GAO Rebukes Credit Union Watchdog Over Failures

Law360, New York (January 5, 2012, 6:57 PM EST) -- The U.S. Government Accountability Office issued a report Wednesday faulting the National Credit Union Administration for its handling of the failures of several credit unions in recent years — including five corporate credit unions, which provide backing for the smaller institutions.

The NCUA, which is responsible for administering the National Credit Union Share Insurance Fund that covers member credit unions in case of failure, maintained examination and enforcement processes that failed to result in timely action sufficient to avert the institutions' failure, the GAO said....
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