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NAFCU statement on NCUA announcement of $129.6 million recovery from Royal Bank of Scotland on losses of mortgage-backed securities

National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt today welcomed the National Credit Union Administration’s (NCUA) announcement that the agency will receive $129.6 million from the Royal Bank of Scotland in recompense for losses to corporate credit unions related to purchases of residential mortgage-backed securities.

"We appreciate NCUA’s persistence and applaud the recovery of the funds on the sale of faulty securities that led to the downfall of five corporate credit unions," said Hunt. "NAFCU strongly encourages the agency to not only continue its vigilant legal recovery campaign, but we also urge NCUA to be fully transparent with the industry as to how these recoveries will eventually be refunded to credit unions. "

NAFCU

We provide credit unions with the best federal advocacy, education and compliance assistance in the industry. The National Association of Federally-Insured Credit Unions (NAFCU) is a direct membership association for federally insured credit unions. We are committed to representing, assisting, educating and informing our member credit unions to help them grow, and help grow the credit union industry. Over the years we have been able to build on our foundation, growing stronger with our members and steadfast in our beliefs and focus: providing unwavering federal advocacy, top-rated education, one-of-a-kind compliance assistance and supreme responsiveness. Why? Because we believe credit unions are the best and they deserve the best.  

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