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Bloomberg Report is Inaccurate, Says U.S. Central

LENEXA, Kan. -- A Bloomberg news report today claiming that U.S. Central Credit Union--the credit union for the nation's 8,400 credit unions--had fallen victim to the subprime losses that have spread through the country's credit markets like a plague is inaccurate said Executive Vice President Dave Dickens. "They've mixed up...

By Staff Writer | Updated on February 05, 2008

LENEXA, Kan. — A Bloomberg news report today claiming that U.S. Central Credit Union–the credit union for the nation’s 8,400 credit unions–had fallen victim to the subprime losses that have spread through the country’s credit markets like a plague is inaccurate said Executive Vice President Dave Dickens. “They’ve mixed up accounting methods,” Dickens told Credit Union Times “I’ve contacted the reporters about it.”

The mix up shows that there’s a difference between a balance sheet and income statement, as Bloomberg reported that U.S. Central suffered a 2% loss on its total assets by taking a $760 million 4th-quarter write down, highlighting how credit unions are vulnerable to losses on home loans and related bonds.

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