Corrections & Clarifications

U.S. Central Credit Union, Lenexa, Kan., has issued a correction to a report that appeared on cujournal.com that stated the corporate had seen a shrinkage in deposits during January, 2009. In a statement to Credit Union Journal, U.S. Central said that deposits "actually increased to $25.8 billion on Jan. 31 from $23 billion on Dec. 31, 2008." The discrepancy, said U.S. Central, is that it is not "accurate to simply compare member share and certificate balances month-to-month when assessing balance sheet activity at U.S. Central. One must also consider Member Fed Funds Purchased to accurately measure Total Member Balances. Member Fed Funds Purchased at U.S. Central actually increased to $8.5 billion on Jan. 31 from $3.3 billion on Dec. 31, 2008." The corporates' corporate further stated, "In comparing year-to-year share & certificate balances at U.S. Central, three factors explain the $19.5-billion decrease from Jan. 31, 2008: $8.5 billion in share accounts transitioned from Members' Shares & Certificates to Member Fed Funds purchased. Total shares year-to-year increased $0.3 billion; The figures include $10.3 billion in certificates maturities, and the figures include $1.0 billion in certificate redemptions.