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Sharp decline in business Sharp decline in business

The NCUA labeled Municipal Credit Union “significantly undercapitalized” after recording a $126.2 million loss in the second quarter after the New York City credit union was placed in NCUA conservatorship.

The credit union ($3.1 billion in assets, 598,638 members), whose former CEO was sentenced to prison for fraud in June, recorded a $109.1 million increase in its “Employee Compensation and Benefits” line, which was $129.3 million for three months ending June 30, up from $20.2 million in 2018’s second quarter.

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Jim DuPlessis

A journalist for decades.

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