NCUA settles with RBS for $129 million

The NCUA has worked a settlement with Royal Bank of Scotland (RBS) Group for $129.6 million. This will settle the NCUA’s claims that RBS sold toxic mortgage-backed securities to Southwest Corporate FCU and Members United Corporate CU; both of which are now-failed corporate credit unions. In 2013, the NCUA filed a lawsuit against RBS and […]

NCUAThe NCUA has worked a settlement with Royal Bank of Scotland (RBS) Group for $129.6 million. This will settle the NCUA’s claims that RBS sold toxic mortgage-backed securities to Southwest Corporate FCU and Members United Corporate CU; both of which are now-failed corporate credit unions.

In 2013, the NCUA filed a lawsuit against RBS and eight other financial institutions for not following underwriting guidelines for the securities, which were rated triple-A at the time. The corporate credit unions bought them for a total of more than $300 million in 2006 and 2007.

The NCUA has now recovered nearly $2 billion from other banks as the result of similar litigation.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.