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Nov. 20, 2013 – NAFCU President and CEO Dan Berger hailed NCUA's announcement Tuesday that the agency will receive $1.417 billion from JPMorgan Chase in recompense for losses to corporate credit unions. Berger said this comes close to covering all remaining corporate stabilization costs and urged an end to stabilization assessments on insured credit unions.

"We applaud NCUA's persistence in seeking recoveries on the sale of faulty securities that led to the downfall of five corporate credit unions," Berger said Tuesday. "Today's announcement by NCUA is a momentous one, representing the first significant financial relief for credit unions that have been operating under the weight of corporate stabilization since 2009. We appreciate NCUA's dogged pursuit of the recoveries it has made thus far, and we strongly encourage the agency to take a close look at these recoveries and consider returning any excess received to insured credit unions."

NCUA is receiving the funds as part of a $13 billion settlement involving JPMorgan Chase for a wide range of activities undertaken during the housing downturn, including the sale to corporate credit unions of faulty MBS by Washington Mutual, which JPMorgan Chase acquired in 2008.

Previously, NCUA had recovered $335 million from parties that sold bad MBS to the corporates.