Central Corporate Credit Union President/CEO Bill Walby said his team didn't anticipate U.S. Central's losses before others did. However, the $3.7 billion corporate's management and board did make some key policy decisions that allowed CenCorp to emerge from U.S. Central's second-quarter losses with $11 million in reserves and undivided earnings.

CenCorp's U.S. Central exposure isn't that far off from other retail corporates, Walby said, but he did admit the Southfield, Mich.-based institution does have less exposure thanks to risk concentration policies. Additionally, back in 1999 CenCorp didn't purchase as much PIC I as other U.S. Central members.

Policies unrelated to U.S. Central also helped CenCorp avoid dipping into member capital. CenCorp doesn't leverage its balance sheet by borrowing and reinvesting funds, Walby said. So, when U.S. Central pre-determined each member's PIC II share would be determined by asset size, CenCorp was in a better relative position to pony up the amount.