News

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.

Revenues from shared-branching arrangements are among the items subject to the unrelated business income tax, according to an IRS technical advice memorandum.

The NCUA will hold a webinar Monday to provide background information about recent changes to CLF's investment policy and pending transfer of CLF stock ownership from U.S. Central FCU to other credit unions.