An NCUA Office of Inspector General's investigative report revealed that the federal regulator questions the safety and soundness of the $25 billion State Employees' Credit Union, the nation's second largest.
The document, which cleared Region III Director Herb Yolles of making false statements about North Carolina Credit Union Division Administrator Jerrie Jay, also detailed more than he said-she said exchanges between federal and state regulators after SECU publicly released its state CAMEL rating.
According to the report, which had been redacted until Credit Union Times obtained an original copy, Yolles wrote in a July 14, 2010, letter to Jay that "SECU is not considered safe and sound at this time."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
