Davis Polk & Wardwell LLP advised J.P. Morgan Securities Inc. and Banc of America Securities LLC as joint book-running managers in connection with the offering by U.S. Central Federal Credit Union of $4 billion principal amount of senior notes guaranteed by the National Credit Union Administration under the Temporary Corporate Credit Union Liquidity Guarantee Program. This was the first public offering by a federal credit union under the Temporary Corporate Credit Union Liquidity Guarantee Program. The guarantee of the National Credit Union Administration under the program is backed by the full faith and credit of the United States.

U.S. Central is the largest corporate credit union in the United States. Its primary members are corporate credit unions that serve the financial needs of natural person credit unions located throughout the United States and certain of its territories.

The Davis Polk corporate team included partners Richard A. Drucker, Luigi L. De Ghenghi and John L. Douglas and associates Ross A. Oliver, E. Ashley Harris and Amy T. Alter. Partner Mary Conway and associate Joshua Ruland provided tax advice. Amarilys Katy Barbosa and Gwendolyn P. Ranada were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.