An NCUA Office of Inspector General's investigative report revealed that the federal regulator questions the safety and soundness of the $25 billion State Employees' Credit Union, the nation's second largest.
The document, which cleared Region III Director Herb Yolles of making false statements about North Carolina Credit Union Division Administrator Jerrie Jay, also detailed more than he said-she said exchanges between federal and state regulators after SECU publicly released its state CAMEL rating.
According to the report, which had been redacted until Credit Union Times obtained an original copy, Yolles wrote in a July 14, 2010, letter to Jay that "SECU is not considered safe and sound at this time."
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