In Virginia, Navy Federal Credit Union (NFCU) is celebrating the final weeks of the year with record closing volume. Recently announcing that the organization's total mortgage loan closings for October hit $1 billion, NFCU reported that year-to-date, it has made more than $8.3 billion in mortgage-related funding available to consumers.
Read More »Fed Governor Suggests Separate Lending Rules for Community Banks
While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is "challenging," Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers "abandon efforts for a one-size-fits-all approach." Speaking before the Community Bankers Symposium in Chicago, Duke said the Federal Reserve has received a large volume of comments from community banks expressing concern over the proposed regulatory capital requirements.
Read More »Credit Unions Voice Concerns over CFPB Rule
The National Association of Federal Credit Unions expressed opposition to the CFPB's proposed rule on mortgage application and settlement disclosures.
Read More »U.S. Central Bridge Closed
The National Credit Union Administration (NCUA) announced the closing of U.S. Central Bridge Corporate Federal Credit Union (U.S. Central Bridge). The closing comes after three years of efforts to stabilize the corporate credit union sector, the agency stated in a release.
Read More »PenFed Foundation on Track to Help Record Number of Military Families
The Pentagon Federal Credit Union Foundation (PenFed Foundation) is on track to give away a record number of grants this year through its Dream Makers program.
Read More »NCUA Targets Credit Suisse over Faulty Mortgage-Backed Securities
Another major bank took a hit as the National Credit Union Administration (NCUA) filed a lawsuit against Credit Suisse Securities.
Read More »Mortgage Businesses Faring Better as Banks Endure
Mortgage-related business closings and failures are on track to post fewer incidences in 2012 than any year since the mortgage crisis began. In the third quarter, 17 mortgage-related businesses failed, down from 25 in the previous quarter and 31 in the same quarter last year, according to a findings released by Mortgage Daily. Bank closings followed this trend, falling from 15 failings in the second quarter to 12 in the third. Both numbers are down from the third quarter of last year, when 26 banks failed.
Read More »Credit Union Regulator Eyes UBS for Faulty RMBS
The National Credit Union Administration (NCUA) is suing the global investment firm UBS Securities for allegedly falsely representing the level of risk associated with mortgage-backed securities the firm sold to two federal credit unions. According to NCUA officials, the defaults and losses that resulted directly contributed to the collapse of both credit unions. The suit, filed in a federal district court in Kansas, alleges 10 counts of securities laws violations by UBS at both the federal and state level.
Read More »FDIC Stands by Its Community Bank Examinations
After some community banks expressed concerns that FDIC examinations ├â┬ó├óÔÇÜ┬¼├àÔÇ£were being conducted without clear standards or consistent application of agency policies and procedures, which could discourage business growth and responsible lending,├â┬ó├óÔÇÜ┬¼├é┬Ø the FDIC conducted a report to review its examination process. Major findings of the recently-released report include that timelines for report completion often lengthens as institution ratings worsen, and these challenges are rare and even more rarely sustained.
Read More »Genworth Financial’s USMI Confirmed as NAFCU Partner
NAFCU Services Corporation has announced the renewal of an agreement with the organization's Preferred Partner, Genworth Financial's U.S. Mortgage Insurance division. The group recently confirmed USMI's partnership status, effectively extending the designation granted to USMI in 2011.
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