The NCUA has named an examiner who was onsite at the failed Western Corporate FCU from 2007 to 2009 the agency's Specialized Examiner of the Year from Region 1 for 2014, according to an NCUA program from its May 20 awards ceremony.
Joseph Shoshoo served as capital markets specialist and resident examiner at WesCorp from 2007 to 2009, according to court documents that a former WesCorp executive filed in 2011. The former executive sought to depose Shoshoo and other NCUA and non-NCUA officials as part of his litigation with the NCUA and he believed Shoshoo had knowledge of the NCUA's admissions in the case, along with contemporaneous assessments of credit and other risks associated with mortgage-backed securities, both agency and private label; concentration and diversification of assets; the NCUA's examinations and oversight of WesCorp, according to motion.
According to the agency's award ceremony brochure, the NCUA recognized Shoshoo for "significant success in problem resolution for his assigned cases, leading two large and complex exams for the field as part of Region I's transition of adding Wisconsin and serving as a regional resource to others in assessing challenging exam issues."
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"[Shoshoo]'s success in problem resolution includes guiding the officials of Flagship Community Federal Credit Union through reversing a six-year trend in negative earnings as well as assisting the management team of WESTconsin Credit Union in addressing numerous deficiencies in their operations," the agency added.
The NCUA has not yet commented on Shoshoo's selection for the award.
The awards day program included a reception, award ceremony with scheduled remarks from all three NCUA board members, a White House tour and lunch at a trendy downtown D.C. restaurant.
Other specialized examiners honored included William Brodie from Region II, Timothy Bankroff from Region III, Sheila Beaudette from Region IV, Javier Ibanez from Region V, Karen Miller-Brenner from the NCUA's Asset Management and Assistance Center, and Steve Farrar from the NCUA Office of Examination and Insurance.
Examiners of the year for 2014 included Michael Sullivan and Maureen O'Sullivan from Region I; Lynsey Johnson and Michael Copen from Region II; Jeremy Reyes and Christina Sapp from Region III; Adam Loranger and Chelsea Bieser from Region IV, and Christel Orusede and R. Alex Hickman from Region V.
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