NCUA to
Distribute $395 Million Under Corporate System Resolution Program
ALEXANDRIA,
Va. (August 29, 2022) – The National Credit Union
Administration, in its role as liquidating agent, announced a $313 million
distribution to more than 400 members and paid in capital shareholders of
the former Members United, Constitution, and U.S. Central corporate credit
unions. NCUA will also distribute $82 million in dividends to more than 1,100
shareholders of Southwest Corporate. NCUA completed capital distributions to
Southwest Corporate capital holders last year.
“The
NCUA has reached another milestone in winding down the remaining asset
management estates under the successful Corporate System Resolution Program,”
Chairman Todd M. Harper said. “Thanks to the diligent efforts of the NCUA team
over more than a decade, we continue to fulfill our fiduciary responsibility to
return these funds to capital holders. As a result, the federally insured
credit unions receiving these distributions will have the capacity to lend more
and better offer safe, fair, and affordable financial products. That is good
for credit union members and for our economy.”
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