCUA”) Board, in its role as Conservator of Western Corporate Federal Credit Union (“WesCorp”), today filed an amended complaint with the U.S. District Court for the Central District of California in a pending lawsuit as a result of losses at the conserved corporate credit union.
Today’s filing, which supersedes a November 2009 complaint, alleges various breaches of fiduciary duties of care and gross negligence on the part of fifteen former WesCorp directors and officers in connection with over-concentration of certain types of Option ARM Mortgage Backed Securities. The complaint also alleges breaches of fiduciary duty and fraud on the part of two former WesCorp officers and unjust enrichment on the part of one former officer in connection with irregular payments from WesCorp’s Supplemental Executive Retention Plans.
The November 2009 suit superseded today was filed by a group of seven WesCorp member credit unions against certain current and former directors and officers of WesCorp in a case captioned, 1st Valley Credit Union, et al. v. Bland, et al. NCUA intervened in this lawsuit and removed the case to Federal District Court. On July 15, 2010, the court granted NCUA’s motion to substitute the Conservator as proper party plaintiff as to all derivative claims and further ordered that any amended complaints be filed by August 31, 2010.
A copy of the complaint can be viewed by clicking here.
NCUA is the independent federal agency that regulates, charters, and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of over 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.