U.S. Central

U.S. Central Federal Credit Union (USC) was a federally chartered corporate credit union that served as the central liquidity and payment facility for the U.S. credit union system. Its mission was to provide wholesale financial services, investment options, and payment systems to its members, which were the regional and state-level corporate credit unions. During the 2008 financial crisis, USC suffered catastrophic losses from its investments in private-label mortgage-backed securities. As a result, the National Credit Union Administration (NCUA) placed it into conservatorship in March 2009 and subsequently liquidated the institution in October 2012.