Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA seeks transparency on corporate plan
WASHINGTON (3/2/09)—The Credit Union National Association (CUNA) has asked the National Credit Union Administration (NCUA) to provide credit unions with more information on how the federal regulator reached its decisions regarding the Corporate Credit Union Stabilization Program. In separate letters to each NCUA board member sent Friday, CUNA also asked for greater transparency on future decisions the agency will have to make regarding the program. Additionally, CUNA President/CEO Dan Mica urged the NCUA to immediately provide to the credit union system upcoming results of a PIMCO report analyzing corporate credit unions’ investments and their potential losses. PIMCO is a leading global investment management firm. Mica noted that that analysis will be significant in determining the agency’s next steps on corporates, including a revised estimate of the cost to the National Credit Union Share Insurance Fund of the corporate credit union deposit guarantee. “In that regard,” wrote Mica, “we urge NCUA to provide a summary of PIMCO’s findings…immediately following the completion of the report, and be completely transparent about the assumptions and modeling relied upon by PIMCO, including how the estimates in the report were developed.” Regarding information on how the NCUA reached its original decisions on the corporate program, CUNA specifically requested:
* The data, assumptions, and analysis it relied upon to decide to implement the Corporate Stabilization Program; * The data, assumptions, and analysis it relied upon to estimate the cost of the corporate deposit guarantee; and * A summary of the PricewaterhouseCoopers report presented to the Board in January.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
6 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
11 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
11 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
13 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
13 hours ago