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Commentary

NCUA Fraud Detection Specifics Needed: Letter to the Editor

Former NCUA board member challenges the agency to be more forthcoming with how it will better detect fraud in exams.

By Michael E. Fryzel | Updated on April 30, 2015

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.

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