NCUA Inspector General quietly reports corporate losses, says others expected to be "much higher still."
Central Liquidity Facility. It sounds like a conveniently located swimming pool for bureaucrats. It is not that, but what it is is misunderstood–even inside the credit union industry–and right now a debate is starting about the CLF’s role as the industry restructures.
As credit union executives prepare to come to Washington next month to lobby Congress, here's a gentle reminder: Mind your manners.
Those are among the red flags raised in the early comment letters filed with the NCUA on the proposed corporate credit union rules that the NCUA sent out for comment last month.
After months of speculation, the NCUA revealed on Sept. 24 a "good bank, bad bank" plan to deal with corporate legacy assets.
Some credit union executives, anxious for the NCUA to reveal its corporate balance sheet solution, say they fear a pending corporate "Black Friday," during which the regulator places three or more corporates into conservatorship or forces mergers.
I was slightly amused when I opened your Jan. 20 edition to the centerfold and noticed articles from two noted credit union lampreys, Marvin Umholtz and Alan Theriault.
After releasing November financial statements, in which many corporate credit unions wrote off 100% of their U.S. Central capital investments,