When Constitution Corporate Federal Credit Union released its December 2009 financials Feb. 8, reporting an inflated $25.2 million prior undivided earnings deficit, the industry wondered if the $1.3 billion corporate was under conservatorship.

And if it wasn't, why not? After all, the Wallingford, Conn.-based corporate extinguished all member contributed capital back in September 2009.

NCUA Director of Public and Congressional Affairs John McKechnie clarified Constitution Corp's regulatory status, saying the credit union is not under conservatorship nor has it received a capital infusion or any other new financial support.

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