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The management and board of Telesis Community Credit Union, as well as the NCUA and California Department of Financial Institutions, are responsible for the credit union’s failure, according to a Material Loss Review released this week by the NCUA’s Office of Inspector General.

The OIG concluded that the $318 million credit union’s leaders deserve most of the blame for investing too heavily into member business loans, failing to properly calculate loan loss allowances, depending too much upon its business lending CUSO for revenue, and spending too much on operating expenses.

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