Thursday, January 24, 2013

Chetco's Failure to Cost $76.5 Million

According to information obtained from a Freedom of Information Act request, the estimated loss to the National Credit Union Share Insurance Fund from the failure of Chetco FCU is $76.5 million.

Read NCUA's response to the FOIA.


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3 comments:

  1. AnonymousJanuary 24, 2013 at 12:26 PM

    Just a quick question, how much did the NCUA charge you for that? I mean, will it help our assessments this year?

    ReplyDelete
  2. Keith LeggettJanuary 24, 2013 at 12:29 PM

    I doubt it.

    ReplyDelete
  3. AnonymousJanuary 24, 2013 at 6:26 PM

    I wonder how much less this would have cost if NCUA had just liquidated it a year ago instead of running it for a year first. Nothing improved during that year. They lost 22% of their members, delinquency increased, charge offs remained flat and absurdly low, and the members that didn't leave apparently incurred higher fees. Sounds like it worked out just great for everyone.

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