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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
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The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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Decision and Order on Appeal Taupa Lithuanian Credit Union

March 2014

Decision and Order on Appeal Taupa Lithuanian Credit Union

Subject

Insurance Claim

UNITED STATES OF AMERICA
BEFORE THE NATIONAL CREDIT UNION ADMINISTRATION

In the Matter of Erie Affiliates, Inc.

Docket No. BD 12 -13

Share Insurance Appeal
Taupa Lithuanian Credit Union

Decision and Order on Appeal

Decision

This matter comes before the National Credit Union Administration Board (Board) pursuant to §745.202 of NCUA Regulations (12 C.F.R. §745.202), as an appeal of a share insurance determination made by the Agent for the Liquidating Agent for Taupa Lithuanian Credit Union (Taupa).

The Board has determined to exercise its discretionary authority under §207(f)(3) of the Federal Credit Union Act. That section specifies that the Board may, “in its discretion and in the interests of minimizing its losses, use its own resources to make additional payments or credit additional amounts to or with respect to or for the account of any claimant or category of claimants.” 12 U.S.C. §1787(f)(3). The Board notes, in this respect, that its reliance on this authority in this case will not obligate the Board “to make payments to any other claimant or category of claimants” either in this liquidation or in future cases. Id.

Order

For the reasons set forth above, it is ORDERED as follows:

The appeal by Erie Affiliates, Inc. is granted. The Board’s decision constitutes a final agency determination.

So Ordered this 25th day of March, 2014, by the National Credit Union Administration Board.

Gerard Poliquin
Secretary of the Board

Last modified on

03/31/21