Submitting OIG:
Report Description:
The National Credit Union Administration Office of Inspector General contracted with Moss Adams LLP to conduct a Material Loss Review of
three federally insured credit unions, Melrose Credit Union, LOMTO Federal Credit Union, and Bay Ridge Federal Credit Union. We reviewed the credit unions to: (1) determine the cause(s) of the credit unions’ failure and the resulting estimated $765.5 million loss to the National Credit Union Share Insurance Fund; (2) assess NCUA’s supervision of the credit unions; and (3) provide appropriate suggestions and/or recommendations to mitigate future losses.
Short / Alternative Report Title:
Material Loss Review of Melrose CU, LOMTO FCU, and Bay Ridge FCU
Date Issued:
Friday, March 29, 2019
Agency Reviewed / Investigated:
Submitting OIG-Specific Report Number:
OIG-19-06
Location(s):
Agency-Wide
Type of Report:
Review
Questioned Costs:
$0
Funds for Better Use:
$0
Number of Recommendations:
3
View Document:
Attachment | Size |
---|---|
ncua-oig-1906-mlr-melrose-lomto-bayridge.pdf | 623.34 KB |
Additional Details Link: