Tomorrow NCUA staff will provide a report to the NCUA Board on the state of the NCUSIF. As the NCUA is going through this exercise, it still has not provided its 2008 annual report to credit unions. Speculation around the industry is running rampant as to why, and anger at the agency's hypocrisy after condemning the corporates (and mutual savings bank conversion candidates for that matter) on their lack of transparency is coming to a head. As an aside, Members United has not yet provided its Q4 2009 investment losses.

Some smart people within and outside the credit union industry are saying the math just doesn't add up. The NCUA has said the "legacy" (euphemism for the "crap pools" Goldman Sachs referred to in its emails disclosed at yesterday's congressional hearing) assets at corporates total $50 billion. Say the NCUA is able to unload these at 50 cents on the dollar, which it probably can't, that means a $25 billion tab remains. The entire NCUSIF has total assets of just under $20 billion as of the end of February, including the $10 billion loan from the Central Liquidity Facility.

Q. Where's that money going to come from?