Jim Blaine, president/CEO of the $25 billion State Employees'Credit Union, said he doesn't know why the NCUA questions hisRaleigh, N.C., credit union's safety and soundness.

The NCUA Office of Inspector General said in a report released Tuesday that NCUA Region III Director HerbYolles wrote in a July 14, 2010 letter to Jerrie Jay, administratorof the North Carolina Credit Union Division, “SECU is notconsidered safe and sound at this time.”

All references to safety and soundness were redacted in theOIG's report, but the information was revealed when the CreditUnion Times copied and pasted text from the released PDFdocument to a Word file.

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