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