Catalyst Corporate Releases First Due Diligence Report

To support its member credit unions and ensure continued transparency, Catalyst Corporate Federal Credit Union has released its first Due Diligence Report. The in-depth report includes financial statements with detailed commentary, information about Catalyst’s risk profile, portfolio composition, CUSO investments, and compliance with regulation, as well as other operational procedures.

The Due Diligence Report will be emailed to members on a quarterly basis and is designed to be an up-to-date comprehensive resource that addresses Catalyst’s safety and soundness, allowing Catalyst members to easily monitor the corporate’s performance and practices on a regular basis.  The reports will be available for download from the Due Diligence page on Catalyst’s website and include useful charts and graphs in an attractive, easy-to-navigate format.

“The idea for creating a ‘single-source’ document for due diligence came from our membership,” Garner said. “Our hope is that we can simplify this repetitive process and save them time.”

As a regulated federal institution, Catalyst recognizes the importance of maintaining thorough and current due diligence files on each key business partner, and is striving to facilitate that process for its members.

“Catalyst recognizes that transparency—in financial performance, regulatory compliance, investment activities and future plans—is critical to building and sustaining strong member relationships,” said Kathy Garner, Catalyst’s president and CEO. “By providing this report on a regular basis, our intent is to help member credit unions feel confident in their partnership with Catalyst.”

Each new Due Diligence Report will also include useful information pertaining to current issues that can affect credit unions. The first edition features information about emergency liquidity and the Temporary Corporate Credit Union Share Guarantee.

 

Strategic Link is the NWCUA’s wholly-owned service corporation, providing the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. To learn more about how the Association’s partnership with Catalyst Corporate can benefit your credit union, contact Sales and Marketing Associate Craig Reed: 206.340.4789, creed@nwcua.org.

Posted in Compliance, Compliance News, Federal.