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NCUA to Distribute $569 Million Under Corporate System Resolution Program
The NCUA Monday announced it will distribute $359.2 million to the more than 1,000 membership capital account holders of the former Members United, Constitution, and U.S. Central corporate credit unions. In addition, the agency will distribute $209.8 million in dividends to more than 1,100 shareholders of Southwest Corporate.
"This latest distribution is another important milestone in the successful Corporate System Resolution Program," said NCUA Chairman Todd Harper in a press release. "As we wind down the remaining asset management estates, we will continue to minimize costs and maximize returns. In doing so, we will fulfill our fiduciary responsibilities as both the conservator and liquidator of the failed corporate credit unions and return additional funds to capital holders."
As liquidating agent of the former corporate credit unions' asset management estates, the NCUA has previously made three other rounds of distributions. The breakdown of distribution – as of December 2019 – is available on the NCUA’s website.
For more information, view the NCUA's newly updated FAQs on Member Capital Payouts.