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
#NewsNow: CU leagues of 5 states call for merchant breach accountability http://t.co/lnmpna8AoV
12 hours ago
Worker's CU, Fitchburg, Mass., was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award
13 hours ago
.@Servicecu was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award.
13 hours ago
SACU of San Antonio was 1 of 5 CUs honored with a 2014 @CUNA Technology Council Excellence in Technology Award
14 hours ago
Credit report tips from @CUNA's Susan Tiffany at @RISMediaUpdates http://t.co/ezefKXwWjw
14 hours ago