Federal accounting rules for nonprofits may be among the challenges preventing the NCUA from simply adopting the structure of FDIC's March 5 securitization of toxic bank investments.

Scott Waite, chief financial officer for the $3.7 billion Patelco Credit Union and a member of FASB's small business advisory board, said he's not privy to the NCUA's plan. However, he said credit unions' nonprofit status may trigger some federal accounting rules that trump GAAP.

Simply speaking, banks consider customer deposits a liability, separate from investments designed to generate profits for share holders. In contrast, natural person credit union investments are generally excess member deposits they are unable to lend to other members. Nonprofit corporate credit unions were created, in part, to handle those short and long-term liquidity and investment needs.