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IRS Stepping up CU Audits for Unrelated Business Income Tax in Some States

Peter Westerman | March 25, 2003

WASHINGTON - The IRS' Unrelated Business Income Tax for non-profits is nothing new to credit unions, but a recent flurry of credit union audits for UBIT has raised concern in a handful of states, notably Connecticut, Alabama, and Colorado. According to the IRS Code, UBIT is income that is unrelated...

FCUs May Facilitate City Loan Program

Peter Westerman | March 25, 2003

ALEXANDRIA, Va.-Federal credit unions' lending and incidental powers authorities permit federal credit unions to facilitate certain functions of a city loan program. NCUA Associate General Counsel Sheila Albin wrote in a recent legal opinion letter that federal credit unions may aid a city government loan program by reviewing members' applications,...

SOUTHWEST

Peter Westerman | March 25, 2003

Shell Employees Federal Credit Union, Houston, Texas, has appointed Patricia Garcia Signal Hill Financial Resources president/CEO and Signal Hill Investment Services vice president; Brian Orsak Signal Hill Investment Services director of investments; and Brad Wilson Signal Hill Financial Resources director of financial consulting.

Fed Council Questions Whether Overdraft Protection Encourages Bad Checks

Peter Westerman | March 25, 2003

WASHINGTON-The Federal Reserve Board's Consumer Advisory Council took a crack at the controversial issue of overdraft protection, its advertisement and disclosure during its meeting this month. Overdraft protection is a product gaining steam in the credit union industry. E Federal Credit Union President and CEO Kenneth Bordelon, who has a...

Aberdeen FCU Ready to Offer Insurance

Peter Westerman | March 25, 2003

ABERDEEN, S.D. -Following the path of a growing number of credit unions, Aberdeen Federal Credit Union is now offering insurance products to its members. The insurance will be provided through the $39 million credit union's CUSO Dakota Financial Services Inc. where members can find answers to their annuities and home,...

News

RegFlex Rocking

Peter Westerman | March 25, 2003

The latest stats from NCUA indicate that some 61% of credit unions are eligible for the regulation that is designed to reduce credit unions' regulatory burden. Page 25.

Employers Cautioned to Remember e-Insurance Coverage

Peter Westerman | March 25, 2003

BELLEVUE, Wash. - A recent survey by Assurex Global, a risk management/commercial insurance brokerage group, and Clearswift, an electronic solutions provider, reveals that U.S. employers are making only a half-hearted effort to keep the workplace free from e-disasters including legal claims, malicious hackers, viruses, and security breaches. The survey finds...

Interns a Lifesaver for Tinker FCU Marketing Departments

Peter Westerman | March 25, 2003

TINKER AFB, Okla. - For those credit union marketing departments that are short staffed, overworked and on a limited budget Tinker Federal Credit Union says don't underestimate the value of interns. In 1998, faced with developing all aspects of the $1.1 billion credit union's promotional campaigns, advertising, and business development...

Erie General EFCU Rides Wave for Latest Branch

Peter Westerman | March 25, 2003

ERIE, Pa. - Step into Erie General Electric Federal Credit Union's latest branch and prepare for an under-the-sea experience. Using fish and waves to play up the idea that the new branch is a "wave of the future", it combines an aquatic theme complete with two fish tanks and the...

McDonnell vs. Callahan

Peter Westerman | March 25, 2003

WEST PALM BEACH, Fla. - Navy FCU President/CEO Brian McDonnell and retired Patelco CU President/CEO Ed Callahan are two well-known credit union figures who are on the opposite sides of the fence on the private insurance issue, which has raised a firestorm of debate recently. There's certainly no solidarity coming...

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