The news coming out of Members United Corporate Federal Credit Union's August financial reports was a transaction that won't be recorded until September.
The $7.7 billion institution will eliminate its retained deficit in September, which will deplete 100% of member paid-in capital and 40.2% of membership capital shares. Members United cited the NCUA's Rules and Regulations Part 704.2 and Letter to Credit Unions No. 09-CU-10 in the decision and said it will use its Aug. 31 retained deficit figure of $277 million.
Chief Financial Officer Todd Adams said the depletion entries will be reflected members' September statements.
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