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NCUAs IG takes US Central examiners to task
ALEXANDRIA, Va. (10/22/10)—National Credit Union Administration (NCUA) examiners should have recognized earlier than 2007 and 2008 the risk exposure that U.S. Central FCU’s “significant concentration” in mortgage-backed securities represented, according to a material loss review published by the agency’s Office of Inspector General. The reports was prepared by Crowe Horwath LLP. “Similar to U.S. Central management, prior to 2007, NCUA also placed significant emphasis on the high ratings assigned by the NRSRO on the purchased mortgage-backed securities, and failed to recognize U.S. Central’s exposure to significant concentration risk due to the lack of diversification in their investments,” the report said. The executive summary of the report identified its objectives were to: determine the cause(s) for U.S. Central’s conservatorship and the resulting loss to the National Credit Union Share Insurance Fund, assess supervision of the credit union, and make appropriate recommendations to prevent future losses. The report also discusses the actions of U.S. Central’s management and board of directors generally from 2007 to 2009. The entire OIG report can be found on the NCUA website.
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