trending Market Intelligence /marketintelligence/en/news-insights/trending/Gi1VpvyGyNnVnAEwjyllPA2 content esgSubNav
In This List

Credit Suisse to pay NCUA $50.3M for RMBS-related losses


Banking Essentials Newsletter: September Edition, Part - 2


S&P Capital IQ Pro | Unrivaled Sector Coverage


S&P Capital IQ Pro | Powering Your Edge


Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter

Credit Suisse to pay NCUA $50.3M for RMBS-related losses

will pay the NationalCredit Union Administration $50.3 million in damages and interest for RMBS-relatedlosses at Warrenville, Ill.-based MembersUnited Corporate FCU and Plano, Texas-based Southwest Corporate Federal Credit Union, according to anApril 12 news release.

Initially, itwas reported that the Switzerland-based bank offered to pay $29 million to settle the claims. But, withthe addition of prejudgment interest determined by the court, the amount went upto $50.3 million. The bank is also liable to pay attorneys' fees and expenses.

The NCUA saidlitigation is still pending against Credit Suisse for RMBS-related sales to ,U.S. Central Federal Credit Unionand Southwest.