WASHINGTON, DC (October 19, 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 $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.”
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.
