NCUA Boardroom. (Photo: The NCUA)
Jeff Olson, president/CEO of the Dakota Credit Union Association, is blasting the NCUA for failing to pay 30 North Dakota credit unions $10.5 million in recovered assets of Midwest Corporate Federal Credit Union, which was dissolved in 2011 following the financial crisis.
"North Dakota credit unions are being disregarded as the NCUA distributes recovered capital shares to credit unions across the country," Olson wrote in an email to the CU Times on Sunday afternoon. "In all, Dakota credit unions, and ultimately their members, are being deprived of more than $10 million as the NCUA cites a 'technicality' that precludes North Dakota from the settlement."
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