The National Credit Union Administration is cracking down on corporate credit unions, demanding audit documents the institutions already should have delivered.

"It has come to my attention that we have not been diligent in ensuring that all corporate credit unions are in compliance" with some reporting regulations, H. Allen Carver, director of the agency's Office of Corporate Credit Unions, wrote in a letter sent to the liquidity centers. Under agency regulations, corporates must give it a copy of their annual audit and management letters. Mr. Carver's letter reflects heightened scrutiny of corporates and concerns by the agency about the quality of its supervision.

The office "has established a monitoring procedure to ensure on-going compliance with this requirement in the future," according to the letter.

The agency is collecting information from corporates as it prepares new regulations governing their capital and investments. Regulators also are concerned that some corporates may face liquidity problems as credit unions withdraw deposits to fund increased loan demand.

Mr. Carver criticized the quality of examiners and the supervision of corporates when he was made head of the new office earlier this year, sources said. Previously, corporates were under the jurisdiction of the agency's Office of Examination and Insurance.

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