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Article: Examiners Cited in Mich. CU Failure.
- Article from:
- American Banker
- Article date:
- December 8, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ed Roberts, Credit Union Journal
The National Credit Union Administration's Inspector General's Office concluded that both the federal regulator and Michigan's credit union supervisor were lax in their oversight of a failed institution, and that the NCUA should step up its efforts to monitor state-chartered credit unions.
The $360 million-asset Huron River Area Credit Union in Ann Arbor was one of three that failed last year after making speculative loans on real estate developments in southwest Florida. The others were Norlarco Credit Union in Fort. Collins, Colo., and New Horizons Community Federal Credit Union in Denver.
The Huron ...