MADISON, Wis. (5/2/14)--The news that the Internal Revenue Service cleared nearly all credit union products from being subject to unrelated business income tax (UBIT) was the top story for News Now in April. The April 9 article captured the victory of credit unions regarding "substantially related income" from products and services that would not be subject to UBIT.
The National Credit Union Administration's risk-based capital proposal made the list twice--most notably for the article about a credit union board member who was moved to write his first-ever comment letter regarding the proposal.
National issues such as the Heartbleed security flaw and yet another retailer data security breach also were widely read.
The complete Top 10 follows:
10. CU loan growth continues, say CUNA Monthly Estimates
MADISON, Wis. (4/3/14)--Credit union loans outstanding increased in February, as year-over-year loan balances rose significantly, according to Credit Union National Association's monthly sample of credit unions.
9. NCUA testifies supplemental capital could be considered as part of RBC plan
WASHINGTON (4/8/14)--The National Credit Union Administration could consider allowing credit unions greater access to supplemental capital as it finalizes proposed risk-based capital regulations, NCUA General Counsel Mike McKenna said this morning.
8. CUNA: New data breach shows need for improved merchant security standards
WASHINGTON (4/21/14)--A data breach at Michaels Stores and associated business Aaron Brothers may have impacted 2.6 million cardholders, the arts and crafts retailer confirmed late last week.
7. Mich. regulator adds 'S' to CAMEL for state-chartered CUs
LANSING, Mich. (4/29/14)--The Michigan financial services regulator has let state-chartered credit unions know that as of April 10 his department has adopted a modified CAMELS rating system--one that includes the "sensitivity to market" or "S" component.
6. CUs assure members in face of Heartbleed, receive threat guidance
MADISON, Wis. (4/11/14)--When the Heartbleed security flaw made news earlier this week, credit unions moved swiftly to inform members of the steps they had taken to protect their online banking credentials.
5. Watch out, banks: Large CUs keep pace in mobile services
LOS ANGELES (4/4/14)--Wipe out the image of doddering credit unions when it comes to mobile services. The largest credit unions are keeping up with the banks in this important service area, according to GOBankingRates .
4. Ind. senator proposes relief measure for CUs, community banks
WASHINGTON (4/11/14)--A Republican senator from Indiana introduced a bill Thursday intended to give credit unions and community banks some relief from "crippling financial regulations" enacted in the wake of the 2008 financial crisis.
3. NCUA approves modified stress test rules
ALEXANDRIA, Va. (4/24/13)--A new rule on stress tests for large credit unions was adopted today by the National Credit Union Administration. It includes changes recommended by CUNA, but CUNA still believes the rule is not necessary.
2. CU director's concern for members re: RBC plan sparks his 1st comment letter
WASHINGTON (4/14/14)--Until the risk-based capital plan was issued, Lou Gull, secretary and director of Chartway FCU, was happy to let his credit union's CEO take the lead on comment letters that addressed regulatory proposals. But this time it's different. Very different.
1. IRS yields to CU-led court decisions challenging tax payments
WASHINGTON (4/9/14)--Credit unions have received a much-sought-after interpretation by the Internal Revenue Service that clears nearly all credit union products from being subject to unrelated business income tax.