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Since U.S. Central Federal Credit Union released first-quarter financials that showed only a 23% impairment to member capital accounts, not 63% as reported two weeks earlier, financial managers have debated how to record the evolving losses.

In a Letter to Credit Unions released May 22, the NCUA stressed its original credit loss estimate of a 63% MCA impairment has not changed; rather, “discounting the cash flows from these losses in accordance with GAAP results in a reduction in other-than-temporary-impairment (OTTI) charges to $1.8 billion,” the agency stated.

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