State Regulators Meet With CUs, With UBIT Chief Issue of Concern
The National Association of State Credit Union Supervisors (NASCUS) is reporting that more than 50 credit union CEOs, industry and league staff joined it at meetings in Atlanta and Boston, respectively, as part of the NASCUS Credit Union Advisory Council.
The council plans to continue meeting with credit unions nationwide to provide a forum for state credit union representatives to discuss challenges and issues facing state-chartered credit unions.
The meetings followed outreach meetings held earlier in Virginia, Pennsylvania, Tennessee and Colorado.
"The face-to-face interaction with credit union CEOs is very valuable to us," said NASCUS President Mary Martha Fortney.
At both meetings in Atlanta and Boston, NASCUS reported particular interest in developments related to unrelated business income tax (UBIT) and other taxation challenges.
At the Atlanta meeting, co-hosted by the Georgia Credit Union Affiliates, Fortney and Larry Blanchard, CUNA Mutual's senior vice president for corporate and legislative affairs, addressed UBIT issues and shared information from the UBIT Steering Committee, of which Fortney and Blanchard are members.
Attendees were told that technical advice memorandums (TAMs) are expected to be released by the IRS regarding UBIT in the first half of 2006.
In Boston, Fortney and Massachusetts league President Dan
Egan led a discussion on current issues including UBIT and taxation along with regulatory compliance challenges associated with the Bank Secrecy Act and Home Mortgage Disclosure Act requirements.
At both meetings, Fortney informed attendees that NASCUS' focus in 2006 is on credit union corporate governance practices, continuing efforts to strengthen state regulatory agencies and the preservation of states' rights.