News

Mutual Savings Credit Union was placed into conservatorship last Friday by the Alabama Credit Union Administration.

By a 68-31 vote mostly along party lines, the Senate today confirmed U.S. Court of Appeals Judge Sonya Sotomayor to be the 111th Supreme Court justice.

The $315 million USC Credit Union is the latest to join the SBA's preferred lender program.

Four credit unions are participating in the U.S. Treasury Department's Making Home Affordable program as of the end of July, according to the Department.

The first member of an Iowa credit union to have saved for a home though an individual development account has closed on their first home.

NCUA Chairman Michael E. Fryzel asked Federal Reserve Chairman Ben Bernanke to "give every consideration to the significant costs and operational difficulty" for credit unions to comply a law and regulations on mailing open-ended credit statements.

While it is still fuzzy on how CUSOs figure in unrelated business income tax, the IRS has repeatedly turned to a 1986 Alabama Central Credit Union case involving group life insurance to make its case.

Lawyers representing nationwide shared branching networks are working with CUNA lawyers to respond to a recent move from the Internal Revenue Service that could make income from shared branching taxable under unrelated business income tax.