The Department of Labor issued a second round of frequently asked questions on its fiduciary conflict of interest rule. Compliance with the rule is required on April 10, 2017, but the rule, guidance and FAQs still leave a lot to be desired on how to comply. This is one of the many rules that President… Read More »
The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction. The adjusted penalty amounts are effective January 15, 2017. Law Penalty description Current penalty amounts New penalty amount Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(A) Tier 1 penalty $5,437 $5,526 Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(B) Tier 2 penalty… Read More »
The bill revises the definition of Financial Institution to include credit unions for public depositories in regards to RCW 39.58 Public Funds – Deposits and Investments – Public Depositories There is currently not a companion bill in the Senate. Sec. 3. RCW 39.58.108 and 2016 c 152 s 4 are each amended to read as… Read More »
The bill in the House authorizes a credit union, under certain circumstances, to receive payments on accounts or instruments subject to the terms, rates, and conditions as may be established by the board of directors. Currently there is no matching bill in the Senate. If enacted, the bill would amend the Washington State Credit Union… Read More »
The Board of Governors of the Federal Reserve System (“Board”) is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of… Read More »
The NCUA published an Interim Final Rule adjusting the maximum amount of each civil money penalty within its jurisdiction. The Rule is effective upon publication (1/23/17), with a comment period ending on February 22, 2017. Citation Description/tier Current maximum ($) Adjusted maximum ($) 12 U.S.C. 1782(a)(3) Inadvertent failure to submit a report or the inadvertent… Read More »
The CFPB published updated HMDA resource information including Technology Preview, Filing Instructions Guide for 2018 Data Collection and FAQs. It is reprinted below for convenience – Introduction For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) is being created to process Home Mortgage Disclosure Act (HMDA)… Read More »
The December Legislative Update is available here.
There is a current bill in committee (HB 1053 / SB 5144) that, if enacted would: Modify credit union governance provisions related to supervisory committees and special membership meetings, and Modify low-income credit union designations and secondary accounts. In summary, the bill includes: Supervisory Committee The supervisory committee must: perform or arrange for additional audits… Read More »
On January 3, the DCU released an updated Interpretive Statement in relation to advertising restrictions imposed on a credit union if it acts as an investment adviser, or if it aces pursuant to any other superseding or preemptive law or regulation subject to any other agency than the DCU. The original Interpretive Statement, and this… Read More »
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