Congressman Flood: Inspector General Reveals New Details on Credit Union Merger

WASHINGTON, D.C. – Today, U.S. Congressman Mike Flood issued a statement after receiving a response letter from the Office of the Inspector General for the National Credit Union Administration (NCUA) regarding issues related to the Creighton Federal Credit Union in Omaha. Previously, Congressman Flood had written the Inspector General on November 15, 2024.

The Inspector General’s response included details about the failure of the Creighton Credit Union: 

 “Regarding the specific circumstances that led to the financial problems at Creighton, we learned from NCUA officials involved in examining and overseeing Creighton that Creighton’s loss was not sudden but had accumulated over 26 years due to financial statement fraud perpetrated by the former Chief Financial Officer (CFO). This fraud was only discovered by the credit union and the NCUA after the CFO’s death in April 2024. Specifically, the CFO had understated expenses related to the credit union’s ATM network to artificially boost Creighton’s income statement over 26 years, which resulted in the more than $12 million loss,” wrote the inspector general. 

A copy of the full letter from the Inspector General can be found by clicking here.

“The unexpected financial problems at Creighton Credit Union raised significant questions that needed answers,” said Congressman Mike Flood. “I want to thank the Office of the Inspector General for their detailed response to my inquiries and I hope that this information provides the credit union’s former members with answers they may be seeking.”

Congressman Mike Flood is a member of the Financial Services Committee and serves as Vice Chair of the Republican Main Street Caucus.