Rep. Darrel Issa (R-Calif.) has asked NCUA Inspector General William DeSarno to determine if the NCUA violated an executive order when it inked a contingency agreement with two law firms handling the regulator's securities fraud lawsuits against Wall Street bankers.
Issa, chairman of the House Committee on Oversight and Government Reform, made the request in an Oct. 16 letter to DeSarno obtained by Credit Union Times.
In the letter, the California lawmaker was critical of the NCUA's contingency fee arrangements with two law firms, the Washington-based Kellogg Huber and the Chicago-based Korein Tillery, because they are collecting 25% of all claims recovered from banks that allegedly sold fraudulent securities to corporate credit unions that resulted in their collapse.
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