National Cooperative Credit Union (NCCU) investigated several matters including Cadence Lypso and CORP-EFF according to President Josephine Dublin. She revealed that the results of the investigations would have been shared with stakeholders at the just concluded AGM last week if not that the reports were only made available a few days ago.
She said the board and the supervisory and compliance committee will meet as quickly as possible following the AGM to put the report together for presentation to the membership.
“There were lots of issues and lots of work for this supervisory and compliance committee, and you’ll realize that they are working persons – it’s not that they slacked on it, but there was a lot of investigations,” Dublin said. But what we are saying is that it is not humanly possible to have the report ready today. So I’m asking the meeting to please bear with us, the bulk of the investigation has been done, but we have to get the findings to be able to present the report to you.”
In terms of the growths and expenditures recorded by the NCCU, Dublin said the credit union recorded significant growth and increases in their shares.
“We wish that we could even increase them further, we understand though the situation that we are living in,” she said. “We have also improved financially and continue to have a strong cash-flow position in the NCCU. And our savings and deposit grew by $36 million, so despite the hard times, members are still showing their loyalty and commitment to the credit union.”
The NCCU president revealed that the credit union has not recorded serious growth in the last two years, but it has picked up some bit. “In the last two years, our rate of growth has not been as great, but certainly we expected in 2017 to have had that negative growth; although it is still in the negative, but it has improved for 2018,” she stated. “Our operating expenses have increased; our interest expense has also increased by almost 7%. Again, our result of the large amounts of insurance settlements by members has been deposited in their accounts.”
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