FTC mailing checks to consumers tricked in paying phone debts

The Federal Trade Commission reports that it is mailing 597 checks totaling more than $184,000 to people who were allegedly tricked into paying phony debts. In October 2015, the FTC and the State of New York charged a group of defendants known as Delaware Solutions with collecting on debts that they knew were bogus. According to […]

Infosight Spotlight: Backup withholding and employment channels updated

The following InfoSight channels have been recently updated: July 2018 – Tax Issues Channel The Backup Withholding pages were updated to reflect the new rate of 24%. Various links were updated on the Form 990 topic. For 1098 and 1099 pages there was a modification to Mortgage Debt Relief section noting the PMI/mortgage debt forgiveness […]

CUNA Board Elections

CUNA has received nine nominations for the special election to fill the vacancy on its Board for the District 3, Class A position, three who are affiliated with the LSCU, from: Thomas G. Flowers, CEO, Calhoun Liberty Employees CU in Blountstown, FL; Ronaldo Hardy, President/CEO, Southwest Louisiana CU in Lake Charles, LA; Rhonda Hotard, President/CEO, […]

NDAA now inclusive of credit unions

The Senate voted in favor of a conference report that omits a harmful provision to military credit unions under the 2019 National Defense Authorization Act (NDAA). Credit unions will continue to receive exemption from costs associated to the furnishing of office space and/or land (including ATM placement) on military bases – as governed by Section 124 of the Federal Credit Union Act. […]

Proposed Risk-Based Capital Rule Has One-Year Delay

Ninety percent of federally insured credit unions would be exempt from the NCUA’s risk-based capital rule, and covered credit unions would have an additional year to prepare, under a proposed supplemental rule (Part 702) approved by the Board. “The proposed changes to the risk-based capital rule, reached through a collaborative and bi-partisan process, if finalized, […]

Financial trades join to fight data breach

 Major merchant data breaches continue to put millions of consumers at risk. Credit Union National Association (CUNA) is joining with a coalition of financial trade associations to push for legislation that requires stronger data security standards for retailers. In a joint letter with the American Bankers Association (ABA), Consumer Bankers Association (CBA) and Independent Community Bankers of America (ICBA), CUNA urges Rep. Bob Latta (R-Ohio), chair of the House Energy and Commerce Subcommittee on […]