CUNA on Wednesday encouraged U.S. Department of the Treasury General Counsel George Madison to “undertake an expeditious investigation into a troubling matter that involves the fraudulent conveyances of residential mortgage loans to the Federal National Mortgage Association.”

Commenting on the Federal Reserve Board’s proposed revisions to Regulation Z requirements for closed-end mortgage loans, CUNA said it “generally supports disclosures that are helpful for consumers,” but added the disclosure requirements under this proposal are excessive and “would be overwhelming for consumers.”

CUNA in a recent comment letter opposed some of the proposed amendments to Regulation Z that would make changes to the content and timing of disclosures related to home equity lines of credit.

Corporate One FCU reported positive reserves and undivided earnings of $25.6 million in its semi-annual review of its November securities portfolio, released last week. All member Paid-in-Capital (PIC) and Member Capital Shares (MCS) remain intact, the Columbus, Ohio-based corporate said.

Rising home sales are a hopeful sign, but not a clear signal that the U.S. housing market is in full recovery mode, a CUNA economist told Reuters Wednesday.

Credit unions and CUNA were in the media limelight last week on several issues, including interchanges, business lending, the economy and the backlash against bankers.

The Kernville (Calif.) Chamber of Commerce wrote an open letter to AltaOne FCU in the Kern Valley Sun last week, seeking reconsideration of the credit union’s decision to close its Kernville branch.

Vulnerability Summary for the Week of December 21, 2009

CUNA in a Tuesday letter thanked Sen. Mark Udall (D-Colo.) for introducing S. 2919, the Small Business Lending Enhancement Act, earlier this week.