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What Is New?
Economic Indicators
- Major Economic Indicators Latest NumbersConsumer Price Index (CPI): -0.2% in May 2010 News Release Historical Data Unemployment Rate: 9.5% in Jun 2010 News Release Historical Data Payroll Employment: -125,000(p) in Jun 2010 News Release Historical Data Average Hourly Earnings: -$0.02(p) in Jun 2010 News Release Historical Data Producer Price Index (PPI): -0.3%(p) in May 2010 News Release Historica […]
- Major Economic Indicators Latest Numbers
Consumer News
- Seven Manufacturers Announce Recalls to Repair Cribs to Address Entrapment, Suffocation and Fall Hazards: Industry Launches New Initiative to Secure Drop Sides with Free Immobilization DevicesThe Consumer Product Safety Commission (CPSC), with the cooperation of seven firms, announced voluntary recalls of more than two million cribs to address drop-side hazards and other hazards that affect the safety of young children. The recalling firms are providing consumers with free repair kits to immobilize the drop sides or other remedies. Do not attempt […]
- Seven Manufacturers Announce Recalls to Repair Cribs to Address Entrapment, Suffocation and Fall Hazards: Industry Launches New Initiative to Secure Drop Sides with Free Immobilization Devices
Economic Analysis
- Research and Development Satellite Account, 2010Gross Domestic Product (GDP) would have been, on average, 2.7 percent, or $301.5 billion higher between 1998 and 2007 if research and development (R&D) spending was treated as investment in the U.S. national income and product accounts, the Bureau of Economic Analysis (BEA) announced today. The 2010 R&D Satellite Account updates and extends BEA' […]
- Research and Development Satellite Account, 2010
Budget Office
- Social Security Policy OptionsSocial Security is the federal government’s largest single program, and as the U.S. population grows older in the coming decades, its cost is projected to increase more rapidly than its revenues. That trend, in combination with the rising cost of the government’s health care programs, will lead to sharp increases in government spending relative to [...] […]
- Social Security Policy Options
Economic Outlook
- Budgetary Effects for Senate Amendment 4333, a Substitute for H.R. 4213As introduced on June 9, 2010 […]
- H.R. 4173, Restoring American Financial Stability Act of 2010Cost estimate for the act as passed by the Senate on May 20, 2010. […]
- H.R. 4805, Formaldehyde Standards for Composite Wood Products ActCost estimate for the bill as ordered reported by the House Committee on Energy and Commerce on May 26, 2010 […]
- H.R. 3817, Investor Protection Act of 2009Cost estimate for the bill as ordered reported by the House Committee on Financial Services on November 14, 2009 […]
- H.R. 2142, Government Efficiency, Effectiveness, and Performance Improvement Act of 2010Cost estimate for the bill as ordered reported by the House Committee on Oversight and Government Reform on May 20, 2010 […]
- Budgetary Effects for Senate Amendment 4333, a Substitute for H.R. 4213
Losses at US Central Federal Credit Union
July 1, 2010, Alexandria, Va. – The National Credit Union Administration (NCUA), in its role as Conservator of US Central Federal Credit Union, yesterday filed a “notice of claim” with Travelers Casualty & Surety Co. to preserve NCUA’s right to the full amount of coverage provided under US Central’s Directors and Officers Liability policy.
June 30 was the deadline to file this notice of claim with US Central’s liability insurer in order to preserve NCUA’s right to seek recoveries under the policy. Filing of the notice to meet the applicable policy deadline is a preliminary step. NCUA will take the time necessary to complete its investigation and decide at a later date whether or not to initiate civil litigation against any individual directors or officers.
As part of the claim process, individual notices (known as “demand letters”) were also served on 18 former US Central directors and officers.
The demand letters allege that breaches of fiduciary duties of care and loyalty contributed to US Central losses exceeding the $10 million Travelers policy limit, which was in effect from 2005 to 2009. Demand letters were sent to the following individuals: David W. Brehmer, Kathryn E. Brick, O. William (Bill) Cheney, David A. Dickens, Larry D. Eisenhauer, Edward J. Fox III, John R. Franklin, Kathy L. Garner, James A. Hansen, Joseph P. Herbst, Roshara J. Holub, Francis Lee, Connie M. Loveless, Gregory S. Moore, Robert A. Siravo, Bradford L. Thomas, Charles E. Thomas, and William A. Walby.
The demand letters were served upon these 18 former directors and officers after an initial investigation by an independent law firm.
NCUA’s Inspector General is also required by law to conduct an independent Material Loss Review of the circumstances surrounding the losses at US Central. This review has two purposes:
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314-3428
www.ncua.gov
Media Contact: NCUA Office of Public & Congressional Affairs
Phone: (703) 518-6330
Email: pacamail@ncua.gov
1) Determine the causes of US Central’s losses absorbed by NCUA’s Corporate Stabilization Fund; and
2) Assess NCUA’s supervision of US Central.
The Material Loss Review is currently in the field work stage, which involves gathering and analyzing voluminous amounts of data and information. A full report will be issued by the Inspector General when the review is complete.
NCUA will take action, if appropriate, against responsible parties as a result of NCUA’s investigation and the Inspector General’s Material Loss Review.
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of 90 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.