Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
HSBC NCUA settle on corporate CU losses
ALEXANDRIA, Va. (3/13/12)--HSBC has agreed to pay the National Credit Union Administration (NCUA) $5.25 million to settle potential claims relating to the sale of residential mortgage-backed securities to five failed corporate credit unions, the agency reported Monday.

The NCUA said HSBC did not admit fault on their part.

NCUA Chairman Debbie Matz said the agency appreciates HSBC's efforts to resolve potential claims and avoid the expense and delay of litigation. "This settlement furthers our goal to minimize losses and thereby reduce the assessments that all credit unions will have to pay. NCUA will continue to fulfill our statutory responsibility to secure maximum recoveries for credit unions and ensure that consumers remain protected," she added.

The agency is using proceeds from this and other settlements to reduce assessments that are charged to credit unions to cover corporate credit union losses.

The NCUA also collected $165.5 million in funds after it settled with Citigroup and Deutsche Bank Securities last year.

The NCUA is seeking to recover an additional $2 billion from the Royal Bank of Scotland, RBS Securities, JP Morgan Securities, and Goldman Sachs in suits it has filed against these entities. There may be additional recoveries from other firms that sold residential mortgage-backed securities to corporate credit unions that contributed to their losses.

For the full NCUA release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
1 minutes ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
31 minutes ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
1 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
1 hours ago
Kids learn budgeting with M&Ms http://t.co/SzXipTLX12
2 hours ago