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Inside Washington (03/10/2008)
* WASHINGTON (3/11/08)—A free webinar on key issues surrounding unrelated business income tax (UBIT) for credit unions is now available online. The Credit Union National Association (CUNA) offered the UBIT webinar live during the March 3-6 Governmental Affairs conference here. Featured panelists are: Mary Martha Fortney, president/CEO, NASCUS; Faye Patzner, chief legal officer, CUNA Mutual Group CUNA General Cunsel Eric Richard, and Brett Thompson, president, Wisconsin CU League. n January, Community First CU, Appleton, Wis., filed a court challenge against the Internal Revenue Service regarding its UBIT determination on insurance products… * WASHINGTON (3/11/08)--Guy Hood, right, president/CEO of the Florida Credit Union League and a director on the board of the Credit Union House in Washington, D.C., was inducted into the CU House Hall of Leaders March 3. Congratulating him here is Dan Mica, Credit Union National Association president/CEO. The Hall of Leaders was created by Credit Union House to provide lasting recognition for individuals who have demonstrated an outstanding commitment to credit unions and who have made a significant impact on the credit union movement at the local, state, or national level. Hood was the first inducted. (Photo provided by the Florida Credit Union League) ... * WASHINGTON (3/11/08)--The Maryland and District of Columbia congressional delegation spoke to 80 credit union officials at the Maryland and District of Columbia Credit Union Association Congressional Luncheon on Capitol Hill Wednesday (Focus Newsletter March 10). Sen. Ben Cardin (D-Md.), pictured, voiced his support for credit unions, encouraging them to continue helping their members. Rep. Roscoe Bartlett (R-Md.) discussed his support for credit union regulatory reform legislation. Rep. C.A. Ruppersberger (D-Md.) said he was glad to be the first co-sponsor of the Credit Union Regulatory Improvements Act from the Maryland delegation, and Rep. Elijah Cummings (D-Md.) noted credit unions are a bridge to help those cross over financial difficulties to meet goals and attain wealth. (Photo provided by the Maryland and District of Columbia Credit Union Association) ... * WASHINGTON (3/11/08)--A Friday hearing where lawmakers expected to grill executives who profited off three companies hurt by the subprime mortgage market crisis did not go as expected (American Banker March 10). The executives, E. Stanley O’Neal, Merrill Lynch and Co.; Charles O. Prince, Citigroup; and Angelo Mozilo, Countrywide Financial Corp., did not apologize for their companies--.instead, they defended themselves. Mozilo took responsibility for the downfall and empathized with those who cannot afford their mortgages. He also said he would provide company employees to Rep. Elijah Cummings’ (D-Md.) staff to solve foreclosure problems ... * WASHINGTON (3/11/08)--Housing and Urban Development (HUD) Secretary Alphonso Jackson will testify before the House Financial Services Committee today and the Senate Banking Committee Wednesday to discuss oversight of HUD, as well as the department’s budget request for fiscal year 2009. He is slated to be the sole witness before the House panel, but is scheduled to precede these witnesses on the Senate side: Michael Kelly, executive director, District of Columbia Housing Authority; Hector Pinero Sr., representing the National Multi-Housing Council and the National Leased Housing Association; Diane Randall, director, Partnership for Strong Communities; Edgar Olsen, economics professor, University of Virginia; and Barbara Sard, director of housing policy, Center on Budget and Policy Priorities …


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