Republished from chipfilson.com
Over the past eighteen months the credit union community has either paid the bills or is on the hook for the following situations:
- A $1 billion cash payout for the Melrose CU and LOMTO FCU liquidations
- An estimated $40.5 million shortfall for a two decade embezzlement by the CEO at CBS Employees FCU
- A $125 million write off at Municipal Credit Union at June 30, while under NCUA conservatorship.
In each situation there has been no objective, public discussion of what happened. No lessons have been taken away from these extraordinary losses and how they might be eliminated or mitigated in the future.