Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Matz Corporate CUs should consult auditors on impairments
ALEXANDRIA, Va. (9/15/09)--National Credit Union Administration (NCUA) Chairman Deborah Matz on Monday advised corporate credit unions to “consult with their auditors to determine the potential impairment” of any assets related to U.S. Central Federal Credit Union following the recent release of that corporate credit union’s audit. According to Matz, the capital depletion figures reported by U.S. Central through June 30, 2009 “have not changed.” U.S. Central in its audit released last week reported an other-than-temporary-impairment charge of $4.9 billion and recorded $1.2 billion in expected credit losses related to investments as of Dec. 31, 2008. According to Matz, these losses do not affect “the depletion of capital” as the NCUA “determined that all depletion would be based on credit losses, not mark-to-market losses, consistent with the new accounting guidance” that was issued by the Financial Accounting Standards Board in April of this year. See related story in News Now's Sept. 14 edition, "U.S. Central 2008 financial statement released."


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
8 29 ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
8 29 ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
8 29 ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
8 29 ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
8 29 ago