February 22nd, 2018099CUNA President / CEO Jim Nussle recently weighed in against a bill in Iowa senate that would place an additional tax on credit unions.
Senate Study Bill 3197 would raise taxes on Iowa credit union members and reduce taxes on banks an their stockholders — many of whom do not live in the state. Nussle wrote a letter to Iowa Senate members about the proposed legislation on Thursday.
"It would make it more expensive for Iowans to access safe and affordable credit provided by not-for-profit financial cooperatives," Nussle wrote. "This legislation is bad for Iowa and we urge this body to soundly reject it."
Nussle, a native Iowan,...
February 6th, 2018185This Black History Month, the National Federation of Community Development Credit Unions and the African-American Credit Union Coalition have joined forces to celebrate African American credit unions in a social media campaign that illustrates the impact of credit unions on their members and communities.
The Federation promotes financial inclusion by organizing, supporting, and investing in credit unions that specialize in serving communities with limited access to affordable financial services. It includes many minority designated credit unions among its members.
"The Federation was organized over 40 years ago by primarily minority...
January 29th, 2018092The Michigan Credit Union League has filed an amicus brief in Federal Court supporting American 1 Credit Union as it battles a law suit alleging non-compliance with the Americans with Disabilities Axt.
MCUL’s brief is in support of a motion to dismiss filed by attorney and counselor Michael M. Bell of Howard & Howard law firm.
The lawsuit is the latest in a series brought by trial attorneys seeking judicial interpretation of the ADA as it applies to website accessibility, according to a MCUL press release.
“It’s unfortunate that in the absence of regulatory guidance, credit unions are forced to expend valuable time and...
December 21st, 20170125
The tax reform bill expected to pass through the House and Senate this week won't touch the credit union tax status, according to a Credit Union National Association article.
>> Related: Tax bill expected to pass through House, Senate this week<<
"Credit unions said loudly and repeatedly throughout this process that any change to the credit union tax status amounts to a direct tax increase on 110 million Americans, and that message was heard loud and clear," said CUNA President and CEO Jim Nussle. "With tax reform out of the way, CUNA will increase its advocacy to turn the attention on much needed regulatory relief...
December 6th, 20171123The Senate Banking Committee passed regulatory relief bill Tuesday morning that could provide significant lending relief to credit unions, according to the Credit Union National Association.
The Economic Growth, Regulatory Relief and Consumer Protection Act passed the committee with a vote of 16-7 Tuesday following a markup that morning.
"This bipartisan regulatory relief package is an example of what we can achieve when we work together," said Senator Joe Donnelly (D-Indiana) in a Senate press release. "The proposal would provide long-awaited regulatory relief to community banks and credit unions unintentionally burdened by rules...
December 4th, 201726112Credit unions' special tax status appeared to be in the clear as both the Senate and House passed their tax reform bills recently.
>> Related: Senate passes tax bill; stock market reaches record highs <<
The House passed its version of the bill in November. The Senate voted in favor of the Tax Cuts and Jobs Act early Saturday morning. Neither version of the bill proposes ending or changing the tax exempt status enjoyed by federally and state chartered credit unions.
"Both chambers of Congress have now passed tax reform bills without proposing any change to the credit union tax status, true evidence that both sides...
November 29th, 201731100Despite its very public controversies, the Consumer Financial Protection Bureau took an encouraging step toward helping relieve regulations on credit unions Monday.
>>Related: Court: Trump's pick should lead CFPB<<
The Credit Union National Association wrote new acting CFPB leader Mick Mulvaney a letter Monday, detailing some concerns credit unions have had with the agency and asking that he put a freeze on new rules and requirements. Later that day, Mulvaney announced a 30-day freeze on both rule-making and hiring.
"We're very pleased to see the bureau halt rule-making activities for the time being, as we've...
November 29th, 201730107The CUNA Mutal Group Foundation and CUAid are poised to present a meaningful Christmas gift to credit unions and their members suffering from the affects of natural disasters.
"There are still significant needs for the affected disaster areas and holidays can be especially hard for those displaced from their homes or businesses," said CUNA Mutual Group Foundation Leader Beth Cutler in a press release.
With that in mind, CUNA Mutual Group Foundation pledged Tuesday to match every dollar donated to credit union disaster relief fund CUAid – up to $100,000 – through Dec. 31. CUAid is the only disaster relief fund dedicated to...
November 27th, 20170106MONEY recently featured 13 credit unions among its list of best financial institutions in each U.S. state.
The reporters combed through data on the largest 90 brick-and-mortar banks, 50 credit unions and 15 online banks identified by the bank consultancy firm called Novantas, according to the article. Based on factors including fees, interest rates and account requirements, MONEY selected the best financial institution in each state.
“To pick the champions, we required minimum balances that were $1,500 or less, and we assumed that you could put up with online statements to avoid fees,” according to the MONEY article.
MONEY named...
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