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 $325 million from the Barclay’s Capital in recompense for losses to corporate credit unions related to purchases of residential mortgage-backed securities.
“We appreciate NCUA’s diligence and welcome the recovery of the funds on the sale of faulty securities that precipitated the downfall of five corporate credit unions,” said Hunt. “NAFCU continues to encourage the agency to not only maintain its persistent legal recovery campaign, but we also urge NCUA to be fully transparent with the industry as to how these recoveries will eventually be returned to credit unions.”