Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Lane, NCUA reach settlement in WesCorp lawsuit
LOS ANGELES (1/7/13)--The last Western Corporate FCU official sued by the National Credit Union Administration (NCUA) has reached a settlement with the agency, according to court documents from the federal court in Los Angeles.

The confidential settlement is with Todd Lane, former chief financial officer of WesCorp.

It  is subject to approval by NCUA's  general counsel and board, said the U.S. District Court, Central District, California. Counsel has until Jan. 17 to lodge a stipulation of dismissal. U.S. Magistrate Judge Margaret A. Nagle ordered the record of the proceedings sealed.

Other former WesCorp employees had settled their cases earlier. NCUA has since issued cease and desist orders against four officials, prohibiting them from participating in the affairs of any federally insured credit union. They are: Robert Siravo, former CEO; Thomas Swedberg, former human resources director; Bob Burrell, chief investment officer; and Timothy Sidley, former chief risk officer.

The lawsuit stemmed from losses that WesCorp experienced when it purchased residential mortgage backed securities that contributed to its conservatorship.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
9 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
10 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
10 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
11 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
13 hours ago