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UBIT Steering Committee receives prestigious NASCUS Pierre Jay Award
NASHVILLE, TN (September 11, 2014) — The winner of this year’s prestigious NASCUS Pierre Jay Award is the UBIT Steering Committee which, after nearly 20 years of diligent work, finally saw Internal Revenue Service examiner guidance recognize the broad application of previous court victories, providing concrete guidance for state credit union operations moving forward.
A turning point in the work on unrelated business income tax (UBIT) came in 2009, when Community First Credit Union, of Appleton, Wis., prevailed in a jury trial against the IRS on UBIT issues, and when a federal court in Colorado ruled in favor of Bellco Credit Union, of Greenwood Village, Colo. The steering committee had worked closely with both credit unions in support of the litigation.
The members of the committee—Credit Union National Association (CUNA), CUNA Mutual Group, the American Association of Credit Union Leagues (AACUL) and the National Association of State Credit Union Supervisors (NASCUS)—accepted the award Sept. 11 at the 2014 NASCUS State System Summit in Nashville, Tenn., where attendees from the credit union movement were gathered. Recipients of the award best demonstrate outstanding service, leadership and commitment to NASCUS and the dual chartering system.
Receiving the award on behalf of CUNA were Kathy Thompson, CUNA’s senior vice president of compliance and legislative analysis; Larry Blanchard, CUNA Mutual Group legislative consultant, on behalf of CUNA Mutual Group; Fred Robinson, president and CEO of the Tennessee Credit Union League, on behalf of AACUL; and Mary Martha Fortney, NASCUS president and CEO, on behalf of NASCUS.
NASCUS first presented the Pierre Jay Award in 1997.
“The UBIT Steering Committee is clearly deserving of this award, as it has made great contributions to the state credit union system,” said NASCUS Chairman Stephen S. Pleger of Georgia. “The committee’s passion for states’ rights and their important work to preserve the safety and soundness of the state credit union system are unparalleled.”
The Pierre Jay Award, awarded annually by NASCUS, is named after Pierre Jay, Massachusetts’ first commissioner of banks. Jay was instrumental in shaping credit union history.
About NASCUS
The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies. To learn more about NASCUS, visit www.nascus.org.