The NCUA board on Thursday approved a pro rata distribution of $735,678,797 to eligible credit unions—funds that are available as a result of the closing of the corporate stabilization fund.
“We have excess funds,” said Board Chairman J. Mark McWatters, as the board adopted a formula for the distribution. “That’s a good story to tell.”
“The check may not be in the mail yet, but it’s on the way,” said board member Rick Metsger.
Metsger said that attorneys who filed suit to recover funds in connection with the sale of faulty mortgage-based securities to corporate credit unions were far more successful than anyone had anticipated.
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