Even as he continued to lament the $1.1 billion in legal fees paid by the NCUA relating to the failed corporate credit unions, NCUA Chairman J. Mark McWatters reminded a member of Congress that no taxpayer funds were used to pay those bills.
"While the fees paid under these contracts may be subject to debate, their source is not," McWatters said, in a letter to Rep. Ann Wagner (R-Mo.), chairman of the House Financial Services House Financial Institutions Oversight and Investigations Subcommittee. "No taxpayer funds were lost through the restructure of the corporate credit unions and no taxpayer money was spent on attorney's fees, either directly or indirectly."
McWatters said that the funds came from the approximately $5 billion in money recovered from the legal settlements and that any money owed to the Treasury has been repaid, with interest.
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