Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA follow-up says substantial corporate impairment likely
ALEXANDRIA, Va. (9/21/09)—In a follow-up letter to the release of U.S. Central’s 2008 audited financial statements, the National Credit Union Administration (NCUA) said it is likely all invested corporates will record substantial impairments in their reports due at the end of November. The letter from the NCUA’s Office of Corporate said each U.S. Central member corporate is expected to review the audited financial statement to determine if its U.S. Central capital assets have experienced other-than-temporary impairments that would require recognition and measurement on their financial statement. To facilitate that process, the OCCU set forth these expectations for the corporate members:
* Consult with their licensed independent accountants regarding the recognition of any impairment from U.S. Central capital accounts, and regarding the need to restate any earlier financial reports; * If losses associated with the depletion at U.S. Central create a retained earnings deficit at any quarterly or annual reporting period, deplete contributed capital as needed to replenish retained earnings to zero (in accordance with Part 704.2 of the NCUA Rules and Regulations); and, * If needed, submit revised 5310 Call Reports.
The letter noted that the above actions are to be accomplished with the issuance of a corporate credit union’s Oct. 31 regulatory reports and submitted no later than Nov. 30, and that the OCCU will monitor corporates’ efforts to comply.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
1 Day ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 Day ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
1 Day ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 Day ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 Day ago