NCUA official seal. (Source: NCUA)
Paducah Teachers Federal Credit Union, which was liquidated in September by the NCUA, caused an estimated loss of $6.3 million to the Share Insurance Fund, according to the Office of Inspector General's Semiannual Report to Congress.
The credit union, formerly based in Paducah, Ky., became insolvent because of a high-risk loan portfolio, insufficient operational staff and alleged fraud, according to the OIG's report released last month.
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