NCUA Board Chairman Debbie Matz and Board Member Rick Metsger answered claims of agency examiners requiring some credit unions to sell off long-term investments to address interest rate risk concerns.
Credit union executives who asked to remain anonymous pointed CU Times to the financial reports of First Financial Federal Credit Union in Lutherville, Md., and Erie Federal Credit Union in Erie, Pa. Financial performance reports posted on the NCUA's website showed the two reported large non-operating expenses in recent quarters, with corresponding reductions in investments and increases in cash holdings.
The $1 billion First Financial reported a $10.8 million non-operating expense as of Dec. 31, 2013, and another $4.7 million during the first quarter of 2014.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
