NCUA official seal. (Source: NCUA)
The NCUA on Monday said it will distribute $865.5 million to the 1,800 credit unions that were members of three corporate credit unions that failed during the Great Recession.
The distribution to members of Members United, Southwest and U.S. Central Corporate Credit Unions is scheduled to be completed by Sept. 30, and will bring their total distributions to $1.4 million over the past year:
- U.S. Central members received $150 million in April and will receive $710 million by Sept. 30.
- Members United members received $126 million in April and will receive $229 million by Sept. 30.
- Southwest members received $172 million in July 2020 and $92 million in April, and will receive $140 million by Sept. 30.
The NCUA brought suit against major banks that participated in the sale of residential mortgage-backed securities that were a major contributor to the financial crisis and the failure of the three corporate credit unions plus two others: WesCorp and Constitution.
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