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Maloney Not Running for Senate

By Claude R. Marx

Credit unions won't have to choose between two New York friends after all.

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Matz Confirmed By Senate

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Senate Confirms Sotomayor for High Court

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Regulatory & Compliance Stories

August 05, 2009

NCUA Asks Fed to Consider Compliance Costs of Credit Card Measures

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.

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August 05, 2009

IRS Uses Alabama CU Case to Bolster UBIT Argument

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.

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August 05, 2009

Shared Branching Networks Studying IRS Issue

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.

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August 05, 2009

IRS Says Shared Branching Revenues Subject to UBIT

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

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August 05, 2009

NCUA Hosting Webinar on CLF Changes

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.

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August 04, 2009

MBL Expansion Bill Introduced in House

Saying that credit unions could be sources of much-needed capital for small business, Rep. Paul Kanjorski last week introduced

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August 04, 2009

CUs Could Face Additional Mortgage Disclosure Rules Under Proposed Fed Regs

The proposed regulations, which are subject to public comments due at the end of November, would require the annual percentage rate to include

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