ALEXANDRIA, Va.-With losses growing among the corporate network, NCUA moved aside the director of its Office of Corporate CUs last week.
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 II, 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.
WesCorp FCU reported that unrealized losses on its mortgage securities portfolio grew by $145 million in September, to $1.8 billion; Southwest Corporate reported $1.1 billion of unrealized losses; Southeast Corporate FCU $120 million; SunCorp FCU $100 million; First Carolina Corporate CU $43.4 million; and Corporate Central CU $9.6 million.
