NAFCU's complaint stems from a provision of the proposed rule that would require FHLB members and applicants to keep 1 percent of assets in home mortgage loans. Current members would also be required to hold at least 10 percent of assets in residential mortgage loans on an ongoing basis as opposed to just at the time of application, as the current rule requires.
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Credit Union Agency Sues Bank Over Handling of RMBS Trusts
NCUA's complaint deals with credit unions U.S. Central, WesCorp, Members United, Southwest, and Constitution, all of which were involved in the purchase of $140 billion in RMBS between 2004 and 2007 and all of which closed after those securities lost value.
Read More »Lending Increases, Mortgage Growth Lags at Credit Unions for Q2
Lending was up all-around, ranging from year-over-year growth of 27.5 percent in smaller short-term loans in the year's first half to 9.9 percent in first mortgage loans in just the second quarter. The association also recorded improvements across other metrics, including credit union membership, which grew by more than 900,000 in the second quarter to surpass 98 million.
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