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As thoroughly reported in Credit Union Times, the financial condition of the California-based and recently conserved Cal State 9 Credit Union continues to deteriorate. The National Credit Union Administration’s handling of this state-chartered, federally insured institution raises an important public policy question. Is the NCUSIF purposely or inadvertently using conservatorships to make uninsured depositors whole?

Following recent regulator takeovers of distressed credit unions like Cal State 9 and before the purchase and assumption deals have been closed, large outflows of deposits have been observed. These outflows stem largely from those members with deposits in excess of the share insurance coverage.

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