Press

CUNA appreciates NCUA’s continued pursuit of recoveries in mortgage securities

WASHINGTON, D.C. (December 17, 2014) – National Credit Union Administration Board has filed a lawsuit against U.S. Bank and Bank of America over mortgage securities sold to corporate credit unions (NCUA is suing in its capacity as trustees of the mortgage pools that backed the securities). Those securities lost value, contributing to the failure of all five corporates, according to NCUA. Eric Richard, CUNA General Counsel, issued the following statement:

“We appreciate NCUA’s continued pursuit of recoveries in court on the assets of the conserved corporates.  Any recovered funds should be credited to the estates of the failed corporates.  We hope to someday see a return of capital to the credit unions that had capitalized the corporates.”

About CUNA
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.

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