NASCUS Talks Supplemental Capital, State Issues at First Southeastern League Meeting
July 7, 2010 NASCUS President and CEO Mary Martha Fortney recently joined the League of Southeastern Credit Unions for its first annual meeting to provide an update on NASCUS issues and state credit union system news. The league represents credit unions in Alabama and Florida.
During her presentation, Fortney discussed the impact of regulatory reform legislation on the credit union system, as well as the status of state budgets around the country. She also explained that NASCUS remains committed to achieving supplemental capital for credit unions. NASCUS continues its discussions with the National Credit Union Administration (NCUA), Congress and Treasury on the topic, with the hope that a statutory change to the definition of net worth can be possible to allow credit unions to use supplemental capital to improve their ability to manage net worth and serve members.
Recent victories regarding unrelated business income tax (UBIT) was also a topic of discussion. The two UBIT litigation efforts by Community First (WI) and Bellco (CO) resulted in positive news for the state credit union system, furthering the system's argument that products and services should not be subject to UBIT and are related to the purpose of the credit union.
NASCUS is appreciative of the opportunity to discuss state credit union issues with the League and looks forward to future interaction with Alabama and Florida credit unions.