Once the largest of corporate credit unions, U.S. Central isofficially dead and gone, and the NCUA declared its work instabilizing the corporate credit union sector now complete.
The NCUA on Monday said it has formally closed U.S. CentralBridge – the stopgap entity it created after the collapse of fivemajor corporates in 2009 – following a months-long transitioning its correspondent and other services to otherproviders.
“Closing U.S. Central Bridge is the last step in the effort tostabilize and reform a corporate credit union system that was closeto collapsing three years ago,” Board Chairman Debbie Matz said ina statement.
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