2017 Exam Focus

The NCUA released Letter No. 17-CU-01, which describes their supervisory priorities for 2017. The primary areas of focus are: Cybersecurity Assessment. Credit unions are encouraged to use the Cybersecurity Assessment Tool, and examiners will continue to evaluate the credit unions’ cybersecurity risk management practices. Bank Secrecy Act Compliance. As always, BSA is a hot topic. Additional focus will be on … Read More

Risk-Based Exam Scheduling

On December 28, 2016, the NCUA released Letter to Credit Unions 16-CU-12, detailing their exam scheduling policy which goes into effect January 1, 2017. For state-charted, federally insured credit unions, the Letter details that: Credit unions meeting any one of the following three criteria will receive NCUA exams that will begin between 8 and 12 months from the prior examination … Read More

Foreclosure Fairness Act – 2017 Requirements

It’s that time again… 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 50 foreclosure sales during the previous year, and claimed their exemption status to the Department … Read More

As a reminder – Washington Uniform Power of Attorney Act Effective 01/01/2017

Back in May we blogged about this (reprinted below), and since it goes into effect January 1, 2017, we thought we might refresh everyone’s memory… The Washington State Legislature passed Senate Bill 5635, which repeals the Washington State Power of Attorney Act and replaces it with a slightly modified Uniform Power of Attorney Act. The Act is effective January 1, … Read More

NCUA Letter 16-CU-11 Member Business Loans Guidance

NCUA released guidance on the new member business lending (MBL) rules, which go into effect in January.  The guidance is incorporated into the NCUA’s new online Examiner’s Guide. Letter to credit unions 16-CU-11 states “Guidance that elaborates on the principles of sound commercial lending reflected in revised Part 723, along with those addressing the statutory cap on member business loans, … Read More

Website Compliance Exams

The Washington State DCU plans on restarting to conduct website compliance exams beginning mid-December.  These exams will not be performed in conjunction with regular safety and soundness examinations, nor will there be giving a separate website compliance rating. Examiner’s concerns and findings will be included in a separate website compliance exam report. The exam report will be brief in nature … Read More

Washington Minimum Wage and Sick Leave

Washington voters approved Initiative # 1433, which will increase the minimum wage and require employers to provide sick leave to all employees. Effective January 1, 2017, the minimum wage will increase to $11.00 an hour for all employees who are eighteen or older.  This minimum will increase each of the following years:  2018 – $11.50/hour; 2019 – $12.00/hour; 2020 – … Read More

MAPCO Settlement

From cuna.org (11/21/16) A settlement has been proposed to resolve legal claims of financial institutions related to a May 2013 data breach.  Any credit union that issued payment cards that were compromised in the breach could get a payment from the class action settlement. In the proposed resolution agreement, involving lawsuits against MAPCO Express, Inc. and Delek US Holdings, Inc. … Read More

Change to Secretary of State Corporate Formation Documents

In case you missed it… As a result of a change in Washington’s Business Code (RCW 23.95), the DFI sent an e-mail to Washington State credit union CEOs regarding corporate formation documents filed with the Secretary of State’s office. The email was: Dear CEOs, New laws (RCW 23.95) will soon take effect with regard to the Office of Secretary of … Read More