HOBOKEN, N.J. — Taking a look back at the CU Times, Jan. 29, 2003 issue the top news of the week was regulatory relief legislation, a tax bill fight in Utah, the January NCUA board meeting, and thrift charter conversions.
During this week five years ago, the House Financial Services Committee leadership discussed the possibility of moving credit union provisions of the 2001 regulatory relief legislation separate from the bank provisions. Feelings were mixed on the issue as separating the credit union provisions would ease the bills passage through Congress, but would also allow banks to attack the credit union bill itself.
Utah credit unions were fighting a restrictive tax bill the would impose a 5% corporate franchise tax as well as a 30% tax on net income against the states three largest CUs: America First Credit Union of Riverdale, Mountain America Credit Union of Salt Lake City, and Golden West Credit Union of Ogden. CUNA gave assistance to the Utah League of Credit Unions in the tax fight by sending one of its top political action specialists, Richard Gose, to meet with the league.
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The January NCUA Board meeting was noted as being a speedy meeting with only two items in the agenda. The first item was to study the NCUSIF status. The second item was the unanimous approval of Texas' proposed member business lending rule change. Texas requested additional changes to the Credit Union Membership Access Act.
Rounding out the front-page news was an article featuring the CEOs of Rainer Pacific in Tacoma, Wash., Heritage Bank in Albany, Ga., and Pacific Trust Bank in San Diego on why they made the change to thrifts and how things were going after converting. All three CEOs stated that the made the change not for growth but for better fulfill their institutions vision.
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