From Jim DuPlessis at Credit Union Times: PenFed announced Wednesday that it has acquired Progressive Credit Union, a New York City-based credit union that has suffered heavy losses because of its taxi medallion loans. The NCUA approved the emergency merger, which became effective Jan. 1. Progressive ($382.8 million in assets, 2,897 members as of Sept. […]
Read MoreThe 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 will work, which officials said were designed to minimize its burden on not-for-profit organizations. Republicans’ tax overhaul requires them to begin paying taxes on the parking […]
Read MoreIn 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. From the Credit Union Times: Kam Wong pleaded guilty in U.S. District Court in Manhattan Monday to embezzling nearly $10 million from the $2.8 […]
Read MoreFueled 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 repeated requests for a further explanation of how those losses occurred, NCUA officials did not elaborate on the announcement, which was made […]
Read MoreDid A Massive Multistate Credit Union Just Close Another Small Community Bank? From CUtoday.info: $1.7-billion Advia CU here announced it intends to buy $155-million Golden Eagle Community Bank in Woodstock, Ill. The deal, which still awaits bank shareholder and state and federal regulatory approval, when finalized would make Advia the first credit union to close […]
Read MoreDespite 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 of the CU Times: The IRS has revoked the tax-exempt status of a financially troubled California credit union. The $590,634 Jones Methodist Church Credit Union in […]
Read MoreFrom 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. The provisions in the Tax Cuts and Jobs Act have increased wages for millions of workers, raised business confidence, and kept more money in the […]
Read MoreMelrose 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 National Credit Union Administration today liquidated Melrose Credit Union of Briarwood, New York. Teachers Federal Credit Union, of Hauppauge, New York, immediately assumed all of Melrose’s […]
Read MoreIs 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 winning, independent marketing services agency WHITE64, which has served as PenFed’s marketing and advertising agency since 2014. Under the terms of the agreement, WHITE64 will retain […]
Read MoreIs 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 Federal Credit Union workers. The Mountain View, Calif.-based credit union unveiled its 156,000-square-foot corporate campus that it says will drive projected growth in […]
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