On March 12, 2012, the National Credit Union Administration (“NCUA”) announced that it reached a settlement with HSBC concerning potential claims arising out of HSBC’s sale of RMBS to five failed credit unions.  HSBC agreed to pay $5.25 million, and admitted no fault or liability in connection with the settlement.  This is the third pre-litigation settlement that NCUA has reached in connection with the potential RMBS claims of failed credit unions.  Press Release.