More Losses at U.S. Central.

In the 1942 classic movie Casablanca, Captain Renault, in an attempt to get himself out of trouble, said he was shocked, SHOCKED that there was gambling going on at Rick's Cafe (as a croupier hands him a stack of cash).

Likewise, I'm sure that U.S. Central's management team was shocked, SHOCKED to hear last week that USC had an additional $537 million of losses on their mortgage securities that they didn't know about before the audit. The losses will adversely affect its corporate members and, guess who ultimately gets to pay the tab? Yep, natural person members of most of U.S. Central’s 27 corporates. Translation - your credit union. Check your Corporate's website or with your Rep to determine the cost to your credit union; you may have to write down your capital shares with your Corporate.

More information can be found in a Credit Union Journal article.