Royal Bank of Scotland is to pay $1.1bn (£846m) to a US regulator to resolve allegations it missold mortgage bonds to credit unions in the run up to the 2008 banking crisis. The settlement with the National Credit Union Administration (NCUA) board is one of three major issues facing the bailed-out bank relating to the way it sold so-called residential-mortgage-backed securities (RMBS) before its £45bn taxpayer bailout. The sum is included in the £3.8bn of provisions the bank has already made to tackle upcoming litigation, but the bank’s chief executive, Ross McEwan, has been warning that RBS faces other penalties from the US authorities.
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