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From the September-02, 2009 issue of Credit Union Times Magazine • Subscribe!
Tierney Wins NASCUS Award for Leading Battle vs. UBIT
BOSTON -- Community First Credit Union President/CEO Cathie Tierney, whose credit union successfully sued the IRS over $54,000 in unrelated business income tax payment, was given NASCUS' Pierre Jay Award.
Tierney, who was also honored by CUNA last summer, allowed her Appleton, Wisconsin-based credit union to be used as a test case on an issue that has long been a challenge for state-chartered credit unions.
NASCUS bestows the award, named for Massachusetts' first banking commissioner who chartered the first credit union, each year to someone who goes to great lengths to help the state credit union system.
Tierney received the award at a dinner honoring the 100th anniversary of credit unions in the United States as part of NASCUS' State System Summit.
A federal jury ruled in favor of Community First that its sale of insurance products are related to the core mission of the credit union and therefore shouldn't be subject to the UBIT. The government is still deciding whether to appeal the decision.
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