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NCUA Repays $1.5 Billion in WesCorp Notes from 2009

Notes payoff called important milestone in efforts to resolve the failure of five corporates.

By Heather Anderson | Updated on November 06, 2012

The NCUA said said it has it knocked $1.5 billion off its corporate stabilization bill Friday with the payment of medium term notes that were used to stabilize Western Corporate FCU in late 2009.

“This repayment is an important milestone in NCUA’s efforts to resolve the failure of five corporate credit unions in an orderly manner and maintain confidence in the credit union system,” said Chairman Debbie Matz. “With this final payment completed, we will continue our efforts to mitigate costs to federally insured credit unions over the remaining life of the Stabilization Fund.”

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