On-Site Coverage: CUNA Will Prepare Own Corporate Loss Estimate
NEW ORLEANS - CUNA will prepare a corporate loss estimate report that will be made public within the next two months. Chief Economist Bill Hampel made the announcement this morning during the trade's CFO Council Conference general session.
Hampel said his organization signed a non-disclosure agreement with NCUA that will allow it to obtain CUSIP identifiers for U.S. Central FCU and Western Corporate FCU. CUNA will then use the information to research the seized corporates' investments and provide credit unions with a narrower range of loss outcomes.
"The NCUA is appropriately governed by accounting rules," Hampel said. "The estimates produced by PIMCO, and more recently Clayton, are for the purpose of producing a number for financial reports. But, as a result, credit unions aren't very informed about the range of possible losses."