A recent article in CU Times addressed the failure of Taupa Lithuanian Credit Union and the report issued by the NCUA Inspector General (IG). It keyed on the examination process, what the IG said could have been done better, and how the NCUA responded to the findings.
Financial regulators are and should be very cognizant of the fact that when an institution over which they have regulatory authority fails; they bear the burden of responding to why such an event occurred. In addition, they are mandated to put in place the steps necessary to correct any missteps on their part that contributed to the failure.
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