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News Now

Washington
Inside Washington (12/03/2008)
* WASHINGTON (12/4/08)--A notice of prohibition from the National Credit Union Administration contained erroneous information, according to David Wright, manager of WIT FCU, Rochester, N.Y. An article about the notice published Nov. 13 said that Josette L. Williamson was convicted of petit larceny in connection with the failure of the credit union. However, the credit union did not fail, said Wright. "We're alive and kicking," he told News Now. Williamson repaid the money to the credit union and was ordered to perform 120 hours of community service … * ALEXANDRIA, Va. (12/4/08)—The National Credit Union Administration (NCUA) touted board member Gigi Hyland’s recent participation on Home & Family Finance Radio, a weekly radio show offering
NCUA board member Gigi Hyland told consumer listeners about share insurance's benefits on a recent Home & Family Finance Radio Show. (Photo provided by CUNA)
helpful information and consumer finance advice, which is sponsored by the Credit Union National Association (CUNA). In a recent release, the NCUA noted that in the Nov. 12 interview Hyland focused on recent changes to federal share insurance coverage and how the economy is affecting credit unions. For instance, the NCUA board member advised that consumers should review their accounts and work with their institutions to ensure they obtain the maximum amount of insurance coverage permitted. She also promoted awareness that accounts at federally insured credit unions have insurance coverage of $250,000 through Dec. 31, 2009. Hyland also urged consumers to visit the NCUA Share Insurance Tool Kit located on the NCUA website… * WASHINGTON (12/4/08)—The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund released a report on New Market Tax Credit (NMTC) program projects funded through 2007. In its announcement of its fifth round of NMTC recipients, the CDFI said that through the FY 2007 reporting period Community Development Entities (CDEs) had disbursed almost $9 billion in Qualified Equity Investments (QEIs). The proceeds went to 1,981 different Qualified Active Low-Income Community Businesses (QALICBs) and were used to finance both real estate developments and operating businesses in low-income communities. The NMTC program was created by the Community Renewal Tax Relief Act of 2000 to promote economic development in low-income communities. The CDEs pass the tax credit on to investors. As not-for-profit entities, credit unions must have a plan for creating a for-profit subsidiary and to transfer the allocations to those subsidiaries in order to be eligible to apply for an NMTC allocation…


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