(Nov. 5, 2021) Credit unions are encouraged to participate in the free program that helps members address their federal income taxes; credit unions have until Nov. 15 to contact the IRS about their interest in participating, NCUA said this week.
In its letter to credit unions (LTCU) 21-CU-12, the agency said the IRS Volunteer Income Tax Assistance (VITA) program provides education for consumers on refundable credits, including the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). The agency noted that the refundable federal tax credits can provide thousands of dollars to working individuals and families with low to moderate incomes.
The letter outlines the benefits of participating in the VITA program (which NCUA described as potential for attracting new members, asset- and wealth-building opportunities for members and greater financial education and financial stability for members, among other things), and lists the ways credit unions may participate, and methods for doing so.
NASCUS has posted a summary of the letter (available to members only).
LINK:
NASCUS Summary, NCUA LTCU 21-CU-12 (members only)
(Feb. 19, 2021) NCUA said registration is now open for a Tuesday (Feb. 23) webinar on the earned income tax credit and the volunteer income tax assistance (VITA) programs. The program, which gets underway at 2 p.m. ET (and runs for about 45 minutes), includes information on credit union call report data, earned income tax credit resources, and stakeholder partnerships. Both NCUA and the IRS (which is also participating) will discuss financial literacy efforts regarding the earned income tax credit and VITA, geared to low- and moderate-income families, and highlight the resources available to consumers. See the link below for registration information … Sultan Meghji, the founder of a financial technology firm Neocova which reportedly provides services to credit unions and banks, is the new – and first — chief innovation officer (CINO) for the FDIC, ending a search by the agency to fill the position that started in 2018, the agency said this week. In naming Meghji to the role, the agency said he would lead the agency’s drive to promote adoption of “innovative technologies across the financial services sector.” Neocova, according to the FDIC, is a St. Louis-based firm that focuses on cloud and artificial intelligence-based software for credit unions and community banks … The thoughts and hopes of the state system are with everyone and anyone affected by the grave weather conditions experienced across the country over the past week.