The U.S. Government Accountability Office on Wednesday issued its report on corporate credit unions and the NCUA. And the report’s title tells the story: “Earlier Actions Are Needed to Better Address Troubled Credit Unions.”
Oversight agency points to "poor investment and business strategies" in corporate failures.
Program initiated after collapse of Eastern Financial CU and its 2009 merger into Space Coast CU.
Report to Congress says NCUA OIG proposes "removing the employe from federal service."
The NCUA needs to do a more thorough review of how it protects the privacy of its computer users and data, according to a report by the agency’s Office of Inspector General.
The NCUA needs to do a more thorough review of how it protects the privacy of its computer users and data, its Inspector General says.
The NCUA has failed to prove that J.P. Morgan Securities the firm made “material misrepresentations” to the corporate credit unions when selling them residential mortgage-backed securities, according the firm’s court filing. And with that J.P. Morgan asked a federal judge to dismiss the agency’s June lawsuit against it.
Investment house says it informed corporates of risk.
NCUA examiners didn’t follow up on many documents of resolution and as a result gave better CAMEL ratings to some credit unions than they deserved, according to a report by the agency’s Office of Inspector General.
One quarter of the unresolved items related to management issues.