SE Nebraska News

U.S. Congressman Mike Flood has released a statement following a response from the Office of the Inspector General for the National Credit Union Administration (NCUA) concerning issues related to Creighton Federal Credit Union in Omaha. The congressman had previously reached out to the Inspector General on November 15, 2024.

The Inspector General's letter revealed details about the failure of Creighton Credit Union. It stated: "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 more than $12 million loss."

Congressman Flood expressed his gratitude for receiving this detailed response, stating: “The unexpected financial problems at Creighton Credit Union raised significant questions that needed answers. 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 currently serving as a member of the Financial Services Committee and holds a position as Vice Chair of the Republican Main Street Caucus.