The National Credit Union Administration will distribute $395 million in funds to thousands of credit unions as part of its ongoing effort to resolve the dissolution of four corporate credit unions after the financial crisis.
The disbursement is the latest installment of the NCUA's
Including the current distribution, the program has since returned more than $2.6 billion to former members and paid-in-capital shareholders, and almost $292 million in dividends to shareholders.
"The NCUA has reached another milestone in winding down the remaining asset management estates under the successful Corporate System Resolution program. … 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," Todd Harper, chairman of the NCUA, said in a press release on Aug. 29.
The NCUA said it will distribute $313 million to more than 400 membership and capital shareholders of Members United, Constitution and U.S. Central corporate credit unions, following an
The initiative has organized four rounds of distributions to date, with the current set estimated to go out before the end of September.
"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," Harper added in the release.
