Corporate America Credit Union President/CEO Thomas Bonds expects to sell the last of his private-label mortgage-backed securities by September, around the time NCUA will release its legacy assets plan that will separate such investments from corporate balance sheets.

"Because of the way we have repositioned our portfolio, we're not concerned about NCUA coming in and having us involuntarily surrender investments," he said. Bonds confirmed that after the last private-label MBS is sold, no investments will remain on the $3.2 billion institution's books that aren't allowed under proposed corporate regulations.

Corporate America sold off much of its toxic asset portfolio late last year, reducing it from $140 million to only $21 million as of July 31. Bonds said he started with bonds that had the largest principal balance and pursued an aggressive strategy, accepting a lower bid in favor of future losses.