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News Now

Washington
Inside Washington (09/08/2010)
* ALEXANDRIA, Va. (9/9/10)--Debbie Matz, National Credit Union Administration chairman, who will be leading a town hall meting in Portland, Ore. (News Now Aug. 19) on Oct. 5, will also address the annual meeting of the Credit Union Association of Oregon on Oct. 6. “The Portland Town Hall will be an ideal opportunity for credit union leaders in Oregon, and across the Northwest, to have a dialogue with NCUA leadership on the major issues of the day,” Matz has said. Oregon credit union leaders are likely to discuss with Matz the health of the share insurance fund, regulatory and examination burdens, and comment on recently passed federal regulations. Credit union leaders also will express their support for increased an increased cap on member business lending, said the Credit Union Association of Oregon (Oregon Outlook September 2010) ... * WASHINGTON (9/9/10)--The Internal Revenue Service has issued guidance regarding changes to the use of certain tax-favored arrangements, such as flexible spending arrangements to pay for over-the-counter medicines and drugs. Under the Affordable Care Act, enacted in March, the cost of over-the-counter medicine or drugs cannot be reimbursed from the account unless a prescription is obtained. The change does not affect insulin, eye glasses, contact lenses, co-pays and deductibles. The standard applies to purchases made on or after Jan. 1 … * WASHINGTON (9/9/10)--The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of suspicious telephone calls where the caller claims to represent the FDIC and is calling regarding the collection of an outstanding debt. Callers have alleged that the recipient is delinquent on a loan payment that was applied for over the Internet or through a payday lender. The loan may or may not exist. The caller attempts to authenticate the claim by providing sensitive personal information, such as name, Social Security number, and date of birth, supposedly taken from the loan application. The recipient is then strongly urged to make a payment over the phone to “avoid a lawsuit and possible arrest.” If a caller demonstrates that he or she has the recipient's sensitive personal information, such as Social Security number, date of birth, and bank account numbers, the recipient may be the victim of identity theft and should review his or her credit reports for signs of possible fraud. The individual should also consider placing a “fraud alert” on his or her credit reports, the FDIC said. The agency generally does not initiate unsolicited telephone calls to consumers and is not involved with the collection of debts on behalf of operating lenders and financial institutions ...


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