WASHINGTON, DC (September 17, 2015) — 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. “
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
