The financial crisis may seem like a thing of the past nowadays, but in the words of a philosopher, “those who do not remember the past are condemned to repeat it.”
Insufficient capital during the financial crisis helped caused natural person credit union failures that cost the share insurance fund $750M.
Read the full statement NCUA Vice Chairman Rick Metsger made during the November board meeting.
The NCUA alleged in a lawsuit that Maria Hernandez, the former CEO of the failed El Paso Federal Credit Union, stole millions to buy homes in Texas, Florida and Nevada, to pay for lavish trips and for gambling.
The NCUA seeks to recover damages from a credit union failure allegedly caused by internal fraud.
Credit union executives are beat up from the 2015 budget process. Now it's the NCUA's turn to take its budget lumps.
The NCUA Board's monthly meeting closed agenda includes credit union personnel change and an administrative enforcement action.
NCUA Vice Chairman Metsger says fraud is major contributor in more than half of share insurance fund losses.
J. Mark McWatters cited regulatory relief for credit unions among his top priorities as an NCUA board member Aug. 27, just one day after taking the oath of office.
Incoming NCUA Board Member J. Mark McWatters also touts transparency and cost-benefit analysis for rulemaking.