MONTEREY PARK, Calif. — Officials with California Gov. Arnold Schwarzenegger's office recently invited E1 Financial Credit Union to attend the Governor's Conference of Small Business and Entrepreneurship.
The conference assembled innovative entrepreneurs and small businesses to create a forum for ideas, inspiration and practical solutions that will drive the state's critical entrepreneurial economy forward into its next era of prosperity.
Representatives from the $371 million E1 Financial CU also met with the governor's staff to discuss the financial needs of small businesses and entrepreneurs and to present economic opportunities and solutions offered by the credit union industry.
–[email protected]

NAFCU Hosting Webcast on HMDA

WASHINGTON — Credit union employees and volunteers wanting to learn about the updated reporting requirements of the Home Mortgage Disclosure Act can participate in a Webcast on Dec. 3 sponsored by NAFCU.
Credit unions must comply with the changes by March 1, 2009.
Participants will learn about the requirements for home mortgage disclosure filings and notices, as well as new and recent changes in the regulations.
In addition, the three featured speakers will discuss the biggest errors credit unions make when reporting and will make recommendations on how to submit error-free reports. Offering up their expertise and advice for the Webcast will be Susan S. Brown, financial systems analyst, Community Reinvestment Act/HMDA operations unit, and Amy M. Whitcomb, CFE, CICA, senior financial systems analyst, CRA/HMDA operations unit, both from the division of information technology of the Federal Reserve, and Robert C. Leonard, program officer in the NCUA's office of examination and insurance.
The Webcast will take place from 2:00 p.m. to 3:30 p.m. on Dec. 3.
To register, go to NAFCU's website at www.nafcu.org/decemberwebcast
or call 1-800-344-5580.
–[email protected]

Retirement Account Distribution Moratorium Bill Proposed in Senate

WASHINGTON — The Worker, Retiree and Employer Act of 2008 is a new Senate bill aimed at protecting the savings of America's seniors invested in individual retirement plans with a one-year moratorium on the required minimum distributions.
Current law requires that seniors who reach the age of 70.5 must begin to take a required minimum distribution from their individual retirement accounts. With the state of the financial markets, such mandatory cash-outs could result in a loss of thousands of dollars for up to 400,000 retirees in Maryland who are over age 70 1/2, according to Sen. Benjamin L. Cardin (D-Md.), one of the sponsors of the bill (S. 3361).
The proposed legislation includes changes to pension requirements for businesses, as well as provisions included in the Pension Protection Technical Correction Act of 2008, originally passed by the Senate in December 2007 and the House in March and July of this year. The bipartisan package also extends for one year business-tax relief that was included in the first economic stimulus package and allows companies to write off a greater percentage of their investments in business assets to free up cash for payroll and other expenses.
The legislation was introduced by Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa), Senate Help Committee Chairman Edward Kennedy (D-Mass.) and Ranking Member Mike Enzi (R-Wyo.).
–[email protected]