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.
The report concluded that as a result of inadequate actions by examiners and regional officials, 45% of the 74 credit unions that failed or were part of an assisted merger from 2008 through 2010 were regularly given CAMEL 1 and 2 ratings.
The NCUA's Office of Examination and Insurance "performed limited DOR monitoring and that monitoring in each region varied based on their individual policy," according to the report.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
