Constitution Earns Part I Authority From NCUA

WALLINGFORD, Conn. – Constitution Corporate CU has received Part I expanded investment authority from NCUA – making it the sixth corporate to do so. The authority allows the corporate to take on additional interest rate and credit risk. Both NCUA and the State of Connecticut Department of Banking performed a rigorous review of the corporate's policies, procedures, systems, ALM, and other areas involved with its investments. The corporate credits its risk management department, formed in 1998, for helping the corporate achieve Part I authority. "The ability of our risk management experts to objectively monitor the investment department's activities and the risk posture of the institution is enhanced due to its reporting independence from the investment department," said Jeff Navin, VP and Chief Investment Officer for Constitution.