The National Consumer Cooperative Bank: An Institution in Transition

In response to a congressional request, GAO reviewed certain areas of the operations of the National Consumer Cooperative Bank. The Bank has recently undergone a major reorganization, converted from a mixed-ownership Government corporation to a quasi-private institution, and experienced high personnel turnover. In addition, the Bank has recently established a nonprofit corporation to administer financial and technical assistance to new, emerging, or low-income cooperatives, and it has unified its lending process, restructured regional operations, and is implementing new contracting procedures.