Responsible Debt Relief algorithm creator Dr. Robert Manning told the Credit Union Times he's been working with the agency to create an opinion letter regarding the program so credit unions can implement it.

The debate continues over how much, if any, of U.S. Central Federal Credit Union's December capital losses will be absorbed by retail corporates.

Details have emerged in court documents showing why Pine Brook, N.J.-based U.S. Mortgage Corp. and its credit union division, CU National Mortgage, suddenly shut down last month.

Four corporate credit unions declined to extend the NCUA's temporary corporate credit union share guarantee program just before the agency's deadline.

Last night, CUNA distributed a summary of accounting guidelines to members to assist with the question of whether or not to record U.S. Central's Dec. 31 losses on their books.

Former U.S. Mortgage Corp. President/CEO Michael McGrath isn't the only U.S. Mortgage employee implicated in the fradulent scheme of selling $14 million worth of mortgage loans to Fannie Mae.

It's not much compared to December's financial carnage, but U.S. Central Credit Union is off to a positive start in 2009.

The debate over how much, if any, of U.S. Central Federal Credit Union's December capital losses will be absorbed by retail corporates through their paid-in capital continues.