NAFCU Statement on Tenth Court of Appeals Court Decision Allowing NCUA Lawsuits To Proceed
Washington (August 19, 2014) - National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement regarding the Tenth Circuit Court of Appeals order issued today that reaffirms its previous denial of a motion to dismiss an NCUA case on behalf of a credit union it had under conservatorship, allowing the agency to continue to pursue recoveries in the case.
“The Court’s decision is a positive step which allows NCUA’s lawsuits to go forward in their efforts to recover losses on behalf of credit unions” said Hunt. “NAFCU has long urged NCUA to leave no stone unturned in attempting to make our members whole by recouping some of the cost of corporate stabilization assessments. NAFCU fully supports any and all NCUA legal action aimed to reach culpable parties and potentially return monies to federally insured credit unions.”
NAFCU continues to support NCUA’s efforts to pursue remedies in order to offset the possibility of future assessments. In July, NCUA staff said the numbers for the Temporary Corporate Credit Union Stabilization Fund indicate that credit unions are unlikely to face any more corporate stabilization assessments going forward.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.