An owner credit union has asked the following questions regarding external transfers (ACH) to their members via online banking. If you are able to help them out, your response would be appreciated. Your response will not be shared publicly, but may be shared with other NWCG clients and owners. Are the transfers pre-funded or post-funded? Do you allow both credit … Read More
ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate. The rate is adjusted semi-annually, and calculated on May 15 and November 15, and covers the following six-month period. The discount rate is calculated by the most … Read More
Washington State passed Substitute Senate Bill 5081, dealing with notarial acts. The bill adopts (mostly) the Revised Uniform Law on Notarial Acts (RULONA). Included in the bill is a provision for electronic notaries. The effective date of the changes is July 1, 2018. A few a areas of the Bill that may impact credit union operations: Sections 15 & 21 … Read More
The DCU released bulletin B-17-12 regarding the recent WannaCry Ransomware. WannaCry Ransomware Exploit As you probably are aware, a widespread ransomware campaign is affecting various organizations with reports of a large number of infections in many countries, including the United States. Currently, the latest version of this ransomware variant is recognized as WannaCry, WCry, or Wanna Decryptor. Per the United … Read More
April’s legislative recap is now available. Please let us know if you have any questions.
On April 19, Governor Inslee signed Senate Bill 5144, modernizing the state’s Credit Union Act. Provisions of the Act include: Corrected the use of “director” in the rule’s text. (Director was/is defined as the ‘director of financial institutions’, but was previously used in text of the rule to mean a credit union official in some instances, and the director of … Read More