Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Conn. league watching sales-tax exemption
MERIDEN, Conn. (2/5/14)--The Credit Union League of Connecticut and state credit unions are requesting a sales-tax exemption for state-chartered credit unions, given there is a projected general fund surplus of $117.1 million in fiscal year 2014, as this year's state legislative session convened today.
 
The surplus represents about 7% of total estimated expenditures. In addition, the Office of Fiscal Analysis projects a surplus of $8.4 million for 2015.
 
"We haven't asked since 2008 because the state was in the red, but now that we are in the black we figure it's time again," said Kelly Fuhlbrigge, league vice president of government relations told News Now. "It's in the best interest of our members and credit union members throughout the state."
 
Because of their cooperative ownership structure, Connecticut credit unions could return any savings realized from the sales tax exemption into better rates on savings products and loans to their members.
 
The league is also maintaining a defensive posture on foreclosure legislation during the session.  Last year the legislature made changes to the judicial branch's foreclosure mediation program, including extending the program's operation and establishing expedited foreclosure procedures for vacant and abandoned properties.
 
Because the high foreclosure rate persists in Connecticut, the league expects that the legislature may consider additional changes to the program and foreclosure process, including changes related to pre-foreclosure sales and additional procedures to help owners through the mediation process.  "Lengthening the process for us isn't anything more than a regulatory burden," Fuhlbrigge said.


RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
13 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
16 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
16 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
17 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
17 hours ago