In 2011, an NCUA examiner-in-charge reviewed a 2010 state examination of the $23.6 million Taupa Lithuanian Credit Union and said it sounded all too familiar.
"[M]BLs, policy updates, investment and record keeping errors, NO delinquency and NO charge offs in over 10 years, this credit union looks, sounds and acts like St. Paul Croatian waiting to happen all over again," wrote the EIC, according to the NCUA Office of Inspector General's material loss report released on March 28.
About two dozen people, including former president/CEO Anthony Raguz, were convicted for embezzling more than $71 million from the Saint Paul Croatian Federal Credit Union, another Cleveland-area cooperative that was shuttered by NCUA in 2010.
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