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CEO of CU in UBIT lawsuit gets standing ovation
MADISON, Wis. (1/25/08)--The CEO of the credit union that filed the lawsuit challenging the Internal Revenue Service's (IRS) unrelated business income tax (UBIT) received a standing ovation from her peers at the Wisconsin Credit Union League's annual Governmental Affairs Conference Tuesday. Cathie Tierney, CEO of Appleton, Wis.-based Community First CU, talked about the events that led up to the lawsuit before a record 260 credit union activists.
Wisconsin credit unions gave Community First CU CEO Cathie Tierney a standing ovation for filing a lawsuit against the Internal Revenue Service seeking clarification of the unrelated business income tax at the Wisconsin Credit Union League's Governmental Affairs Conference. (Photos provided by the Wisconsin Credit Union League).
When her board first made the decision to sue, Tierney said the thought of suing the IRS was intimidating. However, she was inspired when the group re-read the credit union's mission statement: Do the Right Thing. "We knew we had to go through with it--for our members and for the credit union movement"--because it was the right thing to do, she told the group. The $916 million asset credit union seeks a refund of $54,000 that IRS said it owed, based on the sale of credit life and credit disability insurance and guaranteed auto protection (GAP) insurance. The suit seeks a legal clarification about what may be subject to IRS' UBIT rule. The suit has the support of the league, the Credit Union National Association, CUNA Mutual Group and the National Association of State Credit Union Supervisors (News Now Jan. 23).


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