Clayton Fixed Income Services is examining the books of seized corporates U.S. Central FCU and Western Corporate FCU, the NCUA said today in its weekly corporate credit union update.
The result of those reviews, along with the agency's own analysis, will "assist in finalizing the level of Other-Than-Temporary-Impairment (OTTI) charges both corporate credit unions will record."
The Clayton review is the final step in finalizing the corporates' 2008 audited financial statements, which credit unions have been eagerly anticipating so they can justify the impairments they did or didn't take on their own books.
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