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News Now

Washington
NCUA releasing more U.S. Central WesCorp info
ALEXANDRIA, Va. (7/14/09)--The National Credit Union Administration (NCUA) on Monday said it would release quarterly reports detailing the portfolio valuations of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union (WesCorp). According to the NCUA release, the reports include information on “quarterly valuations and future loss projections” for the commercial and residential mortgage-backed securities held by both corporate credit unions. In a statement accompanying the release, NCUA Chair Michael Fryzel said that the “NCUA consistently strives to strike a reasonable balance between the desire for transparency and the provision of detailed, relevant data to interested parties,” adding that the release of this information was “part of NCUA’s continuing commitment to make as much material available to the credit union industry and financial public as is possible.” The valuation reports, which were produced by Clayton IPS, LLC, will be made available to federally insured credit unions that agree not to publicly disclose any information contained in the report. More specifically, natural person credit unions may request a copy of the report from their corporate credit union, if it is associated with U.S. Central. These reports will be available for thirty days after U.S. Central and WesCorp’s quarterly financial results are posted. The NCUA has also recently responded to a Freedom of Information Act request by the Credit Union National Association by releasing documents on its early response to corporate credit union losses and liquidity concerns, including previously private information on NCUA board meetings, board actions, and valuations of the mortgage-backed securities portfolios held by U.S. Central and WesCorp. (See related story: NCUA FOIA reports detail early response to corp. CU crises News Now July 9.)


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