CUNA Confirms It May Pursue UBIT Litigation
WASHINGTON-CUNA confirmed last week what it had earlier told the Credit Union Journal, that it may join with other members of the Unrelated Business Income Tax (UBIT) Steering Committee and pursue litigation that would seek to address what it termed "adverse decisions from the Internal Revenue Service (IRS)." The trade group added that the "credit union community stands united on this issue" even though at this point the UBIT applies only to state charters. The comments were made during a web seminar hosted by CUNA that drew more than 1,200 participants. CUNA said an archived version of the web seminar will be posted on www.cuna.org.
Scholarship For Daughter Of Colo. Murder Victim
ARVADA, Colo.-The Credit Union Foundation of Colorado and Wyoming has established a scholarship fund for the benefit of nine-year-old Victoria Garraus, whose mother, Heather Garraus, an employee of Colorado State Employees CU in Greeley was shot and killed outside the credit union. A separate scholarship fund has also been established by CSECU. Shawna Nelson, a member of the credit union, has been charged with first-degree murder in connection with the crime.
Chicago CU, Bank Team Up On Mortgage Program
CHICAGO-Southside Community FCU said it has expanded its partnership with Marquette Bank to offer low-downpayment mortgages to low- and moderate-income households. In an unusual arrangement, the community development credit union will offer second mortgages on first mortgages already provided by the bank, enabling the borrower to avoid private mortgage insurance, saving borrowers as much as $200 a month.
Under the arrangement, the first mortgage offered by Marquette Bank up to 80% of loan-to-value is combined with the second mortgage offered by Southside Community FCU for the difference between the down payment and the first mortgage. This enables the burrower to avoid PMI.
Intuit Completes Acquisition Of DI
MOUNTAIN VIEW, Calif.-Financial software giant Intuit Inc. has completed its acquisition of Digital Insight, following approval of the $1.3-billion deal by Digital Insight shareholders. Digital Insight, the provider of Internet banking services for 1,400 financial institutions-half of them credit unions-is one of three CU outsourcers, including Open Solutions and John H. Harland, in the process of being taken over. Intuit, the maker of the popular online tax programs Quicken and TurboTax, plans to use Digital Insight's connections with CUs and banks to tap into the small business market. Digital Insight CEO Jeff Stiefler will remain as head of the Digital Insight subsidiary of Intuit.
Branch Manager is Charged
LAPEER, Mich.-A former branch manager for Lapeer County Community CU was charged with embezzling more than $20,000 from the credit union. Charlotte Beers, 50, of North Branch, was arrested and released on bond. Beers was fired as manager of the Deerfield Township branch of the credit union because of the embezzlement allegations, according to the state police.
NASCUS Accredited 12 Agencies
ARLINGTON, Va.-NASCUS reported that 12 state agencies earned re-accreditation in 2006. NASCUS accreditation is valid for five years, subject to annual review. The 12 states that earned re-accreditation in 2006 include Arizona, Georgia, Iowa, Massachusetts, Missouri, New Mexico, North Dakota, Ohio, Pennsylvania, Texas, Vermont and Wisconsin. This year, states that were accredited or re-accredited in 2002 will undergo the comprehensive review required for five-year re-accreditation. NASCUS said it is also currently working with state agencies that will complete the process for the first time.
For info: www.nascus.org.
Journal Conference Set For April
BOSTON-The Credit Union Journals' SEG & Business Development Conference is now filling up. Details on the conference, which focuses on strategies for growing membership, can be found by clicking on the button on www.cujournal.com. See you there!
