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Inside Washington (10/28/2009)
* WASHINGTON (10/29/09)--National Credit Union Administration (NCUA) board member Michael E. Fryzel visited Lake Michigan CU, Grand Rapids, Mich. “It was a pleasure discussing the success story of
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this outstanding credit union with the officials responsible for its forward movement,” Fryzel said. “They are true to their philosophy of providing financial products and services that bring superior value, security, and convenience to their members.” Lake Michigan CU serves residents in 36 counties in western Michigan. It has 26 branch locations, 67 ATMs, and is Michigan’s largest credit union. “Lake Michigan CU recently was ranked No. 12 in the U.S. in returns to members among credit unions over $1 billion in assets, and for the second year in a row was named one of West Michigan’s ‘Best & Brightest’ companies to work for,” Fryzel added. From left are: Julie Blitchok, senior vice president of retail operations and marketing; Jeremiah Kossen, vice president of operations; Michael Winks, senior vice president of lending; Fryzel; Sandy Jelinski, president/CEO; Bill Schirmer, executive vice president/chief financial officer; and Michael DeFors, vice president of information services at the Michigan Credit Union League. (Photo provided by the National Credit Union Administration) ... * WASHINGTON (10/29/09)--Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Committee Chairman Charles Rangel (D-N.Y.) are proposing legislation that would place a 30% withholding tax on income at foreign banks that do not disclose the identity and content of accounts owned by Americans (American Banker Oct. 28). The bill aims to boost an Internal Revenue Service (IRS) program where foreign institutions agree to confirm American depositors’ identities and alert the IRS of earned income in the accounts. President Barack Obama said he supports the bill. Treasury Secretary Tim Geithner said it would narrow tax gaps and create a better tax system. The withholding tax is one of 13 provisions geared to punish tax havens, which could generate $9 billion during the next 10 years. Tax evaders cost the U.S. tens of billions of dollars per year in unpaid taxes, Baucus said ...

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