Barclays Bank agreed Monday to pay the NCUA $325 million to settle claims filed by the regulator. These claims arose from the purchases of mortgage-backed securities by corporate credit unions that are now defunct.
The case involved Barclays' sale of some $555 million in securities to the failed corporate credit unions WesCorp and U.S. Central in 2006 and 2007. This was one of many cases filed by the NCUA during the aftermath of the collapse of several large corporate credit unions.
The NCUA said it uses the net proceeds to reduce Temporary Corporate Credit Union Stabilization Fund assessments charged to federally insured credit unions to pay for the losses caused by the failure of five corporate credit unions.
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