Corporate Execs: NCUA Mum on Legacy Assets
Corporate executives tell Credit Union Times they don't know anything about NCUA's legacy assets plan, including whether or not their investments will be included.
First Carolina Corporate FCU's president/CEO David Brehmer said he hasn't had any formal discussions with NCUA Board or staff regarding the regulator's legacy assets plan, nor does he know of any other corporate executive who has.
Should the NCUA include all corporate-owned private label MBS in its legacy asset plan, and the $2.3 billion First Carolina is forced to recognize unrealized losses as a result, it would further deplete the corporate's 2% net worth. Brehmer called the NCUA's lack of transparency "frustrating" and it is breeding apprehension, distrust and even anger among his members as they try to plan for the future.
Kevin Brauer, senior vice president of member relations for the $9.5 billion Members United Corporate FCU said, "if approached by the NCUA, Members United stands ready to discuss our thoughts in regard to any proposed legacy assets plan."
Mid-Atlantic Corporate FCU Senior Vice President of Marketing Leigh E. Philibosian said the NCUA hasn't met with CEO Jay Murray, nor has NCUA asked for any information regarding the $4 billion corporate's investments.
Missouri Corporate CU President/CEO Dennis DeGroot said he isn't privy to legacy assets plan details, but added his $775 million corporate probably doesn't own any qualifying investments.