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WASHINGTON-CUNA and NAFCU told the Internal Revenue Service (IRS) that the costs outweigh the benefits in its proposal to change the reporting of interest paid to nonresident aliens in formal comment letters November 14, the same day the comment period closed. The proposed rule would require credit unions and other...

WASHINGTON - Funding for the First Accounts program, under which the U.S. Department of the Treasury made grants to financial institutions to help people without bank accounts to establish relationships with financial institutions, is stalled in the federal budget process and may be significantly cut from the level the Clinton...

WASHINGTON- Another year, another failed attempt to pass bankruptcy reform legislation. The result is the same it's been in recent years, but the events leading up to this year's failure were quite interesting and made for a real rollercoaster ride for the credit union industry. Credit unions had a big...

GRAND RAPIDS, Mich. - When it comes to credit union cooperation on shared branching, the spotlight these days is on western Michigan with small CUs as the biggest cheerleaders of the trend-and with good reason: it's cheap. "The costs are really minimal with just the transaction fees," commented Vicki Lyon,...

Despite all the credit union industry time, talent, political capital, and money put into getting the latest in a long line of bankruptcy reform bills passed, the measure still died. The Senate adjourned for the final time this year last Wednesday night without ever considering the stripped down version passed...

ALEXANDRIA, Va.-NCUA Board Member JoAnn Johnson has created a task force to decide whether the federal agency can go beyond parity with state laws in its member business lending rule review. NCUA's General Counsel staff has already been reviewing the regulation as part of its three-year cycle and has found...

SAN ANTONIO, Texas - Security Service Investment Group (SSIG), a wholly-owned subsidiary of Security Service Federal Credit Union, has partnered with Fipsco, a unit of Fiserv, Inc., to offer members online life insurance. According to Fipsco President Gary Kasik, the new system will simplify the process of buying life insurance...

MADISON, Wis. - Record low mortgage rates have buttressed continuing high demand for first mortgages and refinancings from members. They've also boosted the appreciation rate on property values. All this has been good news for credit unions' mortgage portfolios and for consumers looking to sell or refinance their homes, but...