Wednesday, September 23, 2009

Where Is the Audit on the Failure of Cal State 9?

It has been almost 15 months since NCUA liquidated Cal State 9 CU. At the time of its liquidation on July 1, 2008, Cal State 9 had a net worth of minus $217.5 million.

The NCUA’s Office of the Inspector General (OIG) is required to prepare a material loss review audit of any credit union failure where the loss to the NCUSIF exceeds $10 million.

Since the available evidence indicates that the failure of Cal State 9 will result in a loss to the NCUSIF in excess of $10 million, why is it taking the OIG so long to complete its review of Cal State 9 compared to the material loss reviews conducted by the other banking agencies?
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