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Becker: Contingency News Brings Corporate Transparency Back to Forefront

NAFCU president says he's disconcerted that $40 million of $170 million recovered from investment banks went to lawyers.

By Heather Anderson | Updated on October 26, 2012

NAFCU president/CEO Fred Becker said Friday the revelation that the NCUA hired attorneys on a contingency basis to recover corporate investment losses is disconcerting because the $170 million in settlements received so far won’t be fully applied to corporate stabilization.

“The agency indicated they had recovered $170 million, from which I think the natural drawn conclusion was that money got returned to the coffers of the corporate system,” Becker said. “Obviously, that is not the case.”

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