UNITED STATES OF AMERICA
BEFORE THE NATIONAL CREDIT UNION ADMINISTRATION
In the Matter of EIC, Inc.
Docket No. BD 14 -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 EIC, 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