ALEXANDRIA, Va. – The director of NCUA’s Office of Examination and Insurance has issued a response to some of the ongoing analyses by third parties regarding the agency’s handling of the failed corporates and the so-called legacy assets and their cost to credit unions.

Saying the agency has made “tremendous progress over the past five years,” Larry Fazio said in an op-ed released last week to Credit Union Journal that “it’s a good time to reflect on the road ahead, as well as on how far we’ve come.” That reflection follows numerous opinions in recent months from parties outside NCUA that have suggested NCUA did not need to conserve all of the corporates, but upon doing so overestimated the costs of the failed corporates’ investment portfolios and, in turn, overcharged natural-person credit unions via annual “assessments.” Those reports have appeared in a number of recent issues of Credit Union Journal, in addition to other outlets.

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