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Private Finance Insurance Loans Cited in USA One Credit Union Failure

Suburban Chicago credit union liquidated, sold to Credit Union 1 in downstate Illinois.

By Jim Rubenstein | Updated on June 07, 2012

The troubles of privately insured USA One Credit Union of Matteson, Ill. – which was merged out last week in a purchase/assumption deal arranged by state regulators and American Share Insurance Inc. – are linked to so-called private finance insurance loans which went sour, it was reported Thursday.

“This is a market that for years has been used routinely by banks and credit unions but for USA One they got hurt when the market collapsed,” explained Paul Simons, president/CEO of the $681 million Credit Union 1 of Rantoul, which emerged as the successful acquirer of the $38 million USA One following its May 31 liquidation by the Illinois Division of Financial Institutions. The regulator named ASI as receiver.  

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