NCUA's Inspector General believes that the $145 million Beehive Credit Union, headquartered in Salt Lake City, Utah, has failed or will fail, but the state regulator disagrees.
In its 2011 Annual Performance Plan, the executive lined out proposed audits for the coming year, including one of Beehive.
"The Federal Credit Union Act requires the OIG to review and report on any credit union material losses exceeding $25 million to the NCUSIF. Beehive Credit Union's loss exceeds this amount," the Inspector General wrote. "We will review Beehive Credit Union to: (1) determine the cause(s) of its failure and the resulting loss to the NCUSIF; and (2) assess NCUA's supervision of the credit union."
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