National Credit Union Roundtable members organizing an effort to catalogue and analyze securities held by U.S. Central FCU and Western Corporate FCU don't doubt the NCUA's reported loss estimates.
Rather, said Advisory Committee Chair Rod Staatz, the regulator's unwillingness to make valuation details and methodology public shuts credit unions out of decisions regarding the impaired portfolios.
"We're not going for something as extensive as what PIMCO and Clayton have already produced," Staatz said by phone from Boston, where he was attending CUNA's America's Credit Union Conference and Expo. "What we really want is to build a knowledge base so that, over time, the credit union movement has a chance to work with NCUA going forward."
The president/CEO of the $2 billon State Employees Credit Union of Maryland called the odds of raising the estimated $250,000 price tag "very likely," saying a number of credit unions have expressed interest in contributing $2,000 each. CUNA's National Action and Response Program will serve as the project's fundraising mechanism.
Details including the selection of a securities analysis vendor and who will interface with the NCUA haven't been determined yet, he said.
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