ABSTRACT

National Credit Union Administration: Additional Actions Needed to Strengthen Oversight, Report to Congressional Committees   [open pdf - 2MB]

From the Highlights: "NCUA [National Credit Union Administration] oversees federally insured credit unions and administers the NCUSIF [National Credit Union Share Insurance Fund] (which insures the accounts of credit union members). Credit union failures--145 from 2010 through 2020--resulted in more than $1.55 billion in losses to the NCUSIF. The Dodd-Frank Wall Street Reform and Consumer Protection Act contains a provision for GAO [Government Accountability Office] to review MLRs [material loss reviews] and make recommendations to improve NCUA's supervision of credit unions. Among its objectives, this report examines (1) credit union failures since 2010, and (2) NCUA use of supervisory information for deteriorating credit unions and its reporting on failures."

Report Number:
GAO-21-434
Publisher:
Date:
2021-09
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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