Federal Laws Addressing Liability

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Federal Credit Union Act of 1989

The Federal Credit Union Act of 1989, codified at 12 U.S.C. § 1787, limited damage awards stemming from the liquidation of federal credit unions to "actual direct compensatory damages" (i.e., the Act does not permit recovery of punitive or exemplary damages, damages for lost profits or opportunity, or damages for pain and suffering in such cases).