Material Loss Review of Indianapolis' Newspaper Federal Credit Union

The NCUA Office of Inspector General contracted with Moss Adams LLP to conduct a Material Loss Review of Indianapolis’ Newspaper Federal Credit Union, a federally insured credit union. We reviewed the Credit Union to: (1) determine the cause(s) of the Credit Union’s failure and the resulting estimated $2.29 million loss to the Share Insurance Fund, (2) assess the NCUA’s supervision of the Credit Union, including implementation of the prompt corrective action requirements of Section 216 of the Federal Credit Union Act, and (3) provide appropriate observations and/or recommendations to prevent future losses.