In response to feedback, the $3 billion Catalyst Corporate FCU said it will electronically deliver a new Due Diligence Report to members that includes financial statements with detailed commentary, information about Catalyst’s risk profile, portfolio composition, CUSO investments, and compliance with regulation, as well as other operational procedures.
The Plano, Texas-based corporate said Wednesday the report will help members monitor its performance and practices on a regular basis using charts and graphs in an easy-to-navigate format.
Each edition will also include useful information pertaining to current credit union issues; the first edition features information about emergency liquidity and the Temporary Corporate Credit Union Share Guarantee.
“Catalyst recognizes that transparency — in financial performance, regulatory compliance, investment activities and future plans — is critical to building and sustaining strong member relationships,” said Kathy Garner, president/CEO. “By providing this report on a regular basis, our intent is to help member credit unions feel confident in their partnership with Catalyst.”
Catalyst officials also said it plans to also make due diligence information on vendors available to members. In addition to electronic delivery to members, the report can be downloaded from Catalyst’s website.
The 1,500-member Catalyst finalized its purchase and assumption of Western Bridge Corporate FCU in July, and will add First Corporate FCU members and operating assets to its balance sheet effective Oct. 29.