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63 Iowa Credit Unions Sue NCUA for $4.2 Million in Corporates’ Recovered Assets

The lawsuit alleges NCUA wrongfully denied payments because remaining assets of dissolved corporates belonged to CUs and other organizations.

lawsuit filed and a statue of lady justice Image: Shutterstock.

Sixty-three of Iowa’s 75 credit unions are suing the NCUA for $4.2 million in recovered assets following the liquidation of the nation’s largest corporate credit union, U.S. Central FCU, in 2010.

Also named as plaintiffs in the federal lawsuit filed last Friday in U.S. District Court in Kansas City, Kan., are the Iowa Credit Union League, its foundation, political action committee, and an employee benefits company. The $1.3 billion Cobalt Credit Union in Papillion, Neb., and the $1 billion Marine Credit Union in La Crosse, Wis., are also listed as plaintiffs.

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