The NCUA stood firm last week in Los Angeles federal court, refusing to provide documents regarding what role managers and NCUA examiners played in the failure of four corporate credit unions and one natural person credit union.
The documents were subpoenaed in a suit brought by the U.S. government, not the NCUA, alleging ratings agency Standard & Poor's deliberately manipulated ratings on mortgage-backed securities to further its own financial interests in the years leading up to the financial meltdown.
Four failed corporates – U.S. Central Federal Credit Union, Western Corporate Federal Credit Union, Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit Union – were included in the federal government's argument, ensnaring the NCUA as a third party in the suit. The failed Eastern Florida Financial Credit Union was also named as one of the government's 21 failed entities that S&P allegedly defrauded.
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