The $34 billion U.S. Central Federal Credit Union and the $23 billion Western Corporate Federal Credit Union both failed NCUA stress testing, but agency spokesman John McKechnie said the rest of the corporate network passed.
"Our review of the situation, combined with other information from the private sector entity we contracted with, doesn't suggest additional (action) is warranted at other corporates, and that's good news," McKechnie said.
Friday's conservatorships were the result of the agency's recent analysis of every corporate's investment portfolio, which concluded that investment losses across the network could reach as high as $16 billion, raising the hit on the NCUSIF from $4.7 billion to $5.9 billion.
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