Corporate America Credit Union filed a Sept. 18 complaint with the NCUA Ombudsman that alleges a disputed exam exception has cost the Irondale, Ala.-based corporate $1.5 million.
According to a copy obtained by the Credit Union Times, the complaint disputes a March 26 exam report in which Corporate America was cited for "ISI modeling and NEV reporting inaccuracies and deficiencies."
Region I Director Mark Treichel, who was Acting Director of the Office of Corporate Credit Unions at the time, restricted Corporate America's investment purchases to floating rate U.S. Government and agency securities and U.S. Central Federal Credit Union guaranteed shares.
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Corporate America contends its September 2008 decision to move its NEV modeling business from the U.S. Central-run CU Investment Solutions, Inc. to the Denver-based FIMAC Solutions, LLC is the underlying issue. Treichel addressed the two models in a June 18 letter to Corporate America, reporting both ISI and FIMAC NEV reports disclosed risk violations.
Corporate America responded that ISI is not its NEV modeling provider; and furthermore, the NCUA fouled up its numbers, incorrectly reporting a positive number as a negative. The corporate claims the NCUA's investment restrictions have caused it to lose $1.5 million in "forgone income."
The NCUA's Cherie Umbel and Corporate America's Thomas Bonds both confirmed the complaint, but declined to comment.
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