The $31.5 billion U.S. Central Federal Credit Union today announced it has recorded OTTI charges totaling $537.0 million for the second quarter of 2009. U.S. Central recorded a $470.5 million net loss for the quarter, compared with net income of $21.6 million for the same period in 2008.

The losses deplete U.S. Central's member capital shares further, which will trickle down to member corporates and for some, to their natural person credit union members. U.S. Central's MCS balance is $452 million as of June 30. OTTI charges recorded in the first six months of 2009 fully exhausted PIC I and PIC II balances.

Like other corporates, U.S. Central's OTTI can be at least partially blamed on the failure of monoline insurers. In particular, securities wrapped by Financial Guaranty Insurance Company experienced OTTI charges.

"No OTTI charges have been recorded on any other insured securities as of June 30, 2009," U.S. Central said.

Net losses total $1.1 billion year-to-date through June 30.