Division of Credit Unions News

News from the Washington State Division of Credit Unions.

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The Division of Credit Unions is issuing this bulletin after reviewing indirect lending compliance at various credit unions and finding inconsistent practices.
The following is the link to the self-assessment https://www.ffiec.gov/cyberassessmenttool.htm .
DFI filed the Final Rule (“CR-103”) on November 30, 2015. Starting January 1, 2016 asset assessment fees will be collected on a semi-annual basis.
The Division of Credit Unions will hold a public hearing on the proposed amendments to 208-418 WAC. The CR-102 was filed with the Washington State Code Reviser on October 20, 2015.
Cybersecurity has been identified as a significant threat to financial institutions and credit unions and banks are a primary target for cyber theft. Additionally, data breaches and credit card losses have become much more frequent and expensive. Because of this, the Division of Credit Unions decided to allocate more examination resources to cybersecurity and information technology (IT) exams.
The Director of Credit Unions is proposing amendments to chapter 208-418 WAC. The proposed amendments will change the frequency of asset assessment fees collected by the Division of Credit Unions. The proposal is to change the timing of collecting assessment fees from being collected each quarter in January, April, July, and October to semi-annual in January and July, effective December 31, 2015. The amount of fees collected per calendar year will remain the same, only the timing of payments would change.
DFI invites you to an event that will address some of the top challenges confronting state-chartered credit unions at the 2015 DFI CEO Outreach Event in SeaTac. The event will be held at the DoubleTree by Hilton Hotel Seattle Airport.
DFI invites you to an event that will address some of the top challenges confronting state-chartered credit unions at the 2015 DFI CEO Outreach Event in SeaTac. The event will be held at the DoubleTree by Hilton Hotel Seattle Airport.
In September 2015, the Director of Credit Unions will begin the rulemaking process to amend WAC 208-418 Fees Charged to Credit Unions and Related Parties.
2015 Senate Bill (SB) 5300 (2015 c 114) amends the Washington Credit Union Act, chapter 31.12 RCW. These amendments are not effective until July 24, 2015.
The Federal Financial Institutions Examination Council (FFIEC) today released two statements about ways that financial institutions can identify and mitigate cyber attacks that compromise user credentials or use destructive software, known as malware. In addition, the FFIEC provided information on what institutions can do to prepare for and respond to these threats.
The Division of Credit Unions (Division) will begin using the CAMEL component “S” rating for examinations beginning with onsite examinations starting on May 1, 2015 and thereafter.
The Division of Credit Unions has released a bulletin outlining the six main areas exams will focus on for 2015.
DFI’s Securities Division is partnering with the Division of Credit Unions to reach out to state chartered credit unions interested in receiving training for your staff on financial exploitation.
In order to improve our discussion on interest rate risk, we decided to expand the CAMEL rating to better reflect our analysis of whether changes in interest rates will adversely affect a credit union’s earnings and economic capital. For that purpose, we will be adding “S” to the end of our CAMEL rating and we will use a revised CAMELS rating.
NASCUS encourages all state and federal credit union board members, supervisory committee members, and credit union management to attend the NASCUS WA Directors College, April 29, 2015. The one day event is geared toward enhancing your knowledge of ways to better protect the information and systems that credit unions rely on for daily operations.
The Director of the Division of Credit Unions determines that if the proper CFPB TILA/RESPA disclosures are made, the separate "disclosure summary" described in subsections (1) and (2) of RCW 19.144.020 is no longer required.
The Conference of State Bank Supervisors (CSBS) has established an Emerging Payments Task Force, and DFI is one of the nine members. The Task Force is charged with the task of initiating a comprehensive evaluation of the payment systems and the emerging developments that potentially impact consumer protection, state law, and banks and non-bank entities chartered or licensed by the states.
In partnership with NASCUS, CUNA is hosting the annual BSA Conference October 26-29, 2014 in Las Vegas, Nevada. This conference covers all of the BSA statutory and regulatory requirements that credit unions need in order to comply with the complex federal BSA law.