More than five years after New London Security Federal Credit Union was liquidated, yet another delay could stall payments that some members claim are still due to them.
A Nov. 1 Inspector General report said NCUA divisions reported different estimated share insurance fund loss amounts for all six purchase and assumption agreements completed during a 2012 review period.
New report cites variances in liquidation, P&A losses, and from reporting offices within agency.
The $24 million Craftsman CU is the NCUA's 12th credit union liquidation of 2013.
Small credit union also had its former NCUA examiner on its board, according to Inspector General's report.
The former board president of the $23.6 million Taupa Lithuanian Credit Union disputed statements made by another former board member to Credit Union Times, and provided new details about the failed credit union’s governance.
Taupa Lithuanian board president says fugitive CEO did not dupe board members, who received clean reports from auditors and examiners.
Vincas Urbaitis, a former board director of the now-shuttered Taupa Lithuanian Credit Union, said he has been doing a lot of thinking lately about how he and six board members were double-crossed by Alex R. Spirikaitis, their former CEO.
This preview from our Aug. 14 print edition looks at how board members of the failed credit union say they were misled by fugitive CEO.
Missing Cleveland credit union CEO used fake documents to hide fraudulent payments for home now being seized.