Oregon Data Match Requirements

Oregon Financial Institutions will need to abide by the new requirements of the data match system by July 1, 2018.  The data match system is a mandatory scrub of accounts against a state provided list of names and social security numbers of delinquent debtors (having a Department of Revenue warrant). The State will reimburse financial institutions for participating in the … Read More

Pay-by-Phone Fees Could Lead to UDAAP Violations

On July 27, 2017 the CFPB issued Compliance Bulletin 2017-01:  Phone Pay Fees, reminding companies that misleading consumers about fees associated with payments over the telephone may be deemed as UDAAP violations. The Bulletin states, that depending on the facts and circumstances, the following may constitute UDAAP violations: Failing to disclose the prices of all available phone pay fees when … Read More

External Transfers (ACH) Survey

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

E-Notaries Coming to Washington

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

ACH Operations Bulletin #2-2017: Same Day ACH and Debit Processing

From NACHA (https://www.nacha.org/news/ach-operations-bulletin-2-2017-same-day-ach-and-debit-processing) POSTED APRIL 11, 2017 EXECUTIVE SUMMARY ACH debits become eligible for same-day settlement with the implementation of Same Day ACH Phase 2 on Sept. 15, 2017. This ACH Operations Bulletin provides information to Originating and Receiving Depository Financial Institutions, Originators, Third-Party Senders, and software and processing vendors on important aspects of ACH debit processing in a same-day … Read More

Blue Light Special – Kmart breach deadline approaching

From 03/30/17 Cuna News: Credit unions have until April 18 to file a claim, request to opt out or object to the settlement reached between plaintiffs and Kmart in a data breach lawsuit. A data breach was detected at Kmart in October 2014 and could have affected the cards of anyone who shopped with a credit or debit card between … 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

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

Oregon House Bill 2346 – Proposed

The proposed House Bill, currently referred to public hearing, would require credit unions to accept a declaration or a affidavit from DHS or OHA to pay claims on the death of a credit union member. House Bill 2346 Introduced and printed pursuant to House Rule 12.00. Presession filed (at the request of Governor Kate Brown for Department of Human Services) … Read More

Compressed Version of the SDN.XML File Now Available

From the U.S. Department of the Treasury: 2/22/2017 OFAC is now offering a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download this file.  This new file compresses the SDN.XML file by approximately 92%. The new file can be found at the following URL: https://www.treasury.gov/ofac/downloads/sdn_xml.zip This file will be updated at the same time … Read More