News

Rita Haynes, immediate past chairman of the National Federation of Community Development Credit Unions and a long time leader among community development credit unions, has been recognized as one of the "hardest working" by an nationwide ABC radio program.

James Freis, director of Treasury's Financial Crimes Enforcement Network, outlined earlier today the various uses of information gleaned from suspicious activity and currency transaction reporting.

The Treasury Department and the Internal Revenue Service announced today a Dec. 31, 2008 deadline to bring documents into compliance with the final nonqualified deferred compensation regulations under section 409A of the Internal Revenue Code.

In a move that could free up the remaining $32 million dollars due to credit unions, banks and others defrauded in a certificate of deposit Ponzi scheme, a Philadelphia district court recently denied a new motion filed by the defendants to overturn the $32 million verdict.

During today's session of NAFCU's Congressional Caucus, NCUA Chairman JoAnn Johnson said that credit unions must remain vigilant on subprime mortgage effects and the tax-exemption while lending their voices to these and other causes.

NAFCU senior staff met last week with Treasury Assistant Secretary for Tax Policy Eric Solomon who reiterated that the department is not looking to tax credit unions.