Credit unions dodged a taxation bullet with the latest spending reduction package, but it remains to be seen how long their luck will hold.
This article will be among the news and features filling the pages of the next print edition of Credit Union Times.
When the NCUA issues its proposed regulation of credit union service organizations on July 21, it will be an attempt by the agency to keep a closer eye on organizations whose role has grown and therefore expose credit unions to greater risk.
Several sources tell Credit Union Times that Sen. Jon Tester (D-Mont.) will offer amendment during debate of a funding bill.
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.
Former top NCUA aide John McKechnie, now with a Washington consulting firm, is enhancing his lobbying profile.
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.
Former NCUA staffer John McKechnie told a group of Ohio credit union leaders that the climate in Washington is akin to the Land of Oz.
John McKechnie began his first day on a Delaware beach in the summer of 2008 reading a front-page story in The Wall Street Journal about the serious financial problems facing some of the corporate credit unions.
Leaders of Har-co Federal Credit Union told its members that the CU needed to convert to a federal thrift charter in order to serve more people, but the NCUA has no record of the CU ever applying for a community charter.