Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.


RSS print
News Now LiveWire
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
8 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
9 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
10 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
10 hours ago
New #FinCEN proposal would strengthen, clarify due diligence obligations for financial institutions. http://t.co/2yxVUXCrYA
10 hours ago