Credit Suisse Reaches $29M Settlement With NCUA

The National Credit Union Administration (NCUA) has announced a $29 million settlement from Credit Suisse stemming for claims of losses related to purchases of residential mortgage-backed securities (RMBS) by Members United and Southwest corporate credit unions.

However, the regulator has yet to settle its litigation against Credit Suisse for sales of faulty residential mortgage-backed securities to U.S. Central and Southwest corporate credit unions. NCUA has not announced whether it is negotiating with Credit Suisse to resolve those charges.

“NCUA will continue to meet its statutory obligation to secure recoveries for credit unions and ensure consumers remain protected,” said NCUA Board Chairwoman Debbie Matz. “We will continue to aggressively pursue recoveries against Wall Street firms that contributed to the corporate crisis with the goals of minimizing net losses of the corporate crisis and providing a future rebate to credit unions.”