U.S. Central Federal Credit Union and the NCUA have clarified the bottom-line affect the 2008 audit will have on member capital.
Turns out, the Dec. 31 numbers are just half of the story. What the $27 billion wholesale corporate didn't release Friday were the Jan. 1 numbers, in which non-credit losses were reversed. U.S. Central Chief Financial Officer Kathy Brick said the only bottom-line difference is a $9.2 million impairment that will be recognized in the 3rd quarter, along with any additional impairments Clayton Holdings might find when it reviews U.S. Central's portfolio this month.
Brick said her shop will post updated 2009 financial statements on its Web site later today. (www.uscentral.org)
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