PRESS RELEASE
June 17, 2007
Chicago, IL and Madison, WI — Credit union executives from Illinois and Wisconsin gathered to meet with NASCUS Credit Union Advisory Council leadership at two meetings last week in Chicago, Illinois and Madison, Wisconsin.
For years, NASCUS has traveled region-by-region to meet in-person with credit union communities nationwide. In Chicago on June 10, Credit Union Advisory Council Chairman Mendell Thompson (America’s Christian CU, Glendora, CA) hosted Illinois credit union executives for an open discussion on topics such as regulatory compliance burdens, interstate branching, conversions, mergers and the U.S. Treasury’s Blueprint for a Modernized Financial Regulatory Structure.
“As NASCUS travels across the country for our Advisory Council meetings, I continue to be energized about the value of the state credit union system,” said Thompson. “However, I am also reminded that we must continue to collaborate and dialogue with each other to tackle the economic, regulatory and systemic challenges facing credit unions.”
Credit Union Advisory Council Secretary Cathie Tierney (Community First CU, Appleton, WI) co-hosted the June 12 meeting in Madison, Wisconsin at Great Wisconsin Credit Union. As the plaintiff in the first unrelated business income tax (UBIT) lawsuit, Tierney explained her credit union board of directors’ decision to file suit and why it is important to the state credit union system. “The products and services that the IRS considers taxable are integral to serving our members as a part of our mission as a credit union,” said Tierney. “It was important for our credit union to step forward and challenge the IRS and protect the state charter’s ability to continue serving its members financial needs.” Tierney will speak on UBIT with a representative from the UBIT Steering Committee at the NASCUS State System Summit in Seattle, Washington, August 21-23, 2008.
The Madison group also touched on similar issues as the Illinois credit union executives including compliance, regulatory relief and housing and economic issues. “NASCUS’ Credit Union Advisory Council in-person outreach meetings are incredibly valuable to our advocacy for the state credit union system,” said NASCUS President and CEO Mary Martha Fortney. “Understanding the issues affecting our constituency on the state and regional basis helps NASCUS better represent them on the national level in Washington, D.C.”
NASCUS is planning additional Credit Union Advisory Council meetings in 2008. Future dates and locations will be announced on the NASCUS Web site at www.nascus.org.
Information
Contact:
Kate Hartig, Director, Communications and Public Affairs,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system.
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