Most Credit Union Products Not Subject to Unrelated Business Income Tax, IRS Memorandum Says

The Internal Revenue Service has issued a memorandum that clears nearly all credit union products from being subject to Unrelated Business Income Tax. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can a credit union run a promotion in which everyone who applies for a car loan is entered to win a prize?”

Legal Briefs

Your weekly update on the regulatory landscape.

NCUA Finalizes Changes to RegFlex

The NCUA board of directors unanimously approved a final rule extending RegFlex provisions to all federal credit unions and eliminating the RegFlex designation program.

Compliance Question of the Week

Is an Interest on Lawyers’ Trust Account (IOLTA) subject to an IRS levy against the lawyer?

Interchange Fee Standards Published

The Federal Reserve Board published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards.