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CU System
NASCUS adds UBIT mortgage lending to Summit topics
ARLINGTON, Va. (6/11/09)--The National Credit Union State Credit Union Supervisors (NASCUS) recently added sessions on critical accounting issues for credit unions and mortgage lending environment strategies to its annual State System Summit. The event will be Aug. 20-22 in Boston. During the session entitled Credit Union Taxation Update--Life After Community First, Kevin Fincher of Clifton Gunderson will update attendees on the unrelated business income tax (UBIT) in light of a recent jury's decision in favor of Community First CU, which challenged the government's UBIT policy. Fincher will cover what to do now to protect any potential UBIT refund. Fincher also will update attendees on the need-to-known potential tax pitfalls of employee fringe benefits and other products. And Crowe Horwath's Sydney Garmong and Mark Taylor will lead a session on essential credit union accounting and reporting issues. The summit also will feature a half-day symposium Aug. 21 on Meeting Today's Mortgage Lending Challenges. Tracy Ashfield, president/CEO of Strategic Mortgage Solutions, will discuss strategies for successful mortgage operations in the current economic environment. Richard Hagar, mortgage fraud expert, will address how credit unions can help themselves and their members avoid becoming victims of increasing financial crimes. Also, the Conference of State Bank Supervisors will present operational components of putting the S.A.F.E. Act (Secure and Fair Enforcement for Mortgage Licensing Act of 2008) to work at the credit union. The event is for credit union CEOs, chief financial officers, boards, lending staff and other leaders.
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