ALEXANDRIA, Va.-In its official comment letter, the Treasury Department expressed concerns with key provisions in NCUA's proposed member business lending rule. "Credit unions have demonstrated a great commitment to their members through member business loan (MBL) programs," the letter from Treasury Assistant Secretary for Financial Institutions Wayne Abernathy stated. "Such...

ALEXANDRIA, Va.-Taking advantage of modern technology, NCUA Chairman Dennis Dollar addressed NAFCU's 22nd Annual Credit Union Volunteers Conference by `virtually' traveling thousands of miles, rather than by jumbo jet. Dollar challenged credit union volunteers to be the "architects of vision" in their credit unions and communities from the comfort of...

WASHINGTON-The House and Senate have passed the President's Jobs and Growth Tax Package by near party line votes. In the Senate, Vice President Dick Cheney was called upon to place the deciding vote (51-50) on the tax package, with some Republicans defecting. On the House side the vote tallied 231-200,...

GRAND RAPIDS, Mich.-Following up on an idea he floated during a hearing on regulatory relief, NCUA Chairman Dennis Dollar has submitted his draft for a risk-based Prompt Corrective Action program to Congress. Dollar announced the submission of his draft to "improve the one-size-fits-all PCA law" during a speech to 600...

WASHINGTON-While CUNA Chief Economist Bill Hampel explained that there is nothing earth shattering in NCUA's new investment regulation, he added that that was because there is little the agency can do within the narrow scope of the law. "There are pretty firm restrictions on what a federal credit union is...

WASHINGTON-With the continually escalating number of bankruptcy filings, credit union trades and other leaders still feel the legislation to reform the bankruptcy system (H.R. 975) is worth the financial and political expenses of the last few years. "Bankruptcy [reform] is just as important as it was six years ago, possibly...

WASHINGTON-The Department of Homeland Security issued a statement to governments at all levels, as well as potential target industries to be on high alert. Following the terrorist bombings in Saudi Arabia and Morocco, intelligence sources have indicated that a target inside the United States could be next. Financial institutions, as...

ARLINGTON, Va.-Eighty-two percent of NAFCU member credit unions are eligible for Regulatory Flexibility benefits, according to the organization's most recent monthly Flash survey. Even so, only about 15% responded that they were currently taking advantage of the exemptions afforded to well-managed, well-capitalized credit unions under the program. Still three-quarters said...