NASCUS Advisory Council Meets in Atlanta, Boston

ARLINGTON, Va. – More than 50 credit union CEOs, industry and staff from the Georgia and Massachusetts Credit Union Leagues had the opportunity recently to meet with the NASCUS Credit Union Advisory Council to discuss challenges and issues facing state-chartered credit unions. The latest meetings followed similar ones held last year in Virginia, Pennsylvania, Tennessee and Colorado, and NASCUS said it intends to continue holding the credit union outreach meetings throughout this year. Among the items the groups were particularly interested in were developments related to unrelated business income tax (UBIT) and other taxation issues; regulatory compliance challenges associated with the Bank Secrecy Act; and Home Mortgage Disclosure Act requirements. The groups also addressed federal legislation with a focus on regulatory relief and the burden of regulatory and reporting requirements on small credit unions; issues resulting from the House Ways and Means Committee hearing on credit unions, and tax exemption. NASCUS President/CEO Mary Martha Fortney said, “The face-to-face interaction with credit union CEOs is very valuable to us. We had great meetings in Atlanta and Boston, and look forward to continuing dialogue with credit unions all over the country in 2006.”