"We had supported NCUA's proposed rule on private insurance conversions. We did make some suggestions in our comment letter that were not subsequently incorporated into the final rule, but I think overall we think NCUA did a good job on this rule. Whether or not it is helpful really remains to be seen." - NAFCU Director of Regulatory Affairs Gwen Baker regarding NCUA's final regulation on private insurance conversion disclosures. "The Fed has long been an advocate of paying interest on the reserve balances maintained by financial institutions. However, it would literally take an act of Congress for interest to be paid on reserves because the charter of the Federal Reserve Bank System currently does not allow for payment of interest on reserves." - Joe Moss, director at Ceto and Associates on deposit reclassification for credit unions and banks. "We have many staunch credit union supporters in Augusta and I feel confident something like Rep. Smith's bill won't get legs. Still it's important for us to be vocal at this juncture." -David Rossignol, president/CEO of NorState FCU, commenting on the legislative initiative of one its members, Maine state Rep. William Smith, to tax state-chartered CUs in Maine.
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From the January-26, 2005 issue of Credit Union Times Magazine • Subscribe!
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