The FDIC shared a Department of Justice report on a credit union employee, and her on-line boyfriend, Phillip Cook, fraudulently obtaining more than 30 lines of credit worth over $2.6 million. The employee, Indira Mohabir, was a business loan processor at Western Federal Credit Union, and opened lines of credit without necessary oversight and approval from… Read More »
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;… Read More »
The NCUA issued a Letter to Credit Unions (16-CU-05) regarding voluntary diversity and inclusion polices. If you remember, back in June 2015, the banking brotherhood (NCUA, FDIC, ect.) issued final standards for voluntary assessment of diversity policies and practices in regulated entities. We blogged about it on our SharePoint site and it is reprinted below…. Read More »
The Department of Labor released its Final Rule regarding overtime and exempt status for executive, administrative, and professional employees. As a result, effective December 1, 2016, the credit union can no longer consider employees making less than $47,476 annually as exempt from overtime pay. Credit Union Action Required Effective December 1, 2016, the credit union… Read More »
Section 956 of the Dodd-Frank Act requires the banking agencies (NCUA, FDIC, Federal Reserve System, Federal Housing Finance Agency, OCC, and the SEC) to jointly prescribe regulations or guidelines to prohibit incentive-based payment arrangements that the agencies determine to encourage inappropriate risks by providing excessive compensation or that could lead to material financial loss. Section… Read More »
On July 6, 2015, the Department of Labor released its proposal to update overtime pay rules. Currently, in order to be considered exempt from overtime pay, employees must meet certain minimum tests related to their primary job duties and be paid on a salary basis not less than $23,660 annually. The proposal rule raises the… Read More »
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