Reversal In Wall St. Ruling Sought
NEW HAVEN, Conn.-NCUA last week joined a union in asking a federal appeals court to overturn a ruling dismissing the union's claims against several Wall Street banks regarding mortgage backed securities the banks sold to the union. The case of the New Jersey Carpenters' Health Fund is critical to NCUA, which has made similar claims against several of the same Wall Street banks. In its ruling against the Carpenters' Union last year, the U.S. District Court for the Southern District of New York struck down many of the same arguments made by NCUA in its suits, mostly that the originators of the loans and the banks that packaged the loans into MBS knew the mortgages would fail when they sold the securities to the corporates.
New CU Charter Nears Approval
RAPID CITY, S.D.-NCUA Chairman Debbie Matz said the agency is close to approving a charter for a CU to serve the Lakota Indians, also known as the Sioux, at their Pine Ridge Reservation in Kyle. Matz told attendees at the annual meeting of the CU Association of the Dakotas she supports the new CU, which would provide small business loans on the reservation and help individuals grow their personal assets. The Pine Ridge Lakota Reservation covers 70,000 square miles in the western third of South Dakota and is home to 40,000 Native Americans, but it does not have a single bank or credit union.
"It fills such a dire need on the reservation, where there is no other access to insured deposits and to lending that's not predatory," Matz said.e_SClB