A new report from the NCUA's Office of the Inspector General says the agency should “improve its process of documenting specific credit union failure data and related estimated share insurance fund losses.”
“We determined NCUA's regional offices and Asset Management and Assistance Center documented different estimated SIF loss amounts at different times that were ultimately used by E&I (Examination and Insurance) to update the Reserve Needs Report,” said the report released last week.
The OIG's review included the period from Jan. 1, 2012 through July 31, 2012 when the NCUA supervised the closure of 12 credit unions that caused a loss to the SIF.
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