Western Corporate Federal Credit Union members asked management during an informational Webinar this morning why they should continue to support the institution, after management, board members, supervisory and ALCO committees, and NCUA audits didn't identify the potential for investment losses.
Management and NCUA reassured members that they have a handle on the problem, and stressed that continued support of WesCorp will allow the institution to both address liquidity needs and hold securities to maturity, mitigating total cost to credit unions.
WesCorp CEO Philip Perkins also stressed that "those responsible for losses are no longer on the payroll."
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One caller asked why the NCUA didn't limit the concentration of real estate investments for corporates.
"If you want to put egg on the face of the agency, then yes, we failed to place a limit on real estate," said NCUA Region II Associate Director Scott Hunt, who also serves on WesCorp's conservatorship board. Hunt said he thinks the issue will be addressed when the NCUA issues new regulations for corporates based on ANPR comments.
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