A federal judge last week directed National Credit Union Administration (NCUA) and Royal Bank of Scotland (RBS) to begin negotiations aimed at settling NCUA’s $629 million claims over the failure of WesCorp Federal Corporate Union, one of five suits NCUA has filed against Wall Street banks over the sale of risky mortgage-backed securities to corporate credit unions.

The order requires NCUA and the unit of RBS to appear before a retired judicial officer or other private or non-profit dispute resolution body.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.