A day after issuance of the GAO report analyzing the failures of corporate credit unions and how the NCUA performed in the crisis, industry leaders have begun offering their reviews. A top line interpretation of the remarks is: hold your applause, there remains much to be concerned about.

Alloya board member – and also CEO of Motorola Employees Credit Union in Schaumburg, Ill. – John Fiore established the tone of much of the commentary with his remark: “The GAO confirmed what many credit unions had said from the very beginning – that NCUA played a role in the failure of the corporates by not taking timely actions and that NCUA never had a good handle on effectively estimating the total costs and impact on the credit unions.”

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