You could almost hear the sound of money getting counted throughout the world of credit unions as word spread Tuesday that JP Morgan Securities had decided to settle – for $153.6 million – a suit filed against it by the Securities and Exchange Commission over bad bundles of mortgage-backed securities.

The SEC charge tracked the claims made by the NCUA in its suit against JP Morgan, namely that it had fraudulently packaged MBS investments.

Just one problem, according to attorneys who agreed to offer comment on the basis of maintaining anonymity. The NCUA is not the SEC.

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

  • Critical 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 and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.