The NCUA clarified Constitution Corporate Federal Credit Union's regulatory status to the Credit Union Times late yesterday, saying the $1.3 billion corporate is not under conservatorship, nor has it received a capital infusion or any other new financial support.
But like WesCorp, which depleted all member capital in March 2009 and reported a nearly $5 billion Prior Undivided Earnings Deficit as of Dec. 31, Constitution Corp's $25 million PUED is guaranteed by the National Credit Union Share Insurance Fund.
NCUA spokesman John McKechnie said his federal agency is aware of Constitution Corporate's capital status and has been working with its management.
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