Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Budget Deal Good for CU Legislation: CUNA
WASHINGTON (12/13/13)--One of the best things about the advancement of a two-year bipartisan budget deal, said Credit Union National Association Executive Vice President of Government Affairs John Magill late Thursday, is "a Congress not distracted by shutdowns is more likely to advance legislation benefitting credit unions, such as CUNA-backed relief from patent trolls, privacy act modifications and IOLTA legislation." IOLTA refers to Interest on Lawyers Trust Accounts.

It was widely reported last night that the House passed a two-year budget deal by 332-94, which dramatically reduced the likelihood of another government shutdown in 2014.

Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) crafted the agreement. It sets discretionary spending at more than $1 trillion for the next two fiscal years. It also attempts to offset the impact of broad spending cuts-called sequestration--that went into effect in March (The New York TimesDec. 12).

"A shutdown government," Magill said, "cannot move forward on important relief measures for credit unions." He added this caution, however: "At the same time, we have to remain ever watchful of any movement on the tax front that could threaten the credit union tax status."


RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
13 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
14 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
14 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
15 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
16 hours ago