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Audit Reveals Another $740 Million Loss at U.S. Central

U.S. Central Federal Credit Union's 2008 audit, released Sept. 11, produced a balance sheet with $740 million less capital as of Dec. 31 than reported just one month ago.

By Heather Anderson | Updated on September 13, 2009

U.S. Central Federal Credit Union’s 2008 audit, released Sept. 11, produced a balance sheet with $740 million less capital as of Dec. 31 than reported just one month ago.

The additional bottom-line losses were derived from further hits to investments, OTTIs driven by failed monoline insurers and some previously impaired securities which were reversed.

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