Wednesday, May 21, 2014

NCUSIF Losses from Eight Small CU Failures, October 2013 - March 2014

The Office of the Inspector General (OIG) of the National Credit Union Administration (NCUA) recently reviewed eight failed credit unions that are not subject to a Material Loss Review.

The Dodd-Frank Act requires the NCUA OIG to perform a limited review where the National Credit Union Share Insurance Fund (NCUSIF) incurred a loss below the $25 million threshold with respect to an insured credit union.

The OIG reviewed eight failed credit unions that incurred losses to the NCUSIF under $25 million between October 1, 2013, and March 31, 2014.

The following tables comes from the OIG's Semiannual Report to Congress and identifies the estimated loss to the NCUSIF and the reason for the failure of each credit union (click on the image to enlarge).

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