NAFCU president/CEO Fred Becker said Friday the revelation that the NCUA hired attorneys on a contingency basisto recover corporate investment losses is disconcerting because the$170 million in settlements received so far won't be fullyapplied to corporate stabilization.
“The agency indicated they had recovered $170 million, fromwhich I think the natural drawn conclusion was that money gotreturned to the coffers of the corporate system,” Becker said.“Obviously, that is not the case.”
Of the more than $170 million in claims the NCUA says it hasreceived as a result of settlements with Citigroup, Deutsche BankSecurities and HSBC, more than $40 million has been paid to the lawfirms.
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