MADISON, Wis. (3/4/14)--A Feb. 26 article announcing that the specific credit union tax status is left untouched in a tax reform plan released by House Ways and Means Committee Chairman Dave Camp (R-Mich.) was the most read
article in February.
Camp's plan initially appeared to subject federal credit unions to a tax on 'unrelated business activities" (UBIT) for the first time. Another
story, in which senior staff members of House Ways and Means Committee clarified that it is not the committee's intention to impart any additional taxes on federal credit unions, including UBIT, was also among the Top 10 requested articles.
The second most-requested article announced the National Credit Union Administration (NCUA) will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. The agency said the positive news is the result of a $1.4 billion settlement with JP Morgan and the continued improvement in the performance of the legacy assets underlying the NCUA Guaranteed Notes program.
The complete Top 10 list for the month includes:
10. Tax committee staff clarifies: No intention to impose additional tax on CUs--including UBIT
WASHINGTON (2/26/14)--It is not the intention of the House Ways and Means Committee to impart any additional taxes on federal credit unions, the committee staff clarified in response to inquiries by NCUA. The exchange occurred just hours after House Ways and Means Committee Chairman Dave Camp (R-Mich.) unveiled his tax code reform plan.
9. Matz says merchants must be subject to same data security standards as CUs
WASHINGTON (2/24/14)--The data breach at Target is the story of a double standard "that is neither healthy nor fair," NCUA Chairman Debbie Matz said today at the 2014 Governmental Affairs Conference. "While financial institutions are required by law to protect sensitive personal information, data protection standards for retailers are too often simply not adequate," Matz added.
8. CUNA announces star-studded media panel at the GAC
WASHINGTON (2/12/14)--The Credit Union National Association has just announced a new feature for this year's Governmental Affairs Conference. The program will include a new media panel session featuring accomplished journalists who will discuss in-depth how credit unions can better communicate their message to the media.
7. CUNA warns CFPB data collection could increase consumer exposure to ID theft
WASHINGTON (2/11/14)--Consumer Financial Protection Bureau data collection practices could increase the risk of identity theft and fraud for consumers, CUNA has warned.
6. As Congress continues data breach scrutiny, CUNA, partners correct merchant distortions
WASHINGTON (2/6/14)--Saying "it's time to stop the blame game and be part of the solution," the CUNA and partner financial services associations corrected some distortions circulated by merchants in a Wednesday communication to members of the U.S. Congress.
5. CU financials continue positive trend, NCUA reports
ALEXANDRIA, Va. (2/20/14)--The recent trend of positive financial results for the credit union system continued today, with the NCUA reporting continued declines in the number of CAMEL code 3, 4 and 5 credit unions.
4. NCUA risk-based capital plan could cut CU capital buffers by billions: CUNA
WASHINGTON (2/10/14)--The NCUA's proposed risk-based capital rule could prove costly for many credit unions, forcing them to increase their capital levels by a net $7.3 billion to maintain their current margins above the proposed "well capitalized" thresholds.
3. Internet domain name just for CUs is on its way
WASHINGTON (2/26/14)--A new Internet domain name just for credit unions, .creditunion (dot credit union), is just about a reality.
2. NCUA confirms: No TCCUSF assessment in '14--and less likely after
WASHINGTON (2/12/14)--There will be no TCCUSF assessment charged in 2014, the National Credit Union Administration has confirmed. And, credit unions are much less likely to be charged another TCCUSF assessment going forward.
1. Tax plan preserves tax exemption, but raises concern in other key area
WASHINGTON (2/26/14)--The specific credit union tax status is left untouched in a tax reform plan released today by House Ways and Means Committee Chairman Dave Camp (R-Mich.), but the plan does raise some additional tax issues that are of concern to CUNA.