Bankers Want More CU Disclosures
WASHINGTON-The banking lobby called on the head of the tax-writing House Ways and Means Committee last week to reapply a requirement for credit unions to file the same financial disclosures with the Internal Revenue Service as required of other tax-exempt organizations.
In a letter to Rep. Bill Thomas (R-CA), the American Bankers Association and America's Community Bankers, asked that Congress repeal federal credit unions' exemption from filing a Form 990, which is filed by CUNA, NAFCU and all other tax-exempt credit union trade associations and details an organization's financial condition, as well as the salaries of top executives.
Federal credit unions were exempted from filing the comprehensive financial disclosures with the IRS in 1989 when Congress ruled they were an "instrumentality of the United States."
Thomas is currently reviewing the tax exemption for not-for-profit hospitals and other organizations and the bankers have been lobbying him to include credit unions in that review.
CU Responds To New Ordinance
BURBANK, Calif.-Burbank City Employees FCU said it is making low-interest loans available to members who are required under a new city ordinance to replace their roofs with non-flammable shingles.
The credit union is offering loans of up to $25,000 at 4.95% or less. A new city ordinance will require homeowners to replace wood shakes and shingles on homes in the foothills by Aug. 14, 2005, and all other homes by 2012.
Founders FCU Acquires SEFCU
LANCASTER, S.C.-Founders FCU and Spartanburg Educators FCU have combined to create a credit union with almost $1 billion in assets and 140,00 members.
The $10-million, 3,600-member SEFCU's location will give Founders FCU a stronger foothold in the Spartanburg area, the newly-merged credit union said.
The original SEFCU staff will continue to operate the location as a branch of Founders. The merger means SEFCU members, as members of Founders, will now have access to the credit union's 15 branches, three service centers and ATMs.
Grand Opening Aims For Homerun
Santa Ana, Calif.-Patriots FCU opened its newest branch this month with a new pitch-by throwing out the first ball.
The credit union, formerly known as Marine Air FCU, tried a different promotion for its newest branch here.
The branch opening centered on home plate, with baseballs handed out imprinted with the slogan, "Patriots Federal Credit Union, In A League All Their Own."
HHCU Offers Stored Payroll Card
HARTFORD, Ct.-Hartford Healthcare CU said it has joined with Hartford Healthcare Corp., the parent of Hartford Hospital, and Genpass, Inc., to issue stored value debit cards to employees in place of paychecks.
The Hartford Healthcare CU PayCard is designed both to save employees of Hartford Healthcare Corp. money and bring new members into the credit union.
The card is aimed at saving users money on check cashing and money transfers.
TNB Adds More CU Portfolios
DALLAS-TNB Card Services said it signed four more credit unions to agent issuer agreements under which the company will buy the credit unions' portfolios and manage them.
The new credit union customers are: OCHA CU, Orange, Calif.; A/C CU, Bath, Ohio; Park City CU, Merrill, Wis.; and APP FCU, West Palm Beach, Fla.
Clarke American 'Loves Lucy'
SAN ANTONIO, Texas-Clarke American has introduced a series of check designs in honor of the popular old-time TV comedy "I Love Lucy."
Check and return address label designs carry colorful, heart-framed scene from the series that filmed 19 episodes from 1951 to 1957.
A coordinating leather checkbook cover features heart-shaped black-and-white images that coordinate with the check designs.
