As of June 30, U.S. Central Federal Credit Union's investment losses have burned through nearly $2 billion in member capital, and it shows on retail corporate balance sheets.

Only seven corporates survived U.S. Central's second-quarter financial reports with positive reserves and undivided earnings intact. Predictably, all had less exposure to U.S. Central compared to their peers.

Some also invested less paid-in capital, which is first in line to absorb losses, relative to member capital shares. All of U.S. Central's PIC I and PIC II has been written off, but MCS is currently 63% impaired.

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