Thursday, May 19, 2011

Hmong American FCU Liquidated

The National Credit Union Administration (NCUA) liquidated Hmong American Federal Credit Union of St. Paul, Minnesota. NCUA made the decision to close Hmong American Federal Credit Union and discontinue its operation after determining the credit union is insolvent and has no prospects for restoring viable operations.

The credit union was placed into conservatorship on May 4 by NCUA.

As of March 2011, the credit union's financial report showed that it was very well capitalized with net worth ratio of almost 16 percent and a delinquent loan ratio of .45 percent.

Read press release.
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4 comments:

  1. AnonymousMay 27, 2011 at 11:15 AM

    So what happen to make it go under?

    ReplyDelete
  2. Keith LeggettMay 28, 2011 at 7:57 AM

    It is too small for NCUA's Inspector General to perform a material loss review into the causes of the credit union failure.

    Unless there is a prosecution associated this failure, the cause of the failure may never be known.

    ReplyDelete
  3. AnonymousJune 13, 2011 at 2:22 PM

    Dr. Leggett,

    Do we know what led to the closure of the Hmong Credit Union?

    ReplyDelete
  4. Keith LeggettJune 13, 2011 at 2:24 PM

    I have not seen any reports on what led to Hmong American being closed.

    ReplyDelete

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