Groups that filed Freedom of Information Act requests to access the NCUA's PIMCO report have 30 days to contest whether information provided by the regulator meets FOIA standards.
NAFCU Director of Regulatory Affairs Carrie Hunt said her trade association is weighing its options, because members are asking for greater transparency. The NCUA cited PIMCO's evaluation of corporate credit union investments when it placed U.S. Central Federal Credit Union and Western Corporate Federal Credit Union into conservatorship March 21.
According to the U.S. State Department's Web site (usdoj.gov), "The Freedom of Information Act generally grants any person the right to request access to federal agency records or information. All agencies of the U.S. Government are required to disclose records upon receiving a written request.
Recommended For You
However, nine exemptions and three exclusions are protected from disclosure.
PIMCO cited Exemption 4 when it shielded its methodology and financial information, indicated by the (b)(4) posted on blanked-out sections. Exemption 4 "protects trade secrets and commercial or financial information obtained from a person [that is] privileged or confidential," the state department says.
Additionally, FOIA Exemption 8 covers "
matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
