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News Now

Washington
PwC report summary on corporates unveiled
ALEXANDRIA, Va. 3/11/09-–A PricewaterhouseCoopers LLP (PwC) report summary, with recommendations for stabilization and improvement of the corporate credit union system, was released by the National Credit Union Administration (NCUA) yesterday. The report identifies good practice models from the system as well as outlines proposed actions to address corporate system needs. The NCUA engaged PwC in November 2008 to review NCUA recommendations for realignment of the corporate credit union system. PwC worked with the agency to analyze stabilization and improvement recommendations. The firm also evaluated implementation challenges. Specifically, the report identifies issues and provides observations and recommendations in four areas: liquidity; capital; structure; and, risk management. The NCUA provided a summary, as requested by the Credit Union National Association (CUNA), but called the report “confidential.” CUNA has also requested that the NCUA provide upcoming results of a PIMCO report analyzing corporate credit unions' investments and their potential losses. PIMCO is a leading global investment management firm Regarding the PwC report, the three-member NCUA board issued the following joint statement: “The PricewaterhouseCoopers LLP confidential report followed a thorough analysis and input from all sources with critical knowledge of the corporate credit union system. “The report augments existing information and serves to validate staff evaluations that the board will use, along with comments received from the advance notice of proposed rulemaking, when considering whether to amend its regulation governing corporate credit unions.” Use the resource link below to access the summary.


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