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In 2011, an NCUA examiner-in-charge reviewed a 2010 state examination of the failed $23.6 million Taupa Lithuanian Credit Union, and noted an ominous comparison.

“[M]BLs, policy updates, investment and record keeping errors, NO delinquency and NO charge offs in over 10 years, this credit union looks, sounds and acts like St. Paul Croatian waiting to happen all over again,” wrote the EIC, according to the NCUA Office of Inspector General’s material loss report, released Friday.

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Peter Strozniak


Credit Union Times

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