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NCUA FOIA reports detail early response to corp. CU crises
ALEXANDRIA, Va. (7/9/09)--The National Credit Union Administration (NCUA) has posted online a redacted report which details the proceedings of closed sessions of several NCUA board meetings that took place between October 2008 and March 2009. The redacted report was released in response to requests by the Credit Union National Association (CUNA) and others under the Freedom of Information Act (FOIA). The report, which centers on corporate credit union assets and other related information, includes four NCUA Board closed meeting transcripts, two copies of the Board Action Memorandum authorizing the Temporary Corporate Credit Union Share Guarantee Program and related measures, and other once-private information regarding the NCUA's valuation of the mortgage-backed securities portfolios held by U.S. Central FCU and Western Corporate FCU’s (WesCorp). The redacted documents detail NCUA staff ’s presentations to the NCUA Board on how to deal with possible corporate credit union losses and liquidity concerns, and include information on the estimated costs that implementing a corporate credit union share guarantee would impose on federally-insured credit unions. The documents also outline the NCUA’s discussions on how best to determine the fair value of the corporate share guarantee. The NCUA Board closed meeting transcripts also provide some insight into the Pacific Investment Management Company LLC (PIMCO) credit analysis of the corporates' mortgage-backed securities, as well as details about WesCorp's and U.S. Central's mortgage-backed securities. A previously unreleased Board Action Memorandum (BAM) also provides the NCUA’s early estimates of the billions in unrealized losses related to U.S. Central and WesCorp. The BAM also discusses the other than temporary impairment charges assessed on U.S. Central, WesCorp, and some other corporate credit unions. The NCUA responded to an earlier CUNA FOIA request by releasing 56 highly-redacted pages related to the 4,500 page PIMCO report to CUNA early last month. The NCUA later posted those documents on its website. Use the resource links below to access a CUNA summary of the recently released items as well as the NCUA board meeting report.


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