NASCUS Summary of Material Loss Review (MLR) of O.U.R Federal Credit Union
October 15, 2012 - NCUA's Office of Inspector General (OIG) has published a Material Loss Review (MLR) of O.U.R Federal Credit Union a federal credit union located (FCU) in Eugene, Oregon. The failure of the $4.3 million FCU resulted in $3.7 million loss to the National Credit Union Share Insurance Fund (NCUSIF).
The Federal Credit Union Act requires the OIG to perform a MLR when a credit union failure costs the NCUSIF in excess of $25 million or an amount equal to 10% of the total assets of the credit union at the time in which the NCUA initiated §208 assistance or appointed a liquidating agent. The OIG may also initiate a MLR as circumstances so warrant.
To view NASCUS' summary for the MLR, click here.