2016 HMDA Reporting Software Now Available

Version 2016 for CY 2016 data due March 1, 2017 is now available from the FFIEC. Each software version is year-specific (i.e., 2015 reporting requires 2015 DES and not 2016 DES). System Requirements The software must be installed locally on a hard disk; it is NOT network compatible. Minimum OS: Microsoft Windows Vista or Windows Server 2008 SP2 Internet connection … Read More

DCU Interpretive Letter I-15-04 Complying with GAAP in Relation to MBLs

The Division of Credit Unions has published Interpretive Letter I-15-04 (Complying with GAAP in Relation to MBLs). This Interpretive Letter clarifies the requirements for Washington State-chartered credit unions when complying with generally accepted accounting principles (“GAAP”) in relation to member business loans (“MBL”) and reserving for their allowance for loan and lease losses (“ALLL”) account. From the letter, State Credit … Read More

Oregon Reasonable Compensation

The State of Oregon codified its “reasonable compensation” rule allowing state-chartered credit unions to compensate their directors and supervisory committee members. Section 441-710-0305 details the requirements for compensation. Before paying compensation, the credit union must – operate in a safe and sound manner, incorporate bylaws allowing compensation, and adopt policies and procedures for compensation. Policies and procedures must include the … Read More

DCU Bulletin B-15-16 New Payment Process for DCU Semi-annual Assessment Fees

The Division of Credit Unions has published Bulletin B-15-16 (New Payment Process for DCU Semi-annual Assessment Fees). Starting Jan. 1, 2016 asset assessment fees will be collected on a semi-annual basis  (i.e. in January and July of each year). Under the new system, the credit unions will use  an online payment system to pay the asset assessment fee.  The new … Read More

Enforcement Policy Statement on Deceptively Formatted Advertisements

The Federal Trade Commission issued an enforcement policy statement explaining how established consumer protection principles apply to different advertising formats, including “native” ads that look like surrounding non-advertising content. In the Enforcement Policy Statement on Deceptively Formatted Advertisements, the Commission lays out the general principles the Commission considers in determining whether any particular ad format is deceptive and violates the … Read More

Reserve Requirement – Regulation D

The Federal Reserve Board amended Regulation D (Reserve Requirements for Depository Institutions) to reflect annual indexing and the low reserve tranche for 2016. The new low reserve threshold will apply to the fourteen-day reserve maintenance period that begins January 21, 2016. For institutions that report deposit data weekly, this maintenance period corresponds to the fourteen-day computation period that begins December … Read More

Avoiding the Pitfalls of Overdraft Protection Programs

Part 2 of my Class Actions Have Little Class Involved Credit unions, along with other financial institutions, have offered overdraft protection programs for many years. These programs provide protection for customers in avoiding returned check fees and the embarrassment of denied transactions, and provide fee income to the credit union. These programs have faced scrutiny as long as they have … Read More

Foreclosure Fairness Act 2016 Exemption Requirements

Homeowners that the credit union has provided a Notice of Default to, and lived in their home when the foreclosure processes started, are eligible to participate in Washington State’s Foreclosure Fairness Act Mediation Program, unless the credit union has conducted less than 250 foreclosure sales during the previous year, and claimed their exemption status to the Department of Commerce.  Credit … Read More

Class Actions Have Little Class Involved

part 1… Class action claims of website accessibility discrimination have been increasing recently. Two new complaints were filed last month for ADA (American’s with Disabilities Act) accessibility discrimination. These complaints allege that the National Basketball Association’s and Home Depot’s websites are not accessible to blind users. Also in November, Scribd agreed to update its access to eBooks to make them … Read More

Updates on the Marijuana Market

In November, the US Postal Service in Portland issued a directive warning that it is illegal to mail advertisements about buying or selling marijuana.  While they cannot refuse the mailing, they will report it to law enforcement agencies.  USC 843(c) deems it unlawful to place an ad in any publication with the purpose of seeking or offering illegally to receive, … Read More