Tuesday, December 8, 2009

NCUA Is Now Posting Closed Credit Union List

NCUA is making progress towards providing greater transparency regarding credit union failures.

In a July 8th posting , I called on the NCUA to become more forthcoming regarding information about credit union failures.

The agency now posts on its website a list of closed credit unions with the date the credit union is closed and a link to the press release announcing the closing.

This is progress, but NCUA needs to do more with regard to transparency.

The list appears to be incomplete as the number of closed credit unions does not match the number reported by the agency when it gave its NCUSIF monthly update at the November Board meeting.

The list names 18 credit unions that have failed through the end of November, but NCUA at its November Board meeting stated that 22 credit union had failed through the end of October. (click to enlarge graph)












Additionally, NCUA still is not providing information on the expected cost of these credit union failures to the National Credit Union Share Insurance Fund.

NCUA should make that its next step in providing greater disclosures.
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9 comments:

  1. Jeffry PilcherDecember 9, 2009 at 1:43 PM

    It's about time...

    ReplyDelete
  2. Arp D. TrivediDecember 10, 2009 at 10:34 PM

    We also need to start doing a better job of posting branch deposit data, too.

    ReplyDelete
  3. Mary Q ContrarieJuly 24, 2010 at 12:47 PM

    The link for closures no longer seems to work. I looked around on their website but was unable to find the list. Does anyone here know where they are posting this information at, now?

    ReplyDelete
  4. Keith LeggettJuly 25, 2010 at 8:47 AM

    Mary:

    NCUA redesigned its website. Here is the link to the closed CU list. http://www.ncua.gov/Resources/ClosedCU/2010.aspx#top

    ReplyDelete
  5. ButtersFebruary 20, 2012 at 5:24 PM

    It seems that the 'Closed Credit Unions' page has disappeared again, or at least hidden where I can't find it. Does anyone know if they are still listing this for 2012?

    ReplyDelete
  6. Keith LeggettFebruary 21, 2012 at 7:15 AM

    Here is the link to the page. Copy and paste into your browser.

    http://www.ncua.gov/Legal/Regs/Pages/Closed2012.aspx

    ReplyDelete
  7. ButtersFebruary 22, 2012 at 10:43 PM

    Thanks for the link, Keith!

    ReplyDelete
  8. AnonymousJune 8, 2012 at 12:43 AM

    Why should this crucial public information be so secret?

    I will remain a BANK customer only.

    ReplyDelete
  9. AnonymousApril 7, 2013 at 9:44 PM

    Keith, it's great that NCUA has started to publish failures on their website. Pity is that that not only does the data fail to match their Board minutes, it doesn't match their database in the slightest! Compare the information on the Credit Union Chartering Events (Data Query 2) to that published on the website...
    http://www.ncua.gov/DataApps/CUDataQueries/Pages/default.aspx

    ReplyDelete