ALEXANDRIA, Va. – With losses growing among the corporate network, NCUA moved aside the director of its Office of Corporate CUs Friday.
Kent Buckham, who has headed the corporate office for the past six years, was reassigned to head the agency’s Office of Economic Development, which is implementing a National Exam Team that will focus on high risk credit unions.
Scott Hunt, associate director in NCUA’s MidAtlantic Region 2 has been appointed to head the corporate program on a temporary basis. Hunt has worked on the corporate exam program and as a senior investment officer in the capital markets area.
The move comes as a growing number of corporates are reporting losses on their investment portfolios, with more than $10 billion of unrealized losses accruing in the corporate network.
