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The closing of a small, single-sponsor federal credit union in Arizona has raised serious questions about some of the ways NCUA supervised or failed to supervise a federally chartered CU.

When it was first announced, the decision to close the $2.7 million Vensure Federal Credit Union, headquartered in Mesa, Ariz., did not appear justified. While there was no data available from the March Call Report, the agency’s announcement set the CU’s assets at $4.7 million and membership at 144, but the agency’s data site reported its assets as of Dec. 31, 2010 to be $2.7 million and 94 members.

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