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NCUA Audit Stokes an Uproar

Audits typically are prosaic matters, filed by accountants, read by accountants and swiftly forgotten. Not so the recent audit of NCUAs Temporary Corporate Credit Union Stabilization Fund, announced by the agency on Dec. 27, a day when many are on vacation.

By Robert McGarvey | Updated on January 16, 2012

Audits typically are prosaic matters, filed by accountants, read by accountants and swiftly forgotten. Not so the recent audit of NCUA’s Temporary Corporate Credit Union Stabilization Fund, announced by the agency on Dec. 27, a day when many are on vacation.

Despite the timing of the release to coincide with a nationwide gap in attention, a firestorm has erupted about the audit and, more broadly, the NCUA’s handling of the huge losses incurred in the meltdown of five corporate credit unions that the NCUA conserved in 2010.

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