Archive for April, 2010
Tracy FCU, of Tracy, Calif., was liquidated by the National Credit Union Administration Tuesday and its $25.4 million in assets, as well as its loans and shares, were purchased and assumed by Valley First CU, of Modesto.
(Filed at 2:45 p.m. ET 4/28/10)–As expected, Federal Reserve policymakers today made no changes in the targeted funds 0% to 0.25% interest rate or in the language of its “extended period” policy pledge, it announced at the end of a two-day Federal Open Market Committee meeting.
According to a recent memo, state-chartered credit unions that are subject to unrelated business income tax may now “have a good defense against civil tax penalties” that the U.S. Internal Revenue Service could try to impose on credit unions that do not declare UBIT due on income from the sale of credit life and disability insurance, Guaranteed Asset Protection coverage, and other financial products.
While the U.S. Senate on Monday did not approve officially beginning debate on financial regulatory reform, with a cloture vote failing, Senate leaders will continue to negotiate portions of the bill and will push to begin debate this week.
Any government intervention that results in the inability of small institutions to offer credit and debit card services to members would place credit unions at a huge disadvantage with their members, according to testimony in one of the states whose legislature is considering changes in credit card company practices.
Association of Vermont Credit Unions President Joe Bergeron was among the first to testify Wednesday in front of the Vermont House Commerce Committee regarding a controversial credit card acceptance bill.
Thirteen high school girls at the White House Friday learned life skills related to financial management in a lively session presented by the National Endowment for Financial Education’s High School Financial Planning Program.
Small U.S. credit unions are dwindling in number and some of the remaining ones are banding together to achieve economies of scale, according to a Monday article in the Worcester Business Journal.
 BankInfoSecurity.com |
Vishing Spree Continues to Target Customers
BankInfoSecurity.com (blog) I hate to be someone who says 'I told you so,' but in this case I have to say to those banks and credit unions out there who think phishing and vishing … How to Respond to Vishing AttacksBankInfoSecurity.com |
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