Oregon – Proposed HB 2581 Access Device and Security Breaches

Proposed House Bill 2581 would require a person that possesses or has access to account information to report breach of security to the financial institution that issued financial access device.  Person includes:  an individual, a private or public corporation, partnership, cooperative, association, estate, limited liability company, organization or other entity. The Bill proposes to: Require a person to safeguard account … Read More

DCU Bulletin B-17-06 Obtaining Audit Reports from Third-Party Providers

The Division of Credit Unions has published Bulletin B-17-06 regarding examiners obtaining audit reports from third-party providers. Annual audit reports are required for Federally Insured State Credit Union’s (FISCUs) with $500 million or more in assets. For those with less than $500 million, either of three supervisory committee audit options are available.   See:   §715.4   Audit responsibility of … Read More

DCU Bulletin B-17-07 Assets in the Process of Liquidation

The Division of Credit Union published Bulletin B-17-07 regarding the reporting of assets in the process of liquidation.  The Bulletin is reprinted below.  Please refer to the original link for footnotes. Assets in the Process of Liquidation The purpose of this bulletin is to set guidelines for how examiners will evaluate assets in the process of liquidation during examinations. Specifically, … Read More

Proposed Delay in Prepaid Rule

The CFPB has proposed delaying the effective date of its final rule on covered prepaid accounts.  The delay would move the effective date from October 1, 2017 to April 1, 2018. From the CFPB: Today, we released a proposal to delay the effective date of our rule governing prepaid accounts by six months. The CFPB’s prepaid accounts rule will provide … Read More

FDIC Supervisory Insights – Credit Risk Trends

The FDIC’s Winter 2016 Supervisory Insights includes an article titled Credit Risk Trends and Supervisory Expectation Highlights, that identifies credit risk trends in commercial real estate along with agriculture, and oil and gas-related lending.  The article contains good  information regarding the conditions and trends in each of these areas, and is a recommended read for the policy makers in your … Read More

Prepaid Rule – Short Form Disclosure Guide

On January 31, the CFPB released a guide for preparing the short form disclosure for prepaid accounts.  The guide is based on Regulation E’s Model Form A-10(c) and provides basic “how to” instructions to help financial institutions prepare short form disclosures for prepaid accounts.  The CFPB also has a page dedicated to the Prepaid Rule that includes a small entity guide, … Read More

February Legislative Recap

Follow this link to view the February 2017 Legislative Recap summary. Let us know if you have questions.

NASCUS Credit Union Executive Forum

On February 28, 2017, the DCU released Bulletin B-17-05, reminding credit unions of the upcoming NASCUS Credit Union Executive Forum in SeaTac on May 23, 2017. SAVE-THE-DATE To attend the 2017 NASCUS Credit Union Executive Forum May 23rd in SeaTac, Washington Department of Financial Institutions (DFI) and the National Association of State Credit Union Supervisors (NASCUS) invite you to an … Read More

ADA Website Accessibility Tools

The Department of Justice recently published an “ADA Best Practices Tool Kit,” which includes website accessibility guidance and a checklist that can be used to verify compliance with the Americans with Disabilities Act. While the tool kit is primarily geared toward state and local governments, which are governed by Title II of the ADA, it will be helpful to banks … Read More

WA Bulletin B-17-04 Exam Focus for Consumer Protection Compliance

On February 23, the DCU released Bulletin B-17-04, Exam Focus for Consumer Protection Compliance During 2017 through 2020.  The Bulletin details the compliance exam focus for 2017 – 2020. Exam Focus for Consumer Protection Compliance During 2017 through 2020 In March 2017, the Division of Credit Unions (Division) will complete its first cycle of enhanced consumer protection compliance exams for … Read More