Regulatory & Compliance

WASHINGTON -- Predictably Edward Yingling, CEO of the ABA, decried First Community Credit Union's litigation against the IRS and argued instead that the CU and all state chartered CUs should pay taxes on income the IRS has deemed unrelated to their core missions.

In what has become a familiar exercise, NAFCU has once again written to the NCUA Board, urging that the agency keep the 18% ceiling on credit union interest rates.

The use of debit cards for government payments is nothing new, but the government's use of prepaid cards took a giant step into the mainstream when the U.S. Government announced it would put millions of Social Security payments on prepaid cards instead of checks.

Building on what it describes as a strong 2007, the Small Business Administration said more reforms will come in 2008.

The Federal Reserve Board named 10 new members to its Consumer Advisory Council for three-year terms and designated a new chair and vice chair of the CAC for 2008.

Gateway Metro Credit Union, a state-charted credit union since 1935, has made the switch to a federal charter.

NCUA has selected Mary Ann Woodson as its new chief financial officer effective Jan. 14, 2008.

The IRS has published a request for public comment about a potential regulation that could restrict the marketing of so-called Refund Anticipation Loans. Tax preparers offer Refund Anticipation Loans (RALs) to allow taxpayers to cash in on a tax refund without having to wait for a refund check from the...