Oregon Reasonable Compensation

The State of Oregon codified its “reasonable compensation” rule allowing state-chartered credit unions to compensate their directors and supervisory committee members. Section 441-710-0305 details the requirements for compensation. Before paying compensation, the credit union must – operate in a safe and sound manner, incorporate bylaws allowing compensation, and adopt policies and procedures for compensation. Policies and procedures must include the … Read More

OCC Semiannual Risk Perspective Report

The Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective Report providing OCC supervisory concerns.  Leading concerns are strategic, underwriting, cybersecurity, compliance and interest rate risks. Highlights included in the report are: Many national banks and federal savings associations continue to face strategic challenges to growing revenues to meet target rates of return in a slow-growth, … Read More

Final Rule on the Frequency of Asset Assessment Fees (RCW 34.05.325(6))

Starting January 1, 2016, Washington State asset assessment fees will be collected on a semi-annual basis, rather than the current quarterly basis.  This will bring the collection of State assessment fees closer to the Federal assessment fees practice.  The annual aggregate amount will not change. http://www.dfi.wa.gov/sites/default/files/credit-unions/bulletins/B-15-15.pdf

CFPB Fall Rulemaking Agenda

The CFPB published its Fall Rulemaking Agenda that outlines actions in pre-rule, proposed rule, long-term, and completed stages.  The Agenda provides an insight as to where the CFPB is headed. Current Initiatives: Arbitration – The CFPB is beginning a rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans … Read More

New NCUA Consumer Assistance Center Portal Open to Credit Unions

Portal will Streamline Complaint Process; Use is Voluntary; Registration Required Credit unions can now resolve consumer complaints more efficiently through the National Credit Union Administration’s Consumer Assistance Center online portal, the agency announced today. Credit unions can now use the portal, located on NCUA’s MyCreditUnion.gov site, to receive correspondence from the Consumer Assistance Center about complaints concerning them, to send … Read More

Proposed Rule prohibiting arbitration clauses for group actions

The CFPB is considering proposing a rule that would ban consumer financial companies, including banks and credit unions, from clauses requiring arbitration, that are used to block class action lawsuits. The proposals under consideration would prohibit companies from blocking group lawsuits through the use of arbitration clauses in their contracts.  This would apply generally to the consumer financial products and … Read More

NCUA Consumer Complaint Portal

On September 10, 2015 the NCUA released a complaint site on its Consumer Assistance Center portal located at MyCreditUnion.gov. Consumers are able to submit inquiries, complaints and additional documentation online through a secure portal. Consumers will also be able to check the status of their complaints. NCUA also implemented new complaint resolution procedures that improve and streamline how the agency … Read More

Consumer Compliance Outlook

The Federal Reserve released the 7th Anniversary Issue of the Consumer Compliance Outlook.  The issue only contains one article, entitled Managing Risk Throughout the Product Life Cycle and it describes a product-focused risk management framework largely through a UDAAP lens, which may be especially useful for credit unions considering the introduction of new products and services. As UDAAP enforcement actions by … Read More