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NCUA Says Poor MBLs Caused 2011 Failure Of New York CU

NOV 27, 2012 11:50am ET

ALEXANDRIA, Va. – NCUA reported this morning that last year’s failure of Eastern New York FCU was mostly caused by poor member business lending, which the $57 million credit union conducted through several layers of CUSOs, subsidiaries through which credit unions typically conduct non-traditional business.

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