Why Two Groups Declined Comment
MADISON, Wis.-During the course of assembling interviews for this special report on corporate CUs, numerous sources declined to offer comment.
Among those who declined comment were CUNA Mutual Group, Madison, Wis., which has built a large investments operation, and NCUA.
• "CUNA Mutual, through its subsidiary MEMBERS Capital Advisors, is partnering with CUNA to develop an estimate of the likely range of eventual actual losses in the WesCorp and U.S. Central portfolios. We are not in a position to discuss the portfolio analysis at this time or provide any additional comment. We are working with CUNA and the NCUA to communicate our findings. Our collective objective is to shed as much light as possible on a very uncertain situation so credit unions can better understand the possible outcomes. Our analysis is expected to take several more weeks."
• NCUA spokesperson John McKechnie said the agency was declining comment because it is currently in the rulemaking phase related to the corporate proposal. "Between our board, executive director, and our inspector general, it is just a matter to say, for right now we are not going to be commenting on any of these things, until we get through some of these processes that are coming up," said McKechnie.