A credit union asked recently if a member could use their Individual Retirement Account as collateral for a loan. The answer to that question is no. According to well-known trainer Deborah Crawford, it is a prohibited transaction, and is taxable to the member in the year the loan is made. The Cornerstone Credit Union League is offering credit unions the opportunity to learn more about IRAs at its IRA Basics and IRA Advanced Seminars Oct. 7-8 in Oklahoma City, Okla.
The IRA Basics seminar is an IRA product overview. If you have just started with IRAs or want a good review of IRA fundamentals, this is the program for you. This program will prepare you to open, move and close IRAs and get all the paperwork right in the process. If you have been afraid of IRAs or just don't have enough basic knowledge this one day review will get you excited and motivated to become the IRA expert at your organization. This day one is fun and beneficial for every person who works with deposits and accountholders. IRA Basics is designed for those with 1 - 3 years of IRA experience.
The IRA Advanced seminar focuses on compliance, auditing and reporting. If you have been working with IRAs for years and are ready for the "deeper dive" then this is the IRA program for you. You will receive a quick product review and all the new numbers and changes for 2014 but after that hold on to your hat as we begin to work the complicated issues. Reporting errors and fixes, excess contributions, audits, inherited IRAs are just the tip of the iceberg for those of you who want to know everything there is to know about managing an IRA department. IRA Advanced is designed for those with three or more years of IRA experience.
For more information, including registration, please visit the Education section of Cornerstone’s website. If you have any questions, please contact Training & Events, at (469) 385-6630 or (800) 442-5762, ext. 6630
Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit www.cscuf.coop.