MUSCLE SHOALS, Ala.—TVA Community CU is reportedly being investigated by NCUA over more than $600,000 in losses in its investment portfolio. TVACCU’s December, 2014 5300 shows a loss of $453,795, followed by another loss of $149,169 as of its Q1 2015 report. The Times Daily first reported the losses and the inquiry from NCUA.
The Times Daily quoted CEO Kimball Burkett as saying, “I can’t comment on any issues involving investments. I wish I could.”
The $304-million TVA Community has a net worth ratio of 13%.
The Times Daily also published e-mails between NCUA field examiner Delechia Thompkins to TVACCU VP Sammy Clements and CFO Rhonda Cabler in which the examiner asked about “impermissible investments” that had been “addressed in the last examination report.”
The Times Daily did not indicate how it obtained that e-mail. It quoted the CU’s chairman, Frederick Lewis, as saying as a board member he could not “comment on anything that affects a third party” and that “this conversation is over for the time being.”
The nature of the investments showing the losses has not been revealed.
MUSCLE SHOALS, Ala.—TVA Community CU is reportedly being investigated by NCUA over more than $600,000 in losses in its investment portfolio. TVACCU’s December, 2014 5300 shows a loss of $453,795, followed by another loss of $149,169 as of its Q1 2015 report. The Times Daily first reported the losses and the inquiry from NCUA.
The Times Daily quoted CEO Kimball Burkett as saying, “I can’t comment on any issues involving investments. I wish I could.”
The $304-million TVA Community has a net worth ratio of 13%.
The Times Daily also published e-mails between NCUA field examiner Delechia Thompkins to TVACCU VP Sammy Clements and CFO Rhonda Cabler in which the examiner asked about “impermissible investments” that had been “addressed in the last examination report.”
The Times Daily did not indicate how it obtained that e-mail. It quoted the CU’s chairman, Frederick Lewis, as saying as a board member he could not “comment on anything that affects a third party” and that “this conversation is over for the time being.”
The nature of the investments showing the losses has not been revealed.