NCUA Board Chairman Debbie Matz and Board Member Rick Metsger answered claims of agency examiners requiring some credit unions to sell off long-term investments to address interest rate risk concerns.
Credit union executives who asked to remain anonymous pointed CU Times to the financial reports of First Financial Federal Credit Union in Lutherville, Md., and Erie Federal Credit Union in Erie, Pa. Financial performance reports posted on the NCUA's website showed the two reported large non-operating expenses in recent quarters, with corresponding reductions in investments and increases in cash holdings.
The $1 billion First Financial reported a $10.8 million non-operating expense as of Dec. 31, 2013, and another $4.7 million during the first quarter of 2014.
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