Newsroom
May 26, 2016
Thaler thanks Kirk for education savings bill
Writing in support of S. 195, the "401(Kids) Education Savings Account Act of 2015," NAFCU's Brad Thaler touted the bill's removal of barriers, such as income restrictions for contributors, that prevent families from using credit union-offered Coverdell Education Savings Accounts.
"One of the main missions of credit unions is financial education and encouraging saving," wrote Thaler, NAFCU's vice president of legislative affairs, in a letter Wednesday to the bill's author, Sen. Mark Kirk, R-Ill. "NAFCU is always looking for ways to support and improve upon savings initiatives, and we believe your legislation is a good step forward in improving a product that has helped many credit union members save for their family's education."
Aside from removing income restrictions for contributors to ESAs, Kirk's bill would remove others barriers for the savings accounts, including raising the annual contribution limit per beneficiary, expanding what qualifies as a qualified expense and allowing balance rollover into Roth IRA accounts.
The bill awaits action by the Senate Finance Committee.
"One of the main missions of credit unions is financial education and encouraging saving," wrote Thaler, NAFCU's vice president of legislative affairs, in a letter Wednesday to the bill's author, Sen. Mark Kirk, R-Ill. "NAFCU is always looking for ways to support and improve upon savings initiatives, and we believe your legislation is a good step forward in improving a product that has helped many credit union members save for their family's education."
Aside from removing income restrictions for contributors to ESAs, Kirk's bill would remove others barriers for the savings accounts, including raising the annual contribution limit per beneficiary, expanding what qualifies as a qualified expense and allowing balance rollover into Roth IRA accounts.
The bill awaits action by the Senate Finance Committee.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.