X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Morgan Stanley has agreed to pay $225 million to resolve claims filed by the NCUA stemming from losses related to corporate credit unions’ purchases of faulty residential mortgage-backed securities, the regulator announced Dec. 10.

“(The) NCUA continues to pursue recoveries on behalf of the corporate credit unions against the financial firms we maintain contributed to the corporates’ losses,” NCUA Board Chairman Debbie Matz said in a statement. “These actions fulfill our statutory obligation to act in order to minimize costs to the credit union system resulting from the crisis. They also promote accountability and ensure consumers remain protected.”

NCUA Associate General Counsel John Ianno said in the release the U.S. Justice Department worked closely with the agency to achieve the favorable resolution.

 

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

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