If the NCUA and state examiners had been more aggressive in their oversight of 10 failed credit unions and management had been more effective and taken fewer risks, losses to the NCUSIF could have been reduced, according to a report by the NCUA's Office of Inspector General.
The report analyzed and summarized the agency's earlier material-loss reviews of 10 natural person credit union that cost the NCUSIF $522 million.
The report summarizes previously issued material-loss reviews on the following failures: Cal State 9 CU, Center Valley FCU, Clearstar Financial CU, Eastern Florida Financial CU, Ensign FCU, Huron River Area CU, High Desert FCU, New London Security CU, Norlarco CU and St. Paul Croatian FCU.
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