Wednesday, November 20, 2019

OIG: NCUA Assisted in the Merger of an Alabama CU

In its Semiannual Report to Congress, the Office of the Inspector General (OIG) of the National Credit Union Administration (NCUA) reported that the failure of Monroe Education Employees Federal Credit Union (Monroeville, AL) imposed an estimated loss to the National Credit Union Share Insurance Fund of $335,530.

The credit union failed due to insufficient management, poor internal controls, recordkeeping errors, high loan delinquencies and charge-offs, and undercapitalization.

At the time of the assisted merger, Monroe Education Employees FCU had $4.4 million in assets and 1,578 members.

The failed credit union was merged with Gulf Winds Credit Union (Pensacola, FL) on July 29, 2019.

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