The much-anticipated GAO report on corporate credit unions and how the NCUA handled the sector's crisis is expected to be released Wednesday, sources who had examined a draft of the document have told Credit Union Times.
The report was called for in the National Credit Union Authority Clarification Act of 2011, which read in part: "The Comptroller General of the United States shall conduct a study of the National Credit Union Administration's supervision of corporate credit unions and implementation of prompt corrective action."
A source who had read the report in detail said the GAO indicated that the failures of multiple corporate credit unions were due to "bad investment and business strategy" on the part of the corporates.
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