Online Payment Process for DCU Semi-Annual Asset Assessment Fees

Online Payment Process for DCU Semi-Annual Asset Assessment Fees DCU Bulletin B-16-09, July 7, 2016 Chapter 31.12 RCW authorizes the Director to charge fees to credit unions and certain other persons in order to cover the costs of the operation of the division of credit unions and to establish a reasonable reserve for the division. Chapter 208-418 WAC is amended … Read More

Regulation P Proposed Amendment

On July 1, the CFPB released proposed amendments to Regulation P, to align the regulation with the changes to the GLBA that took place last year.  If you remember, in December 2015, the GLBA was amended to provide an exemption to financial institutions from the requirement to provide an annual privacy notice.  If the institution does not allow the customer … Read More

June Monthly Recap

June’s compliance recap, with a summary of regulatory issues that might impact the credit union, is available here.

Current Expected Credit Losses

On June 16, the Financial Accounting Standards Board (FASB) issued its final standard on credit losses; the Current Expected Credit Losses (CECL) model.  The standard follows a Life of Loan Concept that allows financial institutions to leverage its current internal credit risk systems as a framework for estimating expected credit losses.  The standard requires organizations to measure all expected credit … Read More

Consumer Compliance Outlook – Card Disputes

The latest issue of Consumer Compliance Outlook, published by the Federal Reserve, contains an informative article discussing when Regulation E and Regulation Z come into play in regards to consumers disputing transactions with merchants.  The article states Under Regulation Z, credit card issues have two separate legal obligations that could apply to merchant disputes.  In contrast, under Regulation E, debit … Read More

Call Report Modernization – Request for Information

The National Credit Union Administration (NCUA) is conducting a comprehensive review of two vehicles used to collect information for regulatory oversight of federally insured credit unions (FICUs)—the 5300 Call Report (Call Report) and Form 4501A Profile (Profile). The overarching goal is modernizing content to (i) strengthen on-site examination and off-site monitoring by NCUA and state supervisory authorities, (ii) facilitate richer … Read More

FFIEC Issues Statement on Safeguarding the Cybersecurity of Interbank Messaging and Payment Networks

The Federal Financial Institutions Examination Council (FFIEC) members today advised financial institutions, consistent with existing regulatory expectations, to actively manage the risks associated with interbank messaging and wholesale payment networks. In a statement, the FFIEC also stressed that financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization … Read More

CFPB Supervisory Highlights

The CFPB released its 10th Supervisory Highlights, which focuses on consumer reporting, mortgage origination, fair lending, debt collection, remittances and student loan servicing. The credit union’s compliance and auditing staff should review the report to make sure that the credit union does not end up as a “highlight.” A couple of the highlights include: Consumer Reporting The Bureau found that … Read More

Marijuana Related Business – WA Exam Update

The DFI released updated examination procedures for marijuana related businesses directed to DCU examination staff. Included in the procedures is an appendix that focuses on pricing of accounts for, and lending to, marijuana related business accounts.  It is an eye-opening read for credit unions considering loaning to these businesses. In addition to the updated examination procedures, the DFI has a … Read More

PCI Data Security Standard Ver. 3.2 Released

The Payment Card Industry Data Security Standard (PCI DSS) was developed to encourage and enhance cardholder data security and facilitate the broad adoption of consistent data security measures globally. PCI DSS provides a baseline of technical and operational requirements designed to protect account data. PCI DSS applies to all entities involved in payment card processing—including merchants, processors, acquirers, issuers, and … Read More