U.S. Central Federal Credit Union will release its March 2009 financials today, the NCUA released in its weekly corporate credit union update.
The report also said the NCUA Board will be considering changes to the Temporary Corporate Credit Union Liquidity Guarantee Program later this month, aiming to provide longer term funding options.
NCUA Chairman Michael Fryzel acknowledged the impact of U.S. Central's OTTI on member capital has raised some questions pertaining to the NCUA's January $1 billion capital injection, which occurred prior to the conservatorship, and how to apply impairment to the NCUSIF note.
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"I want to assure the credit union community that before any final invoices are mailed out, NCUA will perform an updated analysis to reflect an accurate and realistic assessment charge, keeping in mind there are some differences between the accounting for OTTI charges at the institution level and reserving requirements for the share insurance fund," he said.
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