CUNA follows up with FOIA on corporates

WASHINGTON (3/31/09)—Following up two earlier requests for information, the Credit Union National Association (CUNA) has filed a formal Freedom of Information Act (FOIA) request with the National Credit Union Administration (NCUA) regarding its recent actions involving corporate credit unions.

The FOIA request seeks information on the following:

  • All records generated since Jan. 1, 2008 concerning the calculation of the estimated credit losses on mortgage and asset-backed securities announced in NCUA Letter No. 09-CU-06;

  • All records generated since Jan. 1, 2008 concerning the calculation of the $4.7 billion National Credit Union Share Insurance Fund (NCUSIF) liability estimate announced in NCUA Letter No. 09-CU-02, including but not limited to the assumptions used to make that calculation;

  • All records generated since Jan. 1, 2008 concerning the calculation of the $5.9 billion revised NCUSIF liability estimate announced in NCUA Letter No. 09-CU-06, including but not limited to the assumptions used to make that revised calculation;

  • The report submitted to NCUA by Pacific Investment Management Company, LLC concerning the value of mortgage and asset-backed securities held by corporate credit unions (the "PIMCO Report");

  • All records generated since Jan. 1, 2008 concerning the methodology, models, and assumptions used by NCUA to value mortgage and asset-backed securities held by corporate credit unions and to determine NCUSIF's required reserve for potential credit loss;

  • All records generated since Jan. 1, 2009 concerning the methodology, models, and assumptions used by PIMCO to value mortgage and asset-backed securities held by corporate credit unions and to determine NCUSIF's required reserve for potential credit loss;

  • All communications since Jan. 1, 2008 between NCUA and the former or current officers and directors of U.S. Central FCU (U.S. Central) concerning the methodology, models, and/or accounting principles used to value U.S. Central's mortgage and asset-backed securities; and

  • All communications since Jan. 1, 2008 between NCUA and the former or current officers and directors of Western Corporate FCU (WesCorp) concerning the methodology, models, and/or accounting principles used to value WesCorp's mortgage and asset-backed securities.

The FOIA was filed Friday. The NCUA has 20 business days to respond, but extensions to that deadline are possible.

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