ALEXANDRIA, Va. – The U.S. 10th Circuit Court of Appeals handed NCUA a victory in its lawsuits against Wall Street firms regarding sales of mortgage-backed securities to corporate credit unions.

The appeals court affirmed the ruling of the Federal District Court in Kansas last year that a federal “extender” statute, which allowed NCUA, as liquidating agent for five failed corporate credit unions, more time to file its lawsuits, does apply in the cases of the agency’s securities law claims. Defendants in the suits had argued the agency had filed its claims too late and asked the court to dismiss them.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.