Thursday, May 17, 2018

Estimated Loss to NCUSIF and Reasons for CU Failures, Oct 2017 thru Mar 2018

The National Credit Union Administration Office of the Inspector General (OIG) reported that there were 8 credit union failures between October 1, 2017 and March 31, 2018 that were not subject to a Material Loss Review.

A Material Loss Review is initiated, if the National Credit Union Share Insurance Fund (NCUSIF) incurs a loss of at least $25 million.

During this time period, no credit union failures were subject to a Material Loss Review.

According to the OIG's Semiannual Report to Congress. these 8 failures resulted in an estimated loss of $27.1 million to the NCUSIF.

The following chart provides information on the estimated loss to the NCUSIF and reasons for the failure for each credit union between October 1, 2017 and March 31, 2018 (click on image to enlarge).




Posted by at
Labels: , , ,

1 comment:

  1. MrGothamMay 20, 2018 at 5:18 PM

    At the end of 2014, First Jersey had $20MM of taxi loans and $15MM of net worth. Even if you assume an 80% write down on taxi loans, how does the loss to the insurance fund total $9MM?

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.