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News Now

Washington
NCUA meets GAOs loss estimate recommendations
WASHINGTON (5/21/12)--The Government Accountability Office (GAO) has informed the National Credit Union Administration (NCUA) that the agency has satisfied GAO's recommendations that the NCUA Office of Inspector General (OIG)  review the agency's loss estimates regarding the legacy assets of some of the corporate credit unions.

In a recent report, entitled "National Credit Union Administration: Earlier Actions Are Needed to Better Address Troubled Credit Unions (GAO-12-247),"  the GAO had  recommended that the NCUA provide its OIG supporting documentation that would verify the total losses incurred from Jan. 1, 2008 to June 30, 2011.

In a letter dated May 18, the GAO noted that the federal credit union regulator had, since that report, provided its OIG the supporting documentation on the loss estimates for the Corporate Credit Union Stabilization Fund and the NCUA 2010 Financial Statement Audit for Temporary Corporate Credit Union Stabilization Fund.

"Based on the documentation provided, the OIG has concluded the loss estimates are reasonable," GAO said in its letter.


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