An offer of judgement standing at approximately £85.3m has been accepted by the US regulator, the National Credit Union Administration (NCUA), from the Royal Bank of Scotland (RBS) to resolve claims arising from losses related to purchases of residential mortgage-backed securities. The losses related to residential mortgage-backed securities by Members United and Southwest corporate credit unions. Debbie Matz, Chairman of NCUA, said: “NCUA has a statutory obligation to secure recoveries for credit unions and ensure that consumers remain protected. “We can assure stakeholders that we will continue to aggressively pursue recoveries against Wall Street firms that contributed to the corporate crisis. “Each recovery as well as our ongoing lawsuits further NCUA’s goal of minimising the losses of the corporate crisis and future costs to credit unions.” NCUA has now won more than approximately £1.25bn in legal recoveries. When contacted, RBS declined to comment further.
﻿The Royal Bank of Scotland ( RBS ) has entered into a settlement of £ ##500 m with the financial regulator , the National Credit Union Administration , to resolve claims arising from fraud related to sale of residential mortgage - backed securities .