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A special message from Mary Martha Fortney, President and CEO,
January 3, 2007
 NASCUS is certain that 2007 will be busy and full of important work for the state credit union system. As the New Year begins, NASCUS is addressing both new and continued priorities and projects.
In the first quarter of 2007, NASCUS will focus on completing the Congressional request for data on state credit unions. The House Ways and Means Committee asked state regulators for information on income characteristics of members, executive compensation, unrelated business income tax (UBIT) and credit union service organizations (CUSOs).
NASCUS and state regulators look forward to providing accurate and objective data on state credit unions and to ensuring Congress understands the importance of dual chartering.
While not a new issue, NASCUS expects new developments with UBIT in 2007. The UBIT Steering Committee, of which NASCUS is a member, expects the Internal Revenue Service (IRS) to release Technical Advice Memoranda (TAMs) on UBIT in the first quarter of 2007.
The Steering Committee welcomes some of IRS’ expected decisions, but intends to challenge some of the decisions, even through litigation, in 2007. NASCUS will keep its members up-to-date on UBIT developments.
NASCUS will also continue to focus on education and training for the state credit union system in 2007. NASCUS works diligently to provide the state credit union system with beneficial and timely educational offerings throughout the year. We look forward to presenting NASCUS state agency and NASCUS Credit Union Advisory Council members with an excellent 2007 educational calendar of opportunities.
Continuing to strengthen state regulatory agencies is an ongoing priority for NASCUS. In addition to offering a variety of educational offerings for state agencies, NASCUS will continue to promote regulatory excellence through its accreditation program. NASCUS accredited states supervise more than 83 percent of state credit union assets and 12 states earned re-accreditation for a five year period in 2006.
Also, as the Democratically-controlled 110th Congress convenes, NASCUS will meet with a new Members of Congress, staffers and Congressional Committee members to discuss state regulatory and state credit union issues. In addition, NASCUS will address regulatory issues facing state regulators and state credit unions and comment on proposed rules and guidance issued by federal agencies.
In summary, NASCUS maintains its principle goals to preserve dual chartering, minimize federal preemption and protect state autonomy. We look forward to another year of advocacy for the state credit union system and to ensure our members are prepared for future challenges and opportunities.
Thank you for continuing to support NASCUS, the state credit union system and dual chartering. Happy New Year.
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