Most Requested
bank banking business corporate credit credit cards credit union credit unions debt Earned Income Tax Credit (EITC) economy employment farming federal income taxes Federal Reserve finance free tax help Government identity theft income Internal Revenue Service international IRS issues jobs lending local business marketing money mortgage mortgages problems Processing Amended Returns real estate resume rules sales savings skills small business speaking tax credit Taxes unemployment work-
Categories
Archives
Home | Contact Us | News Archives | Resources
Interest Rates- US: H15 0.23 2010-09-02 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.19 2010-09-02 FRB Federal funds effective rate
- US: H15 0.20 2010-09-02 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 1.01 2010-09-02 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.24 2010-09-02 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
- Trade (FTC)
- Payday Loan Defendant Settles FTC Charges; Illegally Tried to Garnish Borrowers' WagesOne of the owners of a payday loan and debt collection operation has agreed to settle Federal Trade Commission charges for his role in a scheme that illegally tried to garnish borrowers’ wages and used other illegal debt-collection practices. […]
- Payday Loan Defendant Settles FTC Charges; Illegally Tried to Garnish Borrowers' Wages
- Commerce News
- Institute for Telecommunication Sciences Launches First Telecommunications Science Video Series for the PublicITS, a division of NTIA, released a collection of online training and educational videos for public viewing. These videos cover telecommunications topics ranging from an easily understandable review of the fundamentals of radio spectrum — such as defining decibels using common logarithms — to in-depth explanations of complex engineering issues like resolving […]
- Institute for Telecommunication Sciences Launches First Telecommunications Science Video Series for the Public
- Small Business News
- Advocacy Comments on EPA’s Major and Area Source Boilers RulesOn August 23, 2010, the Office of Advocacy submitted comments to the Environmental Protection Agency concerning their proposed National Emission Standards for Hazardous Air Pollutants for Major and Area Sources: Industrial, Commercial, and Institutional Boilers and Process Heaters rule. […]
- Advocacy Comments on EPA’s Major and Area Source Boilers Rules
- Monetary Policy
- Cost Estimates
- S. 999999, National Aeronautics and Space Administration Authorization Act of 2010Paygo Table for the bill statutory Pay-As-You-Go Effects as reported with Managers Amendments Incorporated on August 5, 2010 […]
- S. 3313, Sloan Hills Withdrawal ActCost estimate for the bill as ordered reported by the Senate Committee on Energy and Natural Resources on July 21, 2010 […]
- S. 1596, Gold Hill-Wakamatsu Preservation ActCost estimate for the bill as ordered reported by the Senate Committee on Energy and Natural Resources on August 5, 2010 […]
- S. 999999, National Aeronautics and Space Administration Authorization Act of 2010
- Banking
- OCC Allows National Bank Offices Affected by Hurricane Earl to CloseThe Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Earl to close at their discretion. […]
- OCC Allows National Bank Offices Affected by Hurricane Earl to Close
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.