Inaccurate financial reporting and accounting, weak board oversight, inadequate risk management and inadequate supervision by NCUA examiners caused the failure of the $50 million Certified FCU.
That's the conclusion of the material loss review by the NCUA's Office of Inspector of General released on Wednesday.
The Commerce, Calif., credit union was liquidated in July 2010 and its assets were purchased and assumed by Vons Employees FCU, with the NCUSIF taking a loss of approximately $9 million.
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.
