ALEXANDRIA, Va. — Credit unions could prepay between $10,000 and 36 basis points of insured shares toward their assessments to pay the costs of the rescue of corporate credit unions, the NCUA proposed Thursday.
If credit unions were subject to income taxes, they would lose a key part of what makes them unique, but experts are divided as to whether it would create a stampede of bank conversions.
Washington consultancy has issued a report recommending the Treasury Department host regulatory duties now handled by the NCUA.
The NCUA board on April 21 approved a final corporate credit rule that left out two controversial provisions.
Compliance burdens are piling up, CUNA notes in request to Fed to delay June 16 imposition of new rules.
Credit unions are on alert about the fate of their tax-exempt status as a result of President Obama’s speech outlining his deficit reduction strategy.
An inspector general would have oversight of the new $30 billion Small Business Lending Fund if a bill with that proposal becomes law.
Aithent Inc. of New York City said the $2 billion Coastal Federal Credit Union in Raleigh, N.C., has committed to investigation management solution.
President Obama's new deficit-reduction package could include killing the credit union tax exemption.
A bill that would provide oversight of the new $30 billion Small Business Lending Fund, including putting an inspector general in charge, has been introduced.