Business briefs: Fall River Municipal Credit Union, Apple

FRMCU appoints board of directors at annual meeting
FALL RIVER ? On April 20, the Fall River Municipal Credit Union held the annual meeting of the membership at the main office at 333 Milliken Blvd in Fall River. Chairman Michael Shea opened the meeting with a moment of silence for those impacted by recent events in Boston and Texas, as well as those members who have passed.
In addition to the typical business that comes before the membership each year, the membership approved proposed amendments to the credit union bylaws. The amendments, when authorized by regulatory agency, will allow the credit union to expand those who will be able to be served by Fall River Municipal Credit Union.
Board members re-elected for another three year term were David Machado, Mildred Shaughnessey and Richard Vasconcellos. Carl Garcia and John Souza were also appointed to the board of directors.
Garcia is the owner and operator of Carl?s Collision Center in Fall River. He attended Salve Regina University and is the chairman of the Bristol County Workforce Investment Board. He is also a member of the Mercedes Benz advisory board, Fall River Chamber of Commerce and the Prince Henry Society.
Souza is an instructor of criminal justice at Bristol Community College. The former Police Chief for the City of Fall River from 2001, until his retirement in 2010, holds an associate?s degree in law enforcement from Bristol Community College and a B.S. in criminal justice from Bryant University. He also holds a J.D. from the New England School of Law. Souza served as a police officer in the Fall River Police Department from 1980 to 1985. He held police administration and command positions from 1985 to 2001, and was an attorney-at-law with Gunner and Gunner from 1995 to 1999.
??Carl and John both bring strong leadership skills and vision for the credit union,? said Matthew Schondek, chief executive officer. ?We are very happy to have them serve as directors, and are confident they will be a positive addition to the credit union board.?

Apple CEO Cook faces Senate questions on taxes
WASHINGTON (AP) ? The Senate dragged Apple Inc., the world?s most valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. taxes.
Cook said the subsidiaries have nothing to do with reducing its U.S. taxes, a message he struggled to convey to the Senate Permanent Subcommittee on Investigations.
?We pay all the taxes we owe ? every single dollar,? Cook said. ?We don?t depend on tax gimmicks.?
The senate subcommittee released a report Monday that held up Apple as an example of the legal tax avoidance made possible by the U.S. tax code. It estimates that Apple avoided at least $3.5 billion in U.S. federal taxes in 2011 and $9 billion in 2012 by using its tax strategy, and described a complex setup involving Irish subsidiaries as being a key element of this strategy.
Cook reaffirmed Apple?s position that given the current U.S. tax rate, it has no intention of bringing that cash back to the U.S. Like other companies, it has a responsibility to shareholders to pay as little as possible in taxes.

Source: http://www.heraldnews.com/newsnow/x863229296/Business-briefs-Fall-River-Municipal-Credit-Union-Apple?rssfeed=true

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