WASHINGTON – NCUA Board Member J. Mark McWatters called for the NCUA to put more effort toward preventing fraud rather than issuing new rules and regulations.
McWatters said agency data showed approximately 58% of share insurance fund losses over the past five years were attributable to fraud.
"I question why more energy and supervisory effort are not focused on preventing fraud, rather than directed to more, and often onerous new rules and regulations for credit unions to follow. NCUA must take a more thoughtful and diligent approach to combating fraud and inadequate internal control systems at credit unions," he said at CUNA's Governmental Affairs Conference.
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