Following an agreement reached Thursday with Credit Suisse for $29 million, the NCUA's legal recoveries in securities cases will total $2.5 billion.
The legal recoveries will be used, in part, to pay claims made against the Temporary Corporate Credit Union Stabilization Fund, in turn reducing the likelihood that assessments will be charged to federally insured credit unions to pay for losses caused by corporate credit union failures, according to the NCUA.
The regulator accepted a $29 million offer of judgment from Credit Suisse, which resolved claims resulting from losses related to purchases of residential mortgage-backed securities by corporate credit unions Members United and Southwest.
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