If the NCUA requires credit unions to sign a non-disclosure agreement to view Clayton Holding's securities portfolio valuation for U.S. Central FCU and Western Corporate FCU, why is Corporate America Credit Union allowed to post its Clayton report online for the whole world to see?
Corporate America President/CEO Thomas Bonds, who is also an attorney, said he's "pretty sure" he didn't sign a non-disclosure agreement with Clayton, and said the Shelton, Conn.-based due diligence firm knows his report is posted on Corporate America's Web site (www.corpam.org).
However, he said it's possible U.S. Central and WesCorp did sign non-disclosure agreements with Clayton before the NCUA placed the two into conservatorship.
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"NCUA General Counsel Bob Fenner is brilliant man, he knows what he's doing," Bonds said. "If the NCUA says an NDA is required, odds are Fenner is right. I don't think the Office of General Counsel has any interest in making people sign an agreement if they don't have to. That's a lot of extra work."
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