François Henriquez practices law at Shutts & Bowen LLP. Contact 305-415-9076 or [email protected]

A little over a month ago, the NCUA unceremoniously brought to a close the four-year saga of the failure and conservatorship of U.S. Central, the one-time $52 billion corporate credit union. After 35 years of high performance as a central player in the credit union system, the institution ceased to exist. How did this happen and how can we apply the lessons?” 

Explanations for U.S. Central’s failure are legion: misguided managers, weak regulators, irresponsible rating agencies, nonsensical accounting rules, unscrupulous mortgage brokers, sinister investment bankers, unbridled government-sponsored enterprises and greedy residential real estate speculators. Some mention federal policy imperatives promoting universal homeownership. If Wall Street’s best and brightest missed the housing bubble warning signs, it’s no wonder U.S. Central missed them.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.