credit unions

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Feds Sue JPMorgan Over Bear Stearns Shenanigans

Meanwhile, Morgan Stanley fined for Facebook IPO irregularities

(Newser) - JPMorgan is staring down a lawsuit over Bear Stearns' alleged mortgage-backed securities misconduct. The National Credit Union Administration, the federal regulator that oversees credit unions, has sued the big bank, alleging that Bear Stearns misled the credit unions it sold $3.6 billion in securities to, causing many to collapse,... More »

Bank Transfer Day Unites Fed-Up Customers

Facebook movement urges people to switch to credit unions

(Newser) - Will America's big banks feel the wrath of ticked-off customers today? It is, after all, Bank Transfer Day , a movement that sprouted from an angry Facebook post by small-business owner Kristen Christian of Los Angeles. She called on bank customers to close their accounts and move them to credit... More »

Goldman-Occupy Battle Heats Up Over Dinner Invitation

Credit Union loses hosts by honoring protesters

(Newser) - Ask Goldman Sachs to fund an event honoring "Occupy Wall Street," and what do you get? Lost funds, nasty emails, and a fresh look at the debate raging between bankers and protesters. It all started earlier this month when a New York credit union, known for lending to... More »

Banks Duped Credit Unions Into Deadly Bonds: Feds

JP Morgan, Royal Bank knew investments were risky: suits

(Newser) - In one of the most aggressive such actions to date, the feds are suing two financial institutions for talking credit unions into bad-risk bonds that ended up destroying the companies. JP Morgan Chase and the Royal Bank of Scotland talked five credit unions into investing in $3 billion in mortgage... More »

Feds Seize Wholesale Credit Unions

Regulators move to stabilize credit union industry as condition reaches critical

(Newser) - Federal regulators have taken control of two major wholesale credit unions, which provide services to thousands of credit unions nationwide, to stabilize the industry, Bloomberg reports. The institutions, which have combined assets of $57 billion, failed the so-called stress test, showing an unacceptably high level of risk from mortgage-backed securities.... More »

Feds Bail Out Credit Union Network With $80B Guarantee

US injects $1 billion into nonprofit company that provides services to credit unions

(Newser) - Federal regulators yesterday expanded their bailout of the financial sector, injecting $1 billion into one of several nonprofit companies that services credit unions nationwide and offering a guarantee of up to $80 billion for uninsured deposits at the “wholesale” credit unions, reports the Wall Street Journal. Regulators acted after... More »

Bailout Turns to Shore Up Credit Unions

$41B will focus on largest; most haven't seen a dime yet

(Newser) - Largely overlooked by federal regulators managing the bailout, credit unions will receive  $41 billion in lending to brace a handful of the largest institutions in a plan expected to be announced this week, the Wall Street Journal reports. The plan is intended to bring relief to as many as 10,... More »

Small Banks, States Rip Paulson Plan

Critics deride plan as that of 'a bunch of guys from Wall Street'

(Newser) - Small banks, credit unions, states, and assorted politicians wasted no time ripping into the Bush administration’s plans to rework federal regulation of the financial industry, calling it an amateurish attempt by a “bunch of guys from Wall Street,” reports the Wall Street Journal. “It’s because... More »

8 Stories