The NCUA will receive $1.1 billion to settle claims against the Royal Bank of Scotland, with the money going to pay claims against five corporate credit unions, including those of the Temporary Corporate Credit Union Stabilization Fund, agency officials said.
The claims are in connection with the sale of faulty mortgage-backed securities to two corporate credit unions. Once the payment is made, NCUA's recoveries from various financial institutions will reach $4.3 billion.
The NCUA was the first financial regulator to recover losses from investments in these securities on behalf of failed financial institutions.
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