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CUNA in the News


September 2013

The Best Way to Simplify Your Finances in Retirement09/27/2013At banks, the Federal Deposit Insurance Corporation (FDIC) backs up to $250,000 of each type of account (single accounts, joint accounts and revocable trust accounts and retirement accounts, like IRAs) and provides unlimited insurance for non-interest bearing checking accounts. Similarly, federally insured credit union customers are covered up to $250,000 by the Credit Union National Association.

Is it Time for Credit Unions to Pay Up?09/27/2013Nationwide, 97 million people are members of a credit union, and 700,000 people have joined this year, according to first-quarter 2013 figures, said Paul Gentile, executive vice president of Credit Union National Association.

THE DAILY CALLER09/26/2013As Congress debates an overhaul of the tax code, it is considering implementing new taxes that will have a dramatic impact on the middle class and effectively raise taxes on about 96 million people. This blanket-style review of the tax code would end the tax-exempt status for nonprofit credit unions, which would jeopardize tens of thousands of jobs and stifle economic growth.

Dump Your Big Bank and Save09/26/2013Remember Bank Transfer Day, two years ago this month? That's when mad-as-hell consumers were supposed to bring giant banks such as Bank of America, Chase, and Citibank to their knees by moving their money to nonprofit credit unions.It was a bust. Few people switched, in part because of the grip big banks had on them with their alluring online and mobile-banking services. Those let you use your computer and smart phone to watch balances, find ATMs, make account transfers, pay bills, and even deposit checks.

Cash Funds Fast Reveals a New Affordable Resource of Emergency Business Loan Options for Small Business and Industry Specific Businesses to Acquire Needed Working Capital09/25/2013Credit unions have filled part of the gap, "While some banks have money to lend, the requirements for small businesses to get a hold of it are so strict that many are frozen out. Paul Gentile, executive vice president at the Credit Union National Association, says large banks are reticent to make business loans under $200,000 which is where credit unions come in," reports Fox Small Business News, on April 23.

MINTPRESS NEWS- By: Martin Michaels09/19/2013Credit unions representatives say that they are confident that they can keep their tax exempt status. “I think its a nonsensical argument,” said Paul Gentile, executive vice president of the Credit Union National Association (CUNA) in a statement to Mint Press News. “We are all of a sudden not allowed to offer services to our members? They offer checking accounts, we offer checking accounts. They offer mortgages, we offer mortgages. The difference is that we don’t offer complex, mega million commercial loans. We are here to serve our members.”

Wesenberg: Looking Out for Workers09/19/2013As tax reform picks up speed in Congress, special-interest groups are storming Capitol Hill to ensure that they get favorable tax treatment. Fortunately, some groups — like credit unions — are looking out for the interests of hard-working Americans in this debate. For years, big banks have been trying to saddle their non-profit credit-union competitors with new taxes. They see a congressional tax reform push as their best chance to sneak such taxes in.

CUNA Offers New CFPB Compliance Help09/18/2013CUNA has released a new webpage stocked with compliance resources for mortgage rules from the Consumer Financial Protection Bureau.The guides, blogs, newsletters and articles are available at www.cuna.org/compliance or by going to www.cuna.org and then to the compliance tab and then choosing “Compliance Resources – CFPB Mortgage Rules.”

BIZBASH09/16/2013The Credit Union National Association's Governmental Affairs Conference is a finalist for the Best Association Event. The winners of the first national Event Style Awards will be announced at the BizBash New York IdeaFest in October.

Mark Condon Retiring from CUNA09/16/2013Longtime publications executive Mark Condon is retiring from CUNA, the trade group said on Monday. Condon, senior vice president of business and consumer publishing, will be stepping down on Sept. 30 and plans to pursue a master’s degree in history and plans to eventually teach, Madison, Wis.-based CUNA said in an announcement.

Weekly Jobless Claims: The Numbers Behind the Numbers #Hounews09/12/2013Today’s weekly jobs report is a bit of an anomaly because of a flawed sample, but there’s more behind the numbers than first meets the eye. Two states’ computer glitches are preventing The Labor Department from generating a complete report on last week’s jobless benefits claims, clocking-in at just 31,000. But there remains a troubling trend in earlier weeks’ reports, according to Bill Hampel, Chief Economist for the Credit Union National Association. “These numbers are usually very difficult to interpret on a weekly basis, or at least, must be taken with a grain of salt on a weekly basis, because they’re usually quite volatile,” he says. “What also counts is how many jobs are being added.”

Stand with Rand in Credit Union Freedom09/11/2013On Tuesday, the Credit Union National Association (CUNA) launched its “Don’t Tax Tuesday” in which credit unions and their supporters tweet members of Congress about not double taxing credit union members in the name of “tax reform.” Another group, the National Association of Federal Credit Unions (NAFCU), is holding a “Congressional Caucus” this week in which leaders and members of credit unions meet with lawmakers about the impact of current and proposed taxes and regulations.

BUSINESS INSIDER- By: Constance Gustke09/11/2013A fleet of upstart companies and even old ones with new offerings are betting yes. Offerings range from innovations, such as virtual currencies, to older ones, such as company credit unions, that can save you money.

Here’s How a New House Goes from ‘Solid Investment’ to 'Worst Decision Ever’09/11/2013Delaying the buying process in hopes of a better rate. Mike Schenk, vice president of economics and statistics at the Credit Union National Association, points out that adjustable rates are now at rock bottom at about 3 percent. If you really are ready to make the commitment for home ownership, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate.

Twitter About the Credit Union National Association Women's Financial Survey of 1,042 Women09/10/201352% of women surveyed say they have enough savings to cover six months' worth of expenses. Do you?

Wall Street Has So Far Crushed a Drastic Foreclosure Fix. One California Town Could Change That09/10/2013Still, he didn't quite realize how hard industry groups would be willing to fight it. Groups like the American Securitization Forum, Credit Union National Association, National Association of Realtors and the Mortgage Bankers Association of America have lobbied Capitol Hill to ban the procedure, and funded aggressive media campaigns to discredit it. Whenever they hear about a new city considering MRP's proposal, the Securities Industry and Financial Markets Association sends out a thick packet of information detailing how it will make lenders hesitate to loan in the future, or increase rates to offset the risk.

Ways and Means Republicans Huddle on Tax Reform- Committee for a Responsible Federal Budget Ready09/10/2013At 9 a.m. the Bipartisan Policy Center will release a narrowed X-date window. The Credit Union National Association hosts its “Don’t Tax Tuesday” “urging 97 million credit union members … to contact Congress with the unified message: ‘Don’t Tax My Credit Union.’” The University of Michigan’s Office of Tax Policy Research hosts an event examining the federal income tax at 100 at 8:30 a.m. in Room B-339 of the Rayburn House Office Building. And API CEO Jack Gerard unveils a new carbon tax study at 10:30 a.m.

Credit Unions Fight to Keep Tax-Exempt Status09/09/2013The Credit Union National Association has launched a grassroots campaign encouraging its 96 million members throughout the U.S. to contact Congress in a bid deter the removal of credit unions' not-for-profit tax status. In 1934, Congress passed the Federal Credit Union Act, allowing not-for-profit credit unions a federal tax exemption status with the purpose of making credit available to "people of small means." It gave those who needed loans an alternative to banks that would not lend to them.

For First-Time Homebuyers: How to Dodge 5 Costly Rookie Mistakes09/06/2013Delaying the buying process in hopes of a better rate. Mike Schenk, vice president of economics and statistics at the Credit Union National Association, points out that adjustable rates are now at rock bottom at about 3 percent. If you really are ready to make the commitment for home ownership, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate.

Round Two of Don't Tax My Credit Union Tuesday Lands Sept. 10: Let's Show the Bankers What They're Up Against09/06/2013September is here. The football season is starting. Baseball post-season is in sight. School is back in session. Congress is getting ready to reconvene. In credit union land, one thing that never changes no matter what time of year we are in—credit unions continue to provide high-quality, low-cost financial services to their 97 million consumers. And nothing should stop that. That’s why CUNA and the Leagues have called on the credit union system to respond strongly to Round 2 of “Don’t Tax My Credit Union ‘Tuesday’” on Sept. 10th.

JPMorgan to Stop Making Student Loans- Company Memo09/05/2013Credit unions could also use exits by banks such as JPMorgan as an opportunity to do more business. Many entered the market in 2010 and have made about $2 billion of student loans since then, according to Paul Gentile, executive vice president of the Credit Union National Association.

Credit Union Supporters, Opponents Trade Punches09/05/2013Federal Policy Group, and Bert Ely, the principal of Ely & Company, Inc., issued a report questioning why credit unions are exempt from corporate income taxes when their competitors — commercial banks and thrift institutions — do not enjoy the same tax status. “This huge tax expenditure — nearly ten billion dollars over the next five years, according to the [OMB] no longer has any policy or economic justification. Credit unions have evolved to become large financial institutions which provide services that are identical to their taxpaying competitors,” the two wrote.

CU Growth Outpaces Population Growth, CUNA Reports09/04/2013Credit union membership in the U.S. has outpaced general population growth in recent months by nearly a three-to-one margin, bringing total U.S. credit union memberships to more than 98 million, according to a new CUNA report.

U.S. NEWS & WORLD REPORT- By: Sabah Karimi09/04/2013Delaying the buying process in hopes of a better rate. Mike Schenk, vice president of economics and statistics at the Credit Union National Association, points out that adjustable rates are now at rock bottom at about 3 percent. If you really are ready to make the commitment for home ownership, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate.