ALEXANDRIA, Va. – NCUA said it failed to recover any payments on insurance held by WesCorp FCU, U.S. Central FCU or any of the other three corporate credit union failures, despite millions of dollars in directors and officers premiums paid by the failed corporates.

NCUA said yesterday it failed to obtain recoveries on any claims on the U.S. Central D&O bond on 18 executives and directors of the one-time $52 billion corporate with Travelers Casualty & Surety Co., which the agency announced as long ago as July 1, 2010 it was pursuing. In June 31, 2012 demand letters NCUA delivered to top U.S. Central figures, NCUA alleged  that breaches of fiduciary duties of care and loyalty contributed to US Central losses exceeding the $10 million Travelers policy limit, which was in effect from 2005 to 2009, when NCUA took over the failed corporate.

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