NCUA Publishes Letter To CUs
ALEXANDRIA, Va.–NCUA has published a Letter to Credit Unions urging scrutiny of all relationships with third parties, noting it has directed its field staff to pursue the same.
“This guidance was developed to assist in the evaluation of basic planning, due diligence, and controls credit unions should have in place when engaging in third-party relationships,” the agency wrote. “The planning, due diligence, and controls required to safely engage in these relationships will depend upon credit union risk profiles and the type of relationship with the vendor. The evaluation of new and current vendors could include different components based on the duration of the relationship.”
NAFCU Offers CUs Reasurrances
ARLINGTON, Va.–NAFCU is offering some reassurances to credit unions after the credit union tax exemption remained in a report from the Treasury Department on exemptions that potentially could be eliminated. The report, “Approaches to Improve the Competitiveness of the U.S. Business Tax System for the 21st Century,” was initially published earlier this year. In a revised draft, several of the tax exemptions targeted in the initial draft were eliminated, but not that of credit unions.
“While the credit union tax exemption is still included in the report, we understand that this is not intended to be a recommendation for a policy change,” said NAFCU President Fred Becker. Becker cited meetings and correspondence with Treasury representatives during 2007 in which Treasury expressed support for credit unions, and added, “Treasury is not proposing that the tax exemption for credit unions be repealed.”
BCFCU Robber Suspect Nabbed
HARRISBURG, Penn.–A suspect in the attempted robbery of Blue Chip FCU here was nabbed after he stopped into a nearby convenience store to grab a beverage. Swatara Township Police said Paul Risser, 35, attempted to rob the Blue Chip branch but fled without getting any money.
He then stopped, police said, approximately one-half mile away at the Turkey Hill Minit Market to have a drink with a friend. Risser has been charged in three other robberies, including two previous robberies at Blue Chip FCU in early December, and of a local bank.
SWAT Trains
VANCOUVER, Wash.–The Vancouver Police Department conducted SWAT training at the site of the former Citizens Service Center in downtown Vancouver. The properties have been purchased by iQ Credit Union as the future site of its new headquarters. The police training was coordinated with iQ Credit Union’s knowledge and approval.
“No iQ Credit Union staff or other workers were present during this time. Police personnel only will be onsite,” said Corporal Chris Leblanc.
