Callahan & Associates Chairman Chip Filson said he questionsa nearly $2 billion reduction in the NCUA's Central LiquidityFacility stock reported in October when U.S. Central Bridge wasliquidated. Filson also posted a blistering Feb. 28 opinion pieceon the Callahan website questioning the NCUA's financialtransparency on the matter.

CLF financial statements as of Sept. 30 posted on the NCUA'swebsite show that the fund had $65 million worth of stock purchasedby regular members and $1.845 billion purchased by agent members,which refers to U.S. Central. October's financial statement showsthe agent member stock reduced to zero.

On U.S. Central's 5310 report, also posted on the NCUA'swebsite, as of Sept. 30, $1.85 billion in CLF stock was reported onthe books, but it too had been reduced to zero as of Oct. 31.

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