Can a Credit Union Borrow Money to Purchase Investments?; HSA Index Amounts
According to NCUA, the answer is yes, subject to the general rules and limits that apply to borrowing and investing. Go here to read NCUA Legal Opinion Letter 08-0139 (April 18, 2008) for all the details.
Under the FCU Act, FCUs have the express power to borrow from any source, limited to 50% of paid-in and unimpaired capital and surplus. 12 U.S.C. ç1757(9). The National Credit Union AdministrationâÂÂs (NCUAâÂÂs) regulation on maximum borrowing authority implements this provision at 12 C.F.R. ç741.2. The statute and the regulation do not restrict how an FCU can use borrowed funds.
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The IRS has issued new Health Savings Account index amounts for 2009. Read all about it here.
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We have more entries for the flower garden flower contest. Check out the photos here. (Don't forget to send in your entry!)
Have a great weekend, everyone!