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NCUA OIG 2011 plan notes continuing upcoming ML reveiws
ALEXANDRIA, Va. (12/3/10)—The National Credit Union Administration’s (NCUA) Office of the Inspector General (OIG) released its annual plan for 2011 and announced that it will continue its material loss reviews of the currently conserved Members United Corporate FCU and Southwest Corporate FCU in 2011 to determine the causes of their failures and assess the NCUA’s own supervision of these credit unions. The NCUA earlier this year took control of $9.5 billion in assets Southwest and $7.4 billion in assets Members United has repackaged their legacy assets, along with the legacy assets of other previously conserved corporates, into guaranteed notes that are being sold on the open market. A pair of failed natural person credit unions, Beehive CU and Certified FCU, will also be examined by the OIG during 2011. As many as 12 additional material loss reviews may be undertaken during the year, the OIG said. The OIG plan added that the NCUA may also look into how many credit unions are exceeding the current member business lending cap and whether the NCUA’s current net worth requirements “adequately measure the safety and soundness of natural person credit unions.” The amounts of foreclosures that are retained by credit unions could also be analyzed by the NCUA OIG in 2011. The OIG also plans to examine the NCUA’s own programs in 2011 by reviewing the National Credit Union Share Insurance Fund, the NCUA’s Operating Fund, the Central Liquidity Facility, the Community Development Revolving Loan Fund, and the Temporary Corporate Credit Union Stabilization Fund. For the full OIG plan, use the resource link.
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