A report from the U.S. Government Accountability Office (GAO) on corporate credit unions and how the National Credit Union Administration (NCUA) addressed the crisis was issued two days ahead of schedule on January 4. Titled, “Earlier Actions Are Needed to Better Address Troubled Credit Unions,” the report examines the collapse of several corporate credit unions and the NCUA’s response.
This study was mandated as part of the NCUA accounting bill - the National Credit Union Authority Clarification Act of 2011 - passed at the end of the 111th Congress. The study contains these two specific recommendations:
The NCUA has applauded the report and states that it has implemented some of the recommendations and would continue to do with others.
Click here to read the GAO Study.