Credit Union Tax Status Untouched in Senate Reform Report

The report’s preservation of credit unions’ tax status shows that credit union advocates were heard.

Compliance Center: CFPB Proposes Amendment to Small Creditor, Rural or Underserved Areas Definitions

Learn more about the proposed CFPB amendment, learn how to verify a U.S. Treasury check, plus legal briefs.

IRS Releases Revised ‘Certificate of Foreign Status’ Form for Individuals

The IRS has a issued a new form that individuals who are not U.S. citizens or resident aliens can use to claim an exception from information reporting and backup withholding for certain types of income, including financial-institution deposit interest. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What should be done if the direct deposit of an IRS refund went into an account that doesn’t belong to the intended recipient?”

Compliance Question of the Week

We just found out a member has filed for bankruptcy. What should we do?

Credit Union Tax Exemption Mistakenly Included in House Bill

Language threatening the federal credit union tax exemption was discovered when the full text of a House bill based on the Simpson-Bowles commission report was released yesterday. Rep. Dennis Ross, the bill’s drafter and a credit union supporter, said the tax status was included due to a drafting error.

Credit Unions Still Receiving IRS Threats to Tax Status

Credit unions that receive a letter from the IRS notifying them of a possible revocation of their tax-exempt status should not ignore the letter—even though it may have been sent erroneously.

NCUA Rules Require Written Loan Workout and Nonaccrual Policies by Month’s End

The NCUA issued final rules in May 2012 requiring each federally insured credit union to adopt written policies addressing loan workouts and loan nonaccrual by Oct. 1, 2012.

Mortgage Loan Officer Renewal Issue Resolved

The National Mortgage Licensing System has resolved the issue of some Mortgage Loan Originators’ status showing as exempt, when they should have been eligible for renewal. The status for all Mortgage Loan Officers is now correct.

Think You Are Safe With Regard to the SAFE Registry? Think Again.

The Nationwide Mortgage Licensing System (NMLS) and Registry, the registry for mortgage loan originators, has warned users that its renew status report contains errors.

Low-Income and Community Development Status Offer Opportunities to Consumers, Credit Unions

Upcoming trainings in Portland and Seattle will detail the benefits of low-income or community development designation, a status that helped Express Credit Union more than double membership and improve services and technology.

What to Do if Your Tax Exemption Was Automatically Revoked by the IRS

The IRS has created a section of its website for credit unions who mistakenly received a letter notifying them of the automatic revocation of their tax exempt status.

NCUA Adopts New Rule on TDRs

The NCUA has adopted a new final rule that clarifies reporting, requires new policies and requires data collection on modified loans, allowing credit unions to modify loans without having to characterize them as delinquent.

NWCUA Regulatory Advocacy Update

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement, including updates on the FHFA, CFPB and events significant to the credit union regulatory landscape.

IRS Issues ‘Tax Exempt’ Correction to Credit Unions

The IRS sent a letter of correction to credit unions that had been erroneously informed last year that they had lost their tax-exempt status due to a filing error.

Compliance Question of the Week: 12-27-11

Do we have to pay dividends on dormant or inactive accounts?

CUNA President to Kick Off NWCUA Convention

Bill Cheney will address the recent political challenges and opportunities for the credit union system following the Annual Business Meeting on Tuesday, September 20.

Eight Washingonians Earn Credit Union Development Educator Status on Puget Sound Island

Eight credit union professionals from Washington earned their Development Educator (DE) designation after a week-long training at Islandwood, a school on Bainbridge Is., Wash.