Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va. and DENVER –NCUA today responded to the possibility of a settlement in a lawsuit between Everest National Insurance Company and Robert Sutton, former CEO of Centrix Financial LLC and other former Centrix officials.

Everest has been paying certain Default Protection Insurance (DPI) payments and wants Sutton to meet obligations to reimburse Everest for them. Sutton’s response is that Centrix loans originated before July 1, 2005 are excluded from Everest’s DPI coverage because Centrix permitted Vendor Single Interest (VSI) insurance to lapse in the summer of 2005 and the DPI coverage was contingent on continued VSI coverage. Sutton termed Everest’s payments “voluntary.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.