ARLINGTON, Va.-Despite the conversions from federal to state charters, which NAFCU President and CEO Fred Becker believes is slowing or possibly stopping, NAFCU is still going strong and making improvements to the federal credit union environment, as well as to itself. Becker predicted that credit unions should be able to...

WASHINGTON-CUNA Associate General Counsel Mary Dunn testified before the Internal Revenue Service (IRS) in opposition to its proposal on reporting of deposit interest paid to nonresident aliens. Dunn was the only credit union representative to testify. "We don't know how horrendous this is going to be," Dunn told Credit Union...

WASHINGTON-Federal Reserve Board Governor Edward Gramlich spoke to the National Savings Coalition June 25 on the importance of saving and financial education, as well as the Fed's efforts in the matter. Personal savings across the country has dropped to the negatives in the first part of the 21st century. "We...

WASHINGTON-NAFCU lobbyists and attorneys were invited to meet with the Justice Department's Office of U.S. Trustees to discuss operation issues regarding the financial education provisions of the bankruptcy abuse reform legislation, currently stalled in Congress. "Credit unions were invited because of the long standing practice credit unions have with helping...

WASHINGTON-As part of CUNA's efforts with the Renaissance Commission, President and CEO Dan Mica penned a letter to his former colleagues on the Hill, explaining the commission and its goals. The letter explained that while the Gramm-Leach-Bliley Act helped to modernize other federal financial institutions' laws and regulations, credit unions...

WASHINGTON- With privacy notices becoming mandatory July 1, many consumer groups and at least one lawmaker are bringing their concerns to light about the financial services industry's privacy notices. The privacy notices are required under Title V of the Gramm-Leach-Bliley, which was signed into law in 1999. Congressman John LaFalce...

WASHINGTON-While many like to blame the government for the plummeting national savings rate, personal savings plays a major role. Since the 1960s, the personal savings rate has dropped from 8.3% to -0.1% in 2000, according to a recent study by the Government Accounting Office (GAO). To put these numbers in...

WASHINGTON-Senate Majority Leader Tom Daschle (D-S.D.) has expressed his interest in naming conferees to the bankruptcy reform legislation, but he will not be able to until the Senate reorganization is complete, which does not look so promising. According to CUNA Vice President and Senior Legislative Counsel Gary Kohn, "Hopes of...