WASHINGTON – NCUA Board Member J. Mark McWatters called for the NCUA to put more effort toward preventing fraud rather than issuing new rules and regulations.
McWatters said agency data showed approximately 58% of share insurance fund losses over the past five years were attributable to fraud.
"I question why more energy and supervisory effort are not focused on preventing fraud, rather than directed to more, and often onerous new rules and regulations for credit unions to follow. NCUA must take a more thoughtful and diligent approach to combating fraud and inadequate internal control systems at credit unions," he said at CUNA's Governmental Affairs Conference.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
