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NCUANational Credit Union Administration (US government)
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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.
As part of the campaign, consumers are encouraged to visit the NCUA website, www.
NCUA has approved federal community charters with increasingly larger geographic areas and potential for economically diverse membership.
Bullock said that the NCUA was working on new guidelines to implement the changes mandated in the bill.
The credit union decided to become a co-defendant in the lawsuit because only a defendant can appeal to a higher court if the NCUA loses the case and decides not to pursue it further, said Tom Neuhaus, the attorney for Point Mugu.
NCUA guarantees the timely payment of interest and principal when due and payable up to and including the legal final maturity date for each series.
The Federal Credit Union Act requires the NCUA to send any funds received through civil monetary penalties such as these to the U.
In addition, NCUA continues to insure credit union and consumer deposits up to $250,000 per account.
Similar to the other regulators, NCUA is subject to statutory criteria and federal standards on the independence and objectivity of board members, but five of the six other regulators have additional controls and procedures relating to independence.
The NCUA presently allows supervisory committees to engage nonlicensed individuals to perform an opinion audit on their behalf.
The NCUA said the Federal Credit Union Act allowed the agency to modify rules to keep credit unions financially stable.
Proceeds from the issuance of the senior notes and the owner trust certificates were used to purchase a portfolio of private-label residential mortgage-backed securities (RMBS) previously owned by four separate credit unions that have been taken into conservatorship by the NCUA board since March 2009.