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).

1 comment:

  1. 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?



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