VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
2022-2023 Tax Planning Guide
On Feb. 11, 2020, the National Credit Union Administration (NCUA) Office of Inspector General (OIG) issued a Material Loss Review (MLR) of C B S Employees Credit Union. The former CEO of the now liquidated credit union embezzled approximately $42.2 million dollars, primarily through the misappropriation of funds using fraudulent official credit union checks. The embezzlement occurred over a 20-year period and the CEO acted alone. The OIG found the fraud remained undetected for so long in large part because of the lack in segregation of duties. The former CEO possessed the following:
The OIG also determined that the quality of Supervisory Committee audits and member account verifications was poor.
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