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

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

ANPR – Alternative Capital

The NCUA issued an Advanced Notice of Proposed Rulemaking (ANPR) regarding alternative capital for federally insured credits.  Credit unions could use the alternative capital to meet required capital standards. The ANPR divides alternative capital into two categories:  secondary capital and supplemental capital.  Currently, secondary capital is only allowed for low-income designated credit unions and is counted toward both the net … Read More

Oregon – Proposed House Bill 2161

House Bill 2161 has been introduced to update the State’s Credit Union Act. Included in the Bill are a provision allowing the expulsion of a member that creates undue risk of loss, the elimination of the requirement that the credit union’s board of directors meets 10 times a year (the minimum sill be established by the director), and changes the … Read More

DOL Fiduciary Q&A Round 2

The Department of Labor issued a second round of frequently asked questions on its fiduciary conflict of interest rule.  Compliance with the rule is required on April 10, 2017, but the rule, guidance and FAQs still leave a lot to be desired on how to comply.  This is one of the many rules that President Trump has targeted to get … Read More

CFPB CMPs Inflation Adjustments

The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction.   The adjusted penalty amounts are effective January 15, 2017. Law Penalty description Current penalty amounts New penalty amount Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(A) Tier 1 penalty $5,437 $5,526 Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(B) Tier 2 penalty 27,186 27,631 Consumer Financial Protection … Read More

WA House Bill 1318 – Addressing Credit Unions’ Capital

The bill in the House authorizes a credit union, under certain circumstances, to receive payments on accounts or instruments subject to the terms, rates, and conditions as may be established by the board of directors.  Currently there is no matching bill in the Senate. If enacted, the bill would amend the Washington State Credit Union Act to include payments received … Read More

NCUA CMPs Adjustment

The NCUA published an Interim Final Rule adjusting the maximum amount of each civil money penalty within its jurisdiction.  The Rule is effective upon publication (1/23/17), with a comment period ending on February 22, 2017. Citation Description/tier  Current maximum ($) Adjusted maximum ($)  12 U.S.C. 1782(a)(3) Inadvertent failure to submit a report or the inadvertent submission of a false or … Read More

Proposed WA House Bill 1053 – Addressing the Washington State Credit Union Act

There is a current bill in committee (HB 1053 / SB 5144) that, if enacted would: Modify credit union governance provisions related to supervisory committees and special membership meetings, and Modify low-income credit union designations and secondary accounts. In summary, the bill includes: Supervisory Committee The supervisory committee must: perform or arrange for additional audits as requested by the board … Read More