The failure of a credit union is an event which must be given top priority by the NCUA in order to determine what happened, why it occurred, who contributed to its demise and what needs to be done going forward to prevent a reoccurrence at another credit union.
A failure of any credit union impacts every credit union. Not only is there the potential of a loss to the share insurance fund, but also there is the negative publicity that impacts the entire industry. That is why an independent analysis of the reasons for the failure is important for the industry, regulator and insurer.
A recent article in CU Times (NCUA Declines to Indentify Exam Changes, April 17, CU Times) addressed the failure of the Taupa Lithuanian Credit Union and the report issued by the NCUA Inspector General. It keyed on the examination process, what the IG said could have been done better and how NCUA responded to the findings.
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