News

MERRIFIELD, Va. - The tax-exemption is a privilege that credit unions have rightly earned and it is incumbent upon the industry to remind the public of why that is the case and why it should remain intact, according to Cutler Dawson, the president/CEO of Navy FCU. Should it be removed,...

FORT WORTH, Texas - No doubt the "challenge of taxation" would certainly undermine the strength of the credit union movement but American Airlines Federal Credit Union would survive and provide value to its member-owners, according to John Tippets, its president/CEO. However, taxation would be felt "much more at the macro...

Taxing credit unions would take them back four decades, according to Dollar Associates Principal Dennis Dollar, former chairman of NCUA. "If credit unions were taxed, I think it would be the end of credit unions as we know them," he stated. The larger ones, he predicted would convert to banks...

WASHINGTON - Mountain America Credit Union continues to be the top-performing CU 7(a) lender in the nation, according to SBA. The $1.5 billion CU approved 297 7(a) loans in 2005 totaling more than $11 million as of Sept. 30, 2005. The SBA recently requested $17.5 billion for the 7(a) program...

ADELAIDE, Australia and NORTH VANCOUVER, British Columbia, Canada - Two credit unions, a world apart are reporting record profits. Australian Central Credit Union, which has AUS$2.8 (US$2.06) billion in assets and North Shore Credit Union in Canada, with assets of CND$1.8 (US$1.57) billion have released results. ACCU, which like other...

WINNIPEG, Canada - Astra Credit Union took a CND$7.5 (US$6.5) million hit when two of its commercial borrowers with interlocking directorships had major business problems and wrote a number of unauthorized overdrafts aided by an Astra employee. An ongoing audit has resulted in the employee to be first put on...