Five Times NCUA Didn’t Do Its Job Over the Last Year

News & Insights

NCUA Chairman Rodney Hood recently sat down with the Cato Institute to discuss financial regulation and inclusion. Throughout the fireside chat, it became clear that Chairman Hood has set forth on a public relations (or should we say crisis communications) campaign to reassure taxpayers that NCUA’s mission is to keep credit unions “safe and sound.”

Though we can appreciate Chairman Hood’s optimism, it’s a little late for that. Here are five times NCUA has failed miserably at regulating over the last year:

  1. NCUA Inspector General’s Material Loss Review – $765.5 million loss to National Share Insurance Fund
  2. Studio City Credit Union employee embezzling $40 million
  3. Municipal Credit Union CEO Kam Wong sentenced for $10 million embezzlement
  4. NCUA Inspector General’s report on inadequate cybersecurity
  5. Six costly credit union-bank mergers approved in 2019