WASHINGTON – Officials from retail corporates say they're concerned U.S. Central's $1.1 billion year-end net loss and corresponding $1 billion NCUSIF capital injection has devalued the funds they've invested in the wholesale corporate.
However, NCUA Chair Michael Fryzel told Credit Union Times retail credit unions shouldn't have lost money as a result.
"Corporates that have capital invested in U.S. Central, that's still there," Fryzel said.
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When asked to confirm that investments, such as share deposits, at U.S. Central are still worth 100 cents on the dollar, Fryzel said yes, they are.
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