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While Other Nonprofits Struggle with Reporting Responsibilities…Credit Unions Get Off Scot-Free

The Treasury Department is trying to blunt the impact of an unpopular new tax on churches and other nonprofits. The agency released interim regulations today spelling out exactly how the tax...

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Kam Wong Municipal credit union embezzelment

Kam Wong Pleads Guilty to $9.8 Million Embezzlement: Prosecutors also say the former CEO obtained drugs from supervisory committee member.

In June 2018, Municipal Credit Union CEO Kam Wong was charged with embezzlement and accused of using members’ money to maintain a lavish lifestyle, despite already earning a $2 million salary. F...

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After Failure of Six Large Credit Unions, NCUA’s Share Insurance Fund Drops by Nearly $750 Million

Fueled by the failures of six credit unions this year, the NCUA’s Share Insurance Fund reserves had dropped $744.9 million by the end of the year’s 3rd Quarter, agency officials said Thursday. Despite...

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Advia To Become First CU To Acquire Three Banks

Did A Massive Multistate Credit Union Just Close Another Small Community Bank? From $1.7-billion Advia CU here announced it intends to buy $155-million Golden Eagle Community Bank in Woo...

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IRS Revokes Credit Union Tax Exemption After “Unsafe and Unsound” Practices

Despite enjoying the same tax exemption state-chartered credit unions do, federally-chartered credit unions are not required to file Form 990 with the IRS. From CUInsight, authored by Peter Strozniak ...

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NTU Urges Taxpayers: Support Chairman Hatch’s Efforts to Increase Credit Union Transparency

From the National Taxpayers Union blog: Last year’s passage of comprehensive tax reform has undoubtedly made the federal tax code fairer and more conducive to economic growth and individual prosperity...

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Melrose Credit Union Closes; Teachers Federal Credit Union Assumes Members, Shares, and Some Loans and Other Assets

Melrose CU finally closes After taxi medallion losses, but another large credit union picks up the pieces. From the National Credit Union Administration: ALEXANDRIA, Va. (Aug. 31, 2018) – The N...

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PenFed Credit Union acquires WHITE64, a Massive Ad Agency

Is this an appropriate use of PenFed Credit Union’s tax exempt status? From CUInsight: TYSONS, VA (September 5, 2018) — PenFed Credit Union announced today its acquisition of the award winn...

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First Tech CU’s New Campus Is Pure Money (See Photos from Portland Business Journal)

Is it appropriate for a credit union to spend member funds on ritzy new offices? From the Portland Business Journal: An ambitious, and sweeping, new Hillsboro campus is welcoming waves of First Tech ...

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NTU Urges Review of Credit Union Tax Exemption for Fair Tax Code

On the National Taxpayers Union blog, Thomas Aiello writes, in “Having a Fair Tax Code Means Reviewing the Credit Union Tax Exemption”: Enactment of the Tax Cuts and Jobs Act (TCJA) made i...

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