NCUA's lack of transparency regarding how it calculated corporate losses isn't as much a matter of agency trust as it is corporate accountability.
That's the issue for Lew Whalen, General Manager and CEO of the $28 million KUE Federal Credit Union, and his board. The Lexington, Ky.-based executive said the NCUA's lack of PIMCO report specifics allows corporate managers to shirk responsibility for their actions.
"We have our loan allowance figures that we have to stand behind, so why won't they?" he said of U.S. Central and WesCorp managers and volunteers. "That's what upsets me, my board and my members. We had our stops in place, and even now, our financials are sound. Others didn't, but they aren't being held accountable."
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