NCUA's Office of Inspector General

• NCUA: Regulator and Management Failures Caused Failure of Two Nevada CUs

  By Claude R. Marx  |  September 29, 2010

  Poor decisions by management caused the failure of Ensign FCU and Clearstar Financial CU, which cost the NCUSIF $42 million, according to reports by the NCUA's Office of Inspector General.

• New London Members Sue

  July 28, 2010

  Former board members and staff at the liquidated New London Security Federal Credit Union are among those accused by five members of negligence in a lawsuit to recoup $4 million in losses.

• Members Latest to Sue for New London Security FCU Losses

  By Michelle A. Samaad  |  July 20, 2010

  Five members of the defunct New London Security Federal Credit Union have filed a lawsuit to recoup $4 million claiming board members, staff and the CU's accounting firm among others were negligent in supervising its financial adviser.

• Mutual Respect for Mutual Survival

  By Sarah Snell Cooke  |  June 23, 2010

  A natural tension exists between industry and regulators that can be healthy and helps keep both on their toes. But when a loss of respect occurs on either side, and currently on both sides, it becomes counterproductive.

• Federal Government Employment System Can Harm Regulation

  By Sarah Snell Cooke  |  June 21, 2010

  Federal government employment shifting, rather than eliminating subpar employees, can have a strong impact on credit union regulation.

• CU, Examiners Faulted In Eastern Financial Failure

  By Claude R. Marx  |  May 19, 2010

  Extensive investments in collateralized debt obligations, unrealistic growth patterns that went unchecked and the failure of state and federal examiners to

• NCUA Faults CU and Examiners in Failure of Eastern Financial Florida CU

  By Claude R. Marx  |  May 17, 2010

  Extensive investments in collateralized debt obligations, unrealistic growth patterns that went unchecked and the failure of state and federal examiners to realize the risk of certain practices all helped cause the failure of Eastern Financial Florida CU.

• NCUA Files Suit on New London Loss

  By Michelle A. Samaad  |  February 10, 2010

  The NCUA has moved forward filing a suit to recover $12 million from the defunct New London Security Federal Credit Union after discussions to reach a settlement fell through.