Western Corporate FCU's investment portfolio is performing worse than previously estimated by NCUA and Clayton Holdings.

Western Corporate FCU reported nearly $50 million in new OTTIs in its March financial reports, posted on the San Dimas, Calif.-based corporate's website. (www.wescorp.org)

Later today, the $22 billion Western Corporate FCU will announce $25.4 in new OTTIs due to monoline insurer Ambac's declining ability to meet bond insurance claims, NCUA spokesman John McKechnie told the Credit Union Times.

Monoline insurer Ambac's weakened condition resulted in an additional $274 million worth of losses for U.S. Central FCU

Even though the NCUA is closer to finalizing its plan to separate $50 billion worth of toxic assets from corporate balance

Despite calls for corporate consolidation, small corporate executives told Credit Union Times they are not in merger discussions nor are they likely to merge.

Larry Eisenhauer, president/CEO of the $340 million Kansas Corporate CU, said his members want the corporate to "remain a separate entity."

Although it was not ready to name the 12 members of its "Next Steps" corporate working group at press time, CUNA officials did say it will include several members of its corporate credit union task force, as well as some new selections.