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 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 […]
Read MoreOn 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 important and overdue reforms to both the individual and corporate side of the federal tax code. As a result, taxpayers are seeing bigger […]
Read MoreAnother small bank has been absorbed by a massive credit union. From Bank Street Partners: DELRAY BEACH, FL (July 26, 2018) — The $1.1 billion IBM Southeast Employees’ Credit Union (IBMSECU) in Delray Beach, Florida, is proud to announce the proposed merger and acquisition of $350 million The Oculina Bank, (Oculina) in Vero Beach, Florida, pending regulatory […]
Read MoreAnother Credit Union Closes After Claims of Fraud and Investigation by FBI. From the Courier Journal: The Louisville Metro Police Officers Credit Union has closed amid an FBI investigation and months of federal control. The credit union was placed in a conservatorship in December 2017 by the National Credit Union Administration, a federal agency that regulates, charters […]
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