Members of the $1.3 billion Constitution Corporate FCU now own a $2.4 million deficit that's guaranteed by the National Credit Union Share Insurance Fund.

Fortunes have changed drastically in the past 9 months for the Wallingford, Conn.-based Constitution, which had $67 million in member capital shares as of Dec. 30, 2008. Roughly $18.5 million in MCS remained as of Aug. 31. Net loss as of Sept. 30 year-to-date is $77.4 million, a $15 million increase from August's $62.5 million YTD net loss.

NCUA spokesman John McKechnie said he can't discuss "specific supervisory matters," but he did acknowledge the regulator is "closely supervising the institution."

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