NCUA said today it will allow federally insured credit unions to examine portions of the reports the agency has commissioned on the portfolios of U.S. Central and Western Corporate Federal Credit Union.
The analytical reports, by Clayton IPS, show quarterly valuations and future loss projections for the two corporate credit unions' commercial and non-agency residential mortgage-backed securities. The reports will have some proprietary information redacted, according to NCUA Chairman Michael E. Fryzel, whose agency placed the corporates into conservatorship in March.
Those examining the report will have to sign non-disclosure agreements.
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The Clayton report for the first quarter of 2009 will be available for a minimum period of 30 days beginning today and the report for the second quarter and all succeeding quarters will be made available for a minimum period of 30 days beginning on or about the date U.S. Central and WesCorp each publish their quarterly financial statement.
"NCUA consistently strives to strike a reasonable balance between the desire for transparency and the provision of detailed, relevant data to interested parties, with certain legal and contractual requirements inherent in a process as complicated as this. I am pleased to release the Clayton reports and look forward to future opportunities to provide other information that will help the stakeholders gain new insights into corporate holdings," Fryzel said.
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