NAFCU President Fred Becker said he's firing off another letter to the NCUA, accusing the agency of inconsistent reporting in its refusal to release specifics regarding corporate losses and the state of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union investment portfolios.
Becker said the NCUA disclosed corporate-owned securities impairments in official letters to credit unions dated June 2008 and January 2009. Indeed, the NCUA reported last June that 98% of corporate securities were investment grade; however, the January letter reported that number had slipped to 80%.
"We don't understand why the NCUA can report this information in June 2008 and January 2009, but not now," Becker said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
