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CUNA, CDCU Federation To Host Webinar For VITA Tax Filers

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MADISON, Wis., and NEW YORK (11/1/13)--The Credit Union National Association and the National Federation of Community Development Credit Unions will host a webinar to discuss new products and services that can help credit union members who use the Internal Revenue Service's Volunteer Income Tax Assistance (VITA) program to make the most of their funds.
 
The webinar will be held at 2 p.m. ET, Nov. 18.
 
The IRS VITA program offers free tax help to people earning $50,000 or less. It provides trained and certified volunteers to help taxpayers access special tax credits and complete their forms.

The webinar will address the resources offered by:
  • IRS-Stakeholders Partnership Education Communication program;
  • Consumer Financial Protection Bureau;
  • SaveUSA; and
  • Doorways to Dreams.
 The impact of the Earned Income Tax Credit also will be discussed.
 
Speakers include:
  • Pamela Owens, National Federation of Community Development Credit Unions;
  • Tamara Lindsay, New York City Office of Financial Empowerment, SaveUSA; and
  • Joanna Smith-Ramani, Doorways to Dreams Fund.
 The webinar is appropriate for all levels of credit union staff and board directors who coordinate, partner and volunteer in VITA programs. For more information, use the link.

Newtek Hits $1B Milestone In Servicing

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NEW YORK (11/1/13)--Newtek Business Services Inc., The Small Business Authority, has exceeded the $1 billion milestone in its loan serving portfolio.
 
Newtek Business Services is a CUNA Strategic Services provider.
 
The $1 billion milestone was achieved when Newtek subsidiary and Small Business Administration-licensed 7(a) non-bank lender, Newtek Small Business Finance Inc., was selected to service a $400 million portfolio of SBA 7(a) loans for a large institutional client.
 
The servicing has transferred and is currently part of Newtek's loan servicing portfolio.
 
The milestone is "a level that not only represents a milestone in the company's operating history, but also exceeds our previously stated expectation, of at least $700 million for 2013, by a meaningful margin," said Barry Sloane, Newtek Business Services chairman, president and CEO. 
 
"Our ability to add this $400 million in loan servicing further demonstrates our industry-recognized expertise as a Standard and Poor's select-rated small-balance commercial loan servicer," Sloane added.
 
Newtek expects to grow the loan servicing aspect of its business across all 50 states through a combination of organic growth in loan origination volume and disciplined acquisition of third-party loan servicing opportunities, Sloane said. The company will update its servicing portfolio guidance for 2013, based on the recent addition of $400 million in loan servicing, and issue new guidance for 2014.