The National Credit Union Administration is cracking down on corporate credit unions, demanding audit documents the institutions already should have delivered.
"It has come to my attention that we have not been diligent in ensuring that all corporate credit unions are in compliance" with some reporting regulations, H. Allen Carver, director of the agency's Office of Corporate Credit Unions, wrote in a letter sent to the liquidity centers. Under agency regulations, corporates must give it a copy of their annual audit and management letters. Mr. Carver's letter reflects heightened scrutiny of corporates and concerns by the agency about the quality of its supervision.