NCUA should release as much data as possible from the forthcoming analysis of corporate credit unions' holdings of asset-backed securities, NAFCU President Fred Becker wrote in a letter to NCUA Chairman Michael E. Fryzel.
As part of its efforts to rescue corporate credit unions, NCUA has hired PIMCO to conduct a comprehensive analysis of the corporates' holdings.
In a letter he sent to Fryzel yesterday, Becker asked for "the immediate release of the parameters and scope of the analysis that PIMCO has been charged with conducting on corporate credit unions. Further, on completion of PIMCO's study we would request a comprehensive summary of PIMCO's findings, to include, at the very minimum an aggregation of the anticipated losses and the parameters of such anticipated losses."
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NCUA Director of Congressional and Public Affairs John McKechnie said in a statement today that "because the PIMCO report contains information that is supervisory in nature, it will remain confidential. We intend, however, to release aggregate results when the report is released."
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