Banks Avoid Taxes with Subchapter S Loophole
The banking lobby consistently attacks the cooperative status of Iowa’s credit unions, but fails to mention that the credit union not-for-profit structure is what enables credit unions to help Iowans keep more of their hard-earned money. This bank criticism is highly hypocritical in light of the substantial tax loopholes from which banks benefit. The banking lobby fails to mention that 60 percent of banks in Iowa do not pay federal taxes because they choose to structure as a Subchapter S Corporation. As of September 2014, 193 of Iowa’s 322 banks are designated Subchapter S and hold $36.8 billion of $74.1 billion of the state-chartered bank assets.
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January 8, 2015 | Uncategorized | Comments Off on NCUA Consumer Education Videos
New NCUA Videos Educate Consumers on Frauds, Scams and Cyber Threats
Educated Credit Union Members Play Important Role in Cyber Security
ALEXANDRIA, Va. (Jan. 7, 2015) – Credit unions have a new resource to educate their members about frauds, scams and cyber threats with the release today by the National Credit Union Administration of a two-part video on how to recognize, avoid and report cyber fraud.
“We all must contribute to protecting the broader credit union system,” NCUA Board Chairman Debbie Matz said. “Ongoing member education on topics such as detecting, avoiding and preventing fraud not only protects a credit union’s reputation, but it also helps members maintain their financial well-being. I encourage all credit unions to use these new videos when educating their members about protecting their finances and fighting cybercrime.”
Available on the NCUA’s YouTube channel, the videos are part of NCUA’s Consumer Report series developed by the Office of Consumer Protection.