A three-judge panel of the US Court of Appeals in Denver allowed the National Credit Union Administration (NCUA) to pursue its mortgage-backed securities (MBS) claims against big banks. The appeals court gave a unanimous decision that affirmed an earlier ruling given by a lower court which allowed the NCUA to use the "extender statute." The statute gave the credit union more time to file lawsuits against banks about the misleading statements the latter issued about its MBS. This allowed the NCUA to pursue its cases even if banks contended that these cases were filed late.

According to the panel, "[The extender statute] serves the statute's purpose by providing NCUA sufficient time to investigate and file all potential claims once it assumes control of a failed credit union." The decision resolved an appeal filed by RBS Securities Inc, a unit of the Royal Bank of Scotland Group. NCUA also field similar cases against branches of Wall Street banks like JPMorgan Chase & Co and Goldman Sachs.

In a statement, NCUA Board Chairwoman Debbie Matz said they are pleased with the ruling. "We will continue to pursue our claims against firms that sold faulty mortgage-backed securities to corporate credit unions," she added.