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Washington Archive

Washington

Inside Washington (01/07/2008)

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* WASHINGTON (1/8/08)—-The National Park Service tapped Credit Union House state flower artist Margaret Huddy to paint one of the 2007 White House Christmas tree ornaments, reports the Mount Vernon Gazette (Dec. 20-26). Huddy’s assignment was to paint the White House and its grounds--which are part of the U.S. National Park System—-on the surface of an 18 inch diameter sphere. The theme of the 2007 White House Christmas Tree was “Our National Parks and Monuments.” Read more on the Mount Vernon Gazette website... * WASHINGTON (1/8/08)--The Internal Revenue Service (IRS) announced Thursday that it is considering new restrictions on refund anticipation loans (RALS), but the agency does not intend to ban the loans, according to David Williams, IRS director of electronic tax administration (American Banker Jan. 7). Rather, the agency wants to ensure that tax preparers aren’t encouraged to provide false information, he said. Williams also stated that the agency has uncovered “anecdotal evidence” indicating that some loan providers encourage consumers to inflate their returns, but has not confirmed it. The proposed restrictions could impact Pacific Capital, which receives half of its business from funding RALS, according to a research note by Brent Christ, an analyst with Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC. John Hewitt, chief executive of Liberty Tax Service and Jackson Hewitt co-founder, said the IRS cannot prevent banks from offering RALS ...

Election featured during Power Lunch hosted by CUNA

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WASHINGTON (1/8/08)--Credit unions will gain broad exposure before a vital audience in the nation's capital during another presidential election discussion organized by the National Journal and MSNBC. The Credit Union National Association (CUNA) co-sponsors the series. Panelists for Thursday’s “Power Lunch” include:
* Chuck Todd, political director, NBC News; * Jim Barnes, political correspondent, National Journal; * David Morris, executive editor, CongressDaily; * Tad Devine, senior advisor to Al Gore (2000) and John Kerry (2004); and president, Devine Mulvey - Media/Message; and * Scott Reed, GOP strategist and former campaign manager for Bob Dole’s 1996 presidential campaign.
CUNA Political Affairs Senior Vice President Richard Gose said by participating in Thursday's event, “insiders from Capitol Hill and in the Washington lobbying community will see credit unions actively engaged in the political process."

FASB uses online survey to garner CU input

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WASHINGTON (1/8/08)--After the Financial Accounting Standards Board (FASB) in November deferred the effective date of Interpretation 48 (FIN 48) for nonpublic entities, one of its committees now is asking for input via an online survey. FIN 48 is applicable to unrelated business income taxation (UBIT) for state-chartered credit unions and provides direction on how to financially recognize such tax when there is a question regarding the amount of the tax liability. It is also important to many CUSOs which are subject to state and federal tax. Credit unions who are subject to UBIT and who made not have filed or paid would have had to record a liability on their financial statements anyway. According to Scott Waite, chairman of the Credit Union National Association (CUNA) Accounting Task Force, the survey would help determine just how to apply FIN 48 in the sometimes uncertain world of not-for-profit organizations. This is particularly true in the case of UBIT where there is still some uncertainty as to exactly what is and is not subject to the tax. Waite, who is also SVP-CFO of Patelco CU, San Francisco, said great strides have been made in soliciting input to the standards setting process from small and private companies—including credit unions. “The FASB representation of the credit union industry has afforded us high visibility and we should take the opportunity to participate whenever we can,” he said. “We really do make a difference in many financial reporting outcomes.” Use the resource link below to access the survey. The deadline is Jan. 31.