WILLOUGHBY, Ohio — A Mentor woman admitted plans to rob local credit unions after tellers called police with concerns about a suspicious woman wearing a Duck Dynasty” beard. Maybe the biggest fight is the battle against overzealous regulatory burdens that squeeze credit unions’ ability to offer the best possible products and services to over 100 million consumers and small businesses. Check out some of the hotly contested issues the National Association of Federal Credit Unions (NAFCU) is taking up before Congress. Various proposals could impact the credit union federal tax exemption or Unrelated Business Income Tax (UBIT). We will resume our reporting on the credit union’s numerous lawsuits in next month’s post.
The data in NAFCU’s study shows how vital the tax exemption is to credit unions, to their members and to the economy. NAFCU and other credit union trade organizations have bent lawmakers’ ears on data security in the wake of the Target data security breach. When they are at fault, retailers must cover fraud costs and the expense to reissue credit and debit cards. NAFCU reintroduced the Five-Point Plan for Regulatory Relief to encourage Congress to focus on enacting real relief for overburdened credit unions. Now more than ever, credit unions need lawmakers to step in and address duplicative and over burdensome regulations.
Your credit union’s individual story paints an invaluable picture for lawmakers about how these rules impact the ability of credit unions to serve over 100 million Americans who rely on you. According to NAFCU, the National Credit Union Administration’s (NCUA) second proposed risk-based capital rule (RBC2) is too costly and unnecessary, given that credit unions are well capitalized and weathered the worst financial crisis of our time much more effectively than many bank counterparts.
Debate continues in Congress about the future of housing finance reform The secondary mortgage market is critical for credit unions in managing interest rate risk and facilitating the flow of mortgage credit to their members. Credit unions are an important part of the mortgage market and should not, under any circumstances, be shut out by larger players. If you need to borrow money , financial institutions like Alta One Federal Credit Union offer a variety of home loan options, each suitable for different types of projects. Borrowers should avoid using credit cards to pay for big renovations, if possible. That’ll provide information about his character and the credit union’s practices.
That is because interest rates tend to be high, and running up your credit card balance can have a negative effect on your credit score. If you are forced to put a large emergency repair on a credit card, you may be able to get one of the other types of loans listed above to pay down the balance, or transfer the balance onto another card with a lower interest rate to pay it off faster. Costs to care for parents is listed as dependents and child day care expenses might qualify for the child and dependent care tax credit.