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ARLINGTON, Va.-The NASCUS Credit Union Advisory Council traveled to Phoenix to meet with leaders from the state’s credit unions and leagues March 29 as part of its series of member meetings. U.S. House Ways & Means Committee Chairman Bill Thomas’ (R-Calif.) interest in having state chartered credit unions document their service to those of modest means. Thomas has already requested similar data from NCUA and the federal credit unions. NASCUS President and CEO Mary Martha Forney reiterated the group’s commitment to responding to the chairman’s request. Unrelated business income tax developments were at the forefront of the minds of the credit union officials. Technical advice memoranda are expected to be released by the IRS during the first half of the year. Fortney emphasized keeping an open line of communication on the issue with NASCUS’ member credit unions. Bank Secrecy Act compliance was also a hot topic. Fortney told participants that NASCUS would also focus on credit union corporate governance practices, continuing efforts to strengthen state regulatory agencies and preserve states’ rights in 2006. “The face-to-face interaction with credit union CEOs and staff is very valuable to us,” Fortney said. Council outreach meetings offers credit union officials an opportunity to discuss the challenges and issues specific to state-chartered credit unions. The council has already met with over 70 credit union CEOs and league staff this year in Atlanta, Boston, and now Phoenix.

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