NCUA Had a Good Day
Yesterday, NCUA accepted settlements from two more banks for their roles in the sales of faulty residential mortgage-backed securities to corporate credit unions. Although not admitting fault, Barclay’s Capital agreed to pay NCUA $325 million to settle claims and Wachovia Bank agreed to a payment of $53 million. This brings the amount collected by NCUA from banks that participated in the events that led to the liquidation of several corporate credit unions to a total of $2.2 billion. [10/20/15]