A. Observations
Use of Red Flag Questionnaire
Completion of the Red Flag Questionnaire for Small Credit Unions became a requirement on
April 1, 2009, based on a memo issued by NCUA’s Office of Examination and Insurance,
dated March 12, 2009. At the time of Taupa’s failure, NCUA defined small credit unions as
those with assets of $10 million or less,
14
a requirement that only applied to federally
chartered credit unions, so it did not apply to Taupa, a state-chartered credit union with assets
of approximately $23 million. However, prudent business practices do not limit fraud
considerations to asset size. The fact that Taupa’s fraud exceeded its asset size gives
credence to this practice
A. ObservationsUse of Red Flag QuestionnaireCompletion of the Red Flag Questionnaire for Small Credit Unions became a requirement onApril 1, 2009, based on a memo issued by NCUA’s Office of Examination and Insurance,dated March 12, 2009. At the time of Taupa’s failure, NCUA defined small credit unions asthose with assets of $10 million or less,14a requirement that only applied to federallychartered credit unions, so it did not apply to Taupa, a state-chartered credit union with assetsof approximately $23 million. However, prudent business practices do not limit fraudconsiderations to asset size. The fact that Taupa’s fraud exceeded its asset size givescredence to this practice
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