Credit Unions: Reforms for Ensuring Future Soundness : Report to the Congress |
From inside the book
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Page 3
... risk . The recent sharp decline in the condition of banks and their insurance fund shows how quickly problems can appear . Difficulties could develop if credit unions are not operated safely and soundly in their new environment , if ...
... risk . The recent sharp decline in the condition of banks and their insurance fund shows how quickly problems can appear . Difficulties could develop if credit unions are not operated safely and soundly in their new environment , if ...
Page 4
... risk , has been increased real estate lending , including first mortgages and home equity loans . Such lending rose from 5 percent of assets in December 1985 to 21 percent in June 1990. First mortgages alone rose from 5 to 12 percent of ...
... risk , has been increased real estate lending , including first mortgages and home equity loans . Such lending rose from 5 percent of assets in December 1985 to 21 percent in June 1990. First mortgages alone rose from 5 to 12 percent of ...
Page 5
... risk . GAO notes , however , that neither the industry nor the fund has been under pressure in recent years . To help assure that the insurance function would be given priority if conditions should deteriorate , GAO believes a number of ...
... risk . GAO notes , however , that neither the industry nor the fund has been under pressure in recent years . To help assure that the insurance function would be given priority if conditions should deteriorate , GAO believes a number of ...
Page 6
... risk to NCUSIF . This could be corrected by placing staff responsibility for the insurance and regulatory functions in two , co - equal line organizations . The directors of both entities should report individually to the Board . Second ...
... risk to NCUSIF . This could be corrected by placing staff responsibility for the insurance and regulatory functions in two , co - equal line organizations . The directors of both entities should report individually to the Board . Second ...
Page 8
... risk between examinations . This is particularly important in the case of large credit unions , whose operations can be quite complex and whose problems , if not identified early , could pose major risks to the insurance fund ...
... risk between examinations . This is particularly important in the case of large credit unions , whose operations can be quite complex and whose problems , if not identified early , could pose major risks to the insurance fund ...
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Common terms and phrases
accounts amount annual assistance authority borrowing CAMEL code CAMEL rating cash Changes in NCUA cial common bond Condition of Credit corporate credit unions Credit Union Act Credit Union Administration credit union industry Credit Union Law December 31 depository institutions enforcement actions equity failing credit union FDIC federal credit unions federally insured credit field of membership financial and statistical financial statements FIRREA fiscal GAAP income increased insolvent insurance fund insured credit unions insured shares investments June 30 Law and Regulation liabilities losses million mortgage mortgage loans National Credit Union natural person credit NCUA Board NCUA examiners NCUA regional needed operating percent of assets percentage person credit unions premiums Price Waterhouse problem credit unions ratio recommendations regional directors regulatory repurchase agreements retained earnings risk safety and soundness savings associations September 30 Supervision of Credit tion total assets tripwires uninsured Unions and NCUSIF Unions and U.S.
Popular passages
Page 243 - Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis...
Page 243 - An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for the opinion expressed above.
Page 244 - ... and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles.
Page 260 - ... in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their...
Page 270 - Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate.
Page 296 - Act to establish a Federal Credit Union System, to establish a further market for securities of the United States and to make more available to people of small means credit for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.
Page 316 - Board, with two members ex officio, the Chairman of the Federal Reserve Board and the Secretary of the Treasury.
Page 244 - Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
Page 224 - Federal Credit Union Act". (June 26, 1934, c. 750, § 1, 48 Stat. 1216.) Act of June 26, 1934, cited to the text, was entitled "An Act to establish a Federal Credit Union System, to establish a further market for securities of the United States...
Page 217 - Credit union organization shall be limited to groups (of both large and small membership) having a common bond of occupation, or association or to groups within a well-defined neighborhood, community or rural district.