ALEXANDRIA, Va. — Under questioning from NCUA Board Member Mark McWatters, outgoing NCUA CFO Mary Ann Woodson said Thursday that almost all of the losses from 2014′s credit union failures were a result of fraud.
Woodson told the NCUA Board that $28.6 million (94%) of the $30.4 million in losses to the NCUSIF from the 12 credit union failures this year related to fraud.
Woodson delivered the NCUSIF quarterly report at the NCUA board meeting on Thursday.
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