The NCUA should be more forthcoming about the terms of its deal with the Newport Beach, Calif.-based Pacific Investment Management Co., which it hired to determine the value of corporate credit union investments, said NAFCU President Fred Becker.
"Not only are credit unions paying for this study, they're paying for whatever losses PIMCO determines, so why not provide transparency," he said of the NCUA.
NAFCU members don't have a problem with the fact that PIMCO was selected to perform the portfolio reviews, Becker said, but they should be allowed to review the end result, and the methods used to arrive at those figures.
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