The $3.7 billion Corporate One Federal Credit Union is placing full reliance for repayment on monoline insurer Ambac Assurance Corp, bucking the trend of other corporates who have recorded OTTIs on affected securities.
Although it was not ready to name the 12 members of its "Next Steps" corporate working group at press time, CUNA officials did say it will include several members of its corporate credit union task force, as well as some new selections.
Corporate One Federal Credit Union has begun offering investment products and other securities-related services from Pleasant Ridge, Mich.-based broker-dealer Multi-Bank Securities Inc.
NCUA officials have repeatedly said they want credit unions to determine the future structure of the corporate system.
Count the $3.3 billion Corporate One Federal Credit Union among those who disagree with CUNA's Corporate Credit Union Task Force and Members United Corporate Federal Credit Union.
At least five corporate credit unions had posted their unaudited December month-end financial statements online as of press time.
Of the five corporates that have posted unaudited December and year-end figures, three reported net losses and two net profits. However, all are anticipating better bottom lines than those recorded in 2008.
Despite the NCUA-directed cancellation of Western Corporate Federal Credit Union's town hall meetings,
After releasing November financial statements, in which many corporate credit unions wrote off 100% of their U.S. Central capital investments,