"To improve greater savings in the check system, we're trying to encourage check truncation, where the check is actually taken out of the process as early as possible so it does not flow through and incur all the multiple handlings and all the transportation and other costs associated with moving a check through, point to point, from the bank of first deposit to the paying bank." -Federal Reserve Assistant Director of the Division of Reserve Bank Operations and Payment Systems Jack K. Walton II on advantages to credit unions under check truncation legislation. "Sure, some of the other candidates have a lot of celebrity. But this year and this race has drawn so much media attention that it's going to be easier for even the little guys to get our points across." -Calvin Louie, CPA, chair of the $8 million Northeast Community Federal Credit Union's Credit Committee and candidate for governor of California, assessing the media environment of his upcoming race. "It's a window of opportunity that we have seized upon." -

CUNA Mutual's Larry Blanchard on the credit union UBIT steering committee's work in getting IRS examiners to seek guidance from IRS headquarters on CUs and UBIT.