The NCUA sues JPMorgan Chase for non-disclosure in offering materials for real estate mortgage-backed securities. Too bad Preet Bharara hears no evil, sees no evil, tastes no evil, smells no evil, and touches no evil, meaning that he has nothing to say about securities violations that don’t affect hedge funds.

Another day, another lawsuit for the big banks – in this case JPMorgan Chase and the Royal Bank of Scotland – over their mortgage and securitization practices. Only this one comes from the National Credit Union Administration, a federal agency.