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A New York credit union that was consolidated earlier this year because of its poor financial condition caused an estimated loss of $163,600 to the Share Insurance Fund, according to the NCUA's Office of Inspector General's Semiannual Report to the Congress.
"Branch Credit Union entered a merger with Consumers Federal Credit union with cash assistance," the OIG's report, released last month, said. "Branch Credit Union's net worth was critically undercapitalized with no reasonable expectation of solvency due to serious and persistent recordkeeping problems and a material decline in financial condition."
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