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NCUA Inspector General Report to Congress

Last week, the NCUA's Office of the Inspector General published its semi-annual report to the agency and Congress regarding NCUA’s work from October 1, 2010 to March 31, 2011. The report addresses the agency’s efforts to deal with credit unions in the wake of the financial crisis, problems with NCUA examination and supervision, material loss reviews including shortcomings of the agency to identify and correct problems, the resolution of conserved corporate credit unions, and the implementation of the Dodd-Frank Act.

The NCUA estimates that losses from Constitution, Members United, and Southwest Corporate are approximately $1.5 billion and a material loss review regarding these corporates is expected by July 2011. CUNA’s Regulatory Advocacy group is preparing a summary of this report and other recent NCUA material loss reviews.

Visit the NCUA’s website to view the report to Congress.