The regulatory clock ran out on $5 million El Paso's Federal Credit Union of El Paso, Texas last week when the NCUA liquidated the credit union and discontinued operations.
According to a release, the NCUA made the move Friday after determining the 1,035-member credit union was insolvent and had no prospect for restoring viable operations.
A look at EPFCU's financial reports reveal inconsistent numbers provided to the agency by former Manager Lou Hernandez. As of June 30, the insolvent credit union had 11.38% net worth, up from 9.92% as of March 31.
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