The NCUA's Inspector General blamed Telesis Community CreditUnion's former management and board as well the NCUA and CaliforniaDepartment of Financial Institutions for the Chatsworth,Calif.-based institution's failure in a material loss reviewreleased March 20.
The Inspector General's recommendations in the report revealcredit unions can expect a proposed rule from the NCUA this yearthat will require a higher level of risk based net worth for creditunions with a higher level of concentration or other risks in theirMBL portfolios.
The IG further pressed the need for the NCUA to expand itsexamination authority to include CUSOs.
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