Accounting firm Crowe Horwath put an asterisk on its audit approval of Southwest Corporate FCU's 2009 annual report, and it wasn't the usual exception that member capital shares should be reported as liabilities instead of equity.
Instead, the Oak Brook, Ill.-based auditor said uncertainties in the corporate network raise "substantial doubt about Southwest Corporate's ability to continue as a growing concern."
Crowe Horwath listed among the uncertainties the continuance of NCUA's regulatory forbearance on corporate capital requirements, proposed new corporate regulations that include tougher capital requirements, and the NCUA's plan for corporate legacy assets, which is still under wraps.
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