Many good reasons for credit unions’ tax exemption

first_img 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Credit unions are not-for-profit cooperatives, serve defined fields of membership and cannot issue capital stock.Regarding Alex Sanchez’s “A Trillion-Dollar Tax-Exempt Cash Cow”(op-ed, May 18): Since passage of the 1934 Federal Credit Union Act, the things that distinguish credit unions from for-profit financial institutions have not changed. Credit unions are not-for-profit cooperatives, serve defined fields of membership and cannot issue capital stock. They return earnings they receive to members through higher dividends and lower rates and fees.Credit unions have grown to more than $1 trillion in assets—and attracted more than 100 million consumer-members—not because of any tax advantage, but because they deliver services their members want at low, reasonable cost. Moreover, they act as a check on other institutions’ rates and fees and help the economy grow.Credit unions do pay taxes, including payroll taxes and many state and local taxes. Their member-owners pay personal income taxes on dividends from their credit unions. But nearly one-third of banks—those with the federal government’s “Subchapter S” status—pay no federal corporate income tax. continue reading »last_img read more

Getting down to the ERM basics

first_imgERM helps credit unions mitigate those risks to provide reasonable assurance to the board of directors and management related to achieving their strategic objectives.ERM programs help executive management make better decisions on how risk should be managed and builds confidence with your board and auditors. Having an enhanced risk identification strategy allows your credit union to implement preemptive and proactive practices. Most people in the credit union community likely have a basic understanding of Enterprise Risk Management (ERM). But why is it important to the success of your credit union? And more importantly, how do you get started?Top three things to know about Enterprise Risk Management:ERM helps credit unions develop strategies to identify the risks and opportunities impacting their strategic objectives.ERM enhances risk response decisions and reduces operational losses by identifying potential risks ahead of time. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrcenter_img continue reading »last_img read more

CUNA attends NCUA webinar on TCCUSF closure plans

first_imgCUNA staff attended Wednesday’s NCUA webinar on its planned closure of the Temporary Corporate Credit Union Stabilization Fund. The NCUA issued a request for comment on a plan to close the stabilization fund at its July meeting, comments on which are due Sept. 5.“It’s very important we get feedback from stakeholders by the Sept. 5 deadline,” said Larry Fazio, director of NCUA’s Office of Examination and Insurance. “If we’re not able to close the fund by the end of this year, based on statute, we would not be able to make any distributions until 2019, that’s why time is of the essence to have the board act on this.”Under the plan NCUA seeks input on, the stabilization fund would be shut down Oct. 1 and a distribution would be made in the second quarter of 2018.The projected 2018 distribution to credit unions would be $600 to $800 million with a total projected distribution of $1.4 to $1.7 billion, with the balance to be paid at a later date. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

How credit unions can prevent revenue loss in 2021

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Fattore Anthony Fattore is an Arizona-born writer, currently working on multiple novels, short stories, and articles. For now, he pays the bills with content creation. He studied English Literature at Northern … Details It often feels counterintuitive for financial institutions to write off bad debts. After all, a loan portfolio is an asset to any financial institution’s future revenue. Also, if a financial institution cannot practice debt collection effectively, how can other businesses follow suit?With more people losing their incomes due to this pandemic, credit unions have asked themselves this same question.The ProblemThese days, lending organizations are facing more regulatory scrutiny than ever before. As a result, operating costs and risk has gone up. Margins are tighter, and regulation has increased. So, if debtors don’t make payments, the situation looks bleak. The skyrocketing number of past due debts has exacerbated the problem, and the future becomes more and more unclear as to whether businesses will recover.An environment now exists where practices surrounding debt collection need to change to accommodate this increased risk. Yet, if collection practices are aggressive, the possibility of breaking the compliance regulation exists, not to mention the sheer reluctance to pay.How can financial institutions resolve this problem?Every financial institution has in place a reserve for bad debt. However, the traditional solution of writing off bad debts after 90 days is just not acceptable anymore. So, what can companies do? In the end, it comes down to making it easier to make payments while also analyzing the previous behavior.The SolutionToday, financial institutions’ tight margins mean it is essential to take a different approach toward mitigating risk. Intelligent analytics could prove to be important in this respect. It’s possible to identify patterns and avoid a higher percentage of risk by analyzing previous payment behavior. This allows companies to develop new strategies and make a more accurate forecast of incoming revenue. The latest predictive analytics and machine learning can optimize revenue recovery.It can do this by helping to determine the debtors who have the greatest likelihood of paying. This allows a company to put in place a more efficient accounts receivable management system. Our software will enable businesses to create custom reporting to choose what data is most important to them.Improving Payment SystemsWhile intelligent analytics have a role to play, making the process of paying easier is the right solution. The more difficult it is to make payments, the less revenue a company will receive. This is the reason why it is paramount to find the right card services for credit unions.Credit unions and other smaller financial institutions need to increase the number of ways in which people can make payments. By relying on paper checks, the chances of receiving monies owed on time dwindle dramatically. In the modern world, institutions that fail to utilize the internet are on a losing streak. They will lose out to competitors that can offer the facilities and systems that consumers demand.Streamlining the payment process is key to this. By offering IVR systems and web portals, institutions cater to the needs of today’s consumers. These systems make it easy to use preferred payment methods. They also allow debtors to make payments at a time and location to suit them. By merely facilitating easy payments, the chances of receiving timely payments increase.In short, data suggests providing more convenient payment methods to your members is the easiest way to increase on-time payments in general.How BillingTree Can HelpBillingTree offers cutting-edge payment solutions for financial institutions. By providing advanced card services for credit unions, we simplify the process of making payments. No longer do credit unions, and small financial institutions need to write off bad debts. By taking steps to streamline the payments system, the process of debt recovery becomes simpler. Not only can financial institutions increase their revenue, but they can also maintain their brand integrity. Your member’s safety should take priority, so it only makes sense to couple that with convenience. By utilizing contactless forms of payment, you’re setting yourself up for success in 2021 and beyond. To learn more about what BillingTree can do for your business, schedule a free demo today! This post is currently collecting data…center_img This is placeholder text last_img read more

Murder suspect pleads not guilty in shooting, stabbing

first_imgRose was arrested after police responded to a crash on Route 17 in late July. Police located Rose hiding nearby and took him into custody. According to the indictment, Rose hid a 9mm handgun in a tree. The indictment also stated Rose fired multiple rounds inside a moving vehicle while traveling west on NY Route 17. BINGHAMTON (WBNG) — An Endicott man, indicted on nine-felony charges including murder, entered a not guilty plea in Broome County Court Thursday, officials announced. While police were investigating the scene, they discovered Terry’s body inside the vehicle. Police stated Terry had been shot and stabbed. 25-year-old Brandon M. Rose is accused of killing 27-year Omar Terry of Johnson City. He was indicted on the charges on Aug. 21.last_img read more

Giant rainbow flag unfurled in front of Taiwan autocrat’s memorial hall

first_imgAn international crowd of more than 200 people waving rainbow flags and masks, some singing and dancing, marched up to the Chiang Kai-shek Memorial Hall, where a small group briefly displayed the flag in front of the building, which houses a giant statue of Taiwan’s late leader.After scattered shouts of “Fuck you, Chiang Kai-shek”, the crowd marched back down the steps, accompanied by a handful of police, blowing whistles to stop people lingering.Chiang, who died in 1975, was lauded in life as an anti-communist hero, especially in the United States, but many Taiwanese revile him as a despot who imprisoned and killed opponents during a reign of terror.Darien Chen, who represented Taiwan at Mr. Gay World 2013 and organized Sunday’s event, said they were holding high the banner for the rest of the world, with hundreds of events cancelled in the traditional Pride month.”With the rest of the world under the peak of the epidemic, only Taiwan can do this,” Chen told Reuters. “Of course we won’t give in, and we must continue with this flame of hope and stand up for the world, to hold the only parade in the world in this Pride month.”Taipei holds its main Pride parade in late October when the weather is cooler.  Topics : Hundreds of people thronged a central square in Taiwan’s capital Taipei for a Pride event on Sunday, unfurling a giant rainbow flag in front of the main memorial hall for late autocratic leader Chiang Kai-shek before being ushered away by police.Proudly democratic Taiwan is a bastion of liberal values in a part of the world where in many countries homosexuality remains illegal or taboo. Taiwan legalized same sex marriage last year, the first in Asia.The “Taiwan Pride Parade for the World” billed itself as a show of solidarity with countries unable to hold LGBTQ celebrations due to restrictions on public events to stop the spread of the new coronavirus. The pandemic is under control in Taiwan.last_img read more

Arsenal legend Ray Parlour defends Granit Xhaka after Tottenham draw

first_img Metro Sport ReporterWednesday 4 Sep 2019 3:00 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link765Shares More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityIan Wright, Martin Keown and Paul Merson were among the many ex-players to criticise Xhaka for his reckless tackle on Son, but Parlour believes the reaction has been overly harsh and defended the Swiss.‘Xhaka is good on the ball, he’s decent!’ Parlour told talkSPORT.‘He can spray passes 25 or 30 yards no problem, he’s very good at doing that.‘Sometimes he fits in and keeps it simple, but at the weekend he didn’t have a good game. Arsenal legend Ray Parlour defends Granit Xhaka after Tottenham draw Top articles PLAY Read More Read More / Skip Rio Ferdinand tells Ole Gunnar Solskjaer to drop struggling Manchester United captain Harry Maguire Video Settings Skip Ad About Connatix V67539 Advertisement Read More SPONSORED Read More Visit Advertiser website GO TO PAGE 1/1 Comment Full Screen 1 min. story Read More by Metro Granit Xhaka was panned for his display in Arsenal’s draw with Spurs (Picture: Getty)Ray Parlour has jumped to Granit Xhaka’s defence after the midfielder was widely criticised for his performance in Arsenal’s 2-2 draw with Tottenham.Christian Eriksen opened the scoring in only the tenth minute at the Emirates and Xhaka’s clumsy challenge on Son Heung-min inside the penalty area gave Harry Kane the chance to double Tottenham’s lead.Kane made no mistake from the spot as Spurs appeared to be in complete control of the north London derby before Alexandre Lacazette scored a brilliant solo effort right on half-time.Pierre-Emerick Aubameyang found an equaliser in the 71st minute and, despite the comeback, Xhaka – who wore the captain’s armband on Sunday afternoon – took much of the blame as Arsenal dropped yet more points in the Premier League.AdvertisementAdvertisementADVERTISEMENT Arsenal 2-2 Tottenham: Unai Emery press conferenceTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 7:47FullscreenArsenal 2-2 Tottenham: Unai Emery press conference is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.‘You know when you’ve not had a good game as a player and I’m sure he knew that at the end but he’s got to get back now, he’s skipper, he can’t let it worry him.‘Xhaka has just got to calm down sometimes, he’s got to be a bit cleverer, you’ve got to be clever as a player.‘When you’re captain you can’t make mistakes like he did and give the other team opportunities to score goals.‘For the penalty, it was a really poor decision from him to go in like that. You can’t just dive in like that. He’s got to learn from that, he’s got to be a bit more disciplined.’Xhaka said that he was ‘angry’ with his costly mistake in a candid message to Arsenal supporters following the draw.‘Thanks for the amazing support inside the Emirates,’ Xhaka wrote on Instagram.‘We showed a lot of character and you helped us to come back into the game.‘For the penalty I made a mistake – I’m of course angry about it but I will never give up!’More: FootballBruno Fernandes responds to Man Utd bust-up rumours with Ole Gunnar SolskjaerNew Manchester United signing Facundo Pellistri responds to Edinson Cavani praiseArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesAsked about Xhaka’s performance, Emery said: ‘In 90 minutes I am very proud of his work.‘Some mistakes we can have and I want to use to progress and improve.‘There are more positive things collectively, individually and also with Xhaka for me.‘The penalty is really one action that is very disappointing. He worked very well. He played very well. If we won the match maybe we’d speak about the mistakes less.’MORE: Arsenal chief Edu made transfer enquiry for Real Madrid star Vinicius Junior Coming Next Advertisementlast_img read more


first_imgARCADIA, Calif. (June 7, 2015)–Trainer Neil Drysdale’s Gaga A made an auspicious U.S. debut at a mile and a half on grass Sunday at Santa Anita, as the 6-year-old Uruguayan-bred mare sat close to lethargic fractions and outsprinted favored Gas Total to take the $75,000 Possibly Perfect Handicap under Tyler Baze by 1 ¼ lengths. With favored Gas Total sauntering on the lead through splits of 25.91, 50.57, 1:16.50, 1:41.91 and 2:06.35, Gaga A angled off the rail a furlong out and stopped the clock at 2:29.78.Idle since winning a Group III stakes at 1 5/16 miles in France on Nov. 11, Gaga A was off at 6-1 in a field of six fillies and mares three and up and paid $15.80, $4.80 and $4.20.“They were walking!” said Drysdale. “A mile in 1:41 and four?…She quickened well which was nice to see. The plan is to take her to Arlington next for the Modesty (Grade III, 1 3/16 miles on July 11).In a racing rarity, owner/breeder Haras Phillipson owns the one-two finishers in the Possibly Perfect and has them with two different trainers (Richard Mandella has Brazilian-bred Gas Total).“Mr. Phillipson has a stud farm in Brazil and a stud farm in Uruguay, but these horses have all come to us from France,” said Drysdale.“Neil got her ready and she was just a dream to ride,” said Baze. “I didn’t really have to steady turning for home but I threaded the needle. She’s a push-button horse to ride. She galloped out well after the wire and she was full of energy. I gave her a nice pat crossing the wire, she threw her ears up and was just having a good time.”Gaga A, who improved her overall record to 29-5-3-5, picked up $46,080 for the win, increasing her career earnings to $273,031.Ridden by Flavien Prat, Gas Total, who came off a second place finish on the main track in the Grade I Vanity Stakes May 9, was the heavy 3-5 favorite and finished 1 ¾ lengths clear of Irish-bred Halljoy. Gas Total paid $2.60 and $2.20.Ridden by Rafael Bejarano, HallJoy sat second early and proved third best, finishing a head in front of Customer Base. Off at 9-1, she paid $3.60 to show.Racing resumes at Santa Anita on Thursday, with first post time at 1 p.m.   Admission gates open at 11 a.m.last_img read more