ALEXANDRIA, Va. – NCUA said it won’t extend the monthly collection of financial data from credit unions in its Southeast Region Three, which it began almost three years ago during the biggest natural person credit union failure ever, Eastern Financial Florida CU.
An NCUA spokesman on Tuesday said the agency has decided against requesting an extension of the program – as it had proposed just last week – and instead will terminate the temporary measure.
Under the program, credit unions with more than $1 billion in assets in the Southeast Region submitted their financial data monthly, instead of quarterly, as all federally insured credit unions.
Eastern Financial was a venerable, $2.4-billion Miami credit union that failed in 2009 amid the state’s real estate bust, then was merged into Space Coast CU, located three hours north. An internal report conducted by NCUA showed the examiners in Florida and at NCUA were slow to grasp the seriousness of its financial problems, prompting the additional data request for the region’s credit unions.
