Credit Union News
News from the Washington State Division of Credit Unions.
2013
-
Interpretive Letter: Credit Union-Owned Life Insurance
Guidance from the Division of Credit Unions regarding whether a Washington state-chartered credit union may invest in insurance polices that insure the life of one or more of its employees.
Interpretive Letter (PDF)* -
Interpretive Letter: State Credit Union Investments in Employee Benefit Trusts
Guidance from the Division of Credit Unions regarding whether a Washington state-chartered credit union may fund employee benefit obligations through an employee benefit trust holding investments that are otherwise impermissible for a state-chartered credit union.
Interpretive Letter (PDF)* -
Quarterly Asset Assessment Worksheet
2nd quarter 2013. ACH debit will be originated on April 23, 2013.
Download Asset Assessment Sheet (Excel)*** -
Interpretive Letter: Use of the Term "Audit Committee" in Credit Union Bylaws
Guidance from the Division of Credit Unions regarding the use of the term audit committee in credit union bylaws.
Interpretive Letter (PDF)* -
Bulletin: NASCUS WA Directors College - April 22, 2013
NASCUS encourages state credit union board members to join us for this one day event geared toward enhancing directors' understanding of the critical statutory, fiduciary and regulatory responsibilities of a director.
Bulletin Regarding NASCUS WA Directors College (PDF)* -
Bulletin: Washington Saves Week
The Division of Credit Unions is participating in Washington/America Saves Week, February 25 - March 2, and would like Washington credit unions to join us and the hundreds of organizations nationwide by participating in this annual event.
Bulletin Regarding America Saves Week (PDF)*
2012
-
Bulletin: Voting Process to Ensure Member Equality
DFI has published a new bulletin to provide guidance to Washington state chartered credit unions regarding the use of a ballot for an annual or special membership meeting and the voting process.
Bulletin Regarding Voting Process (PDF)* -
FTC Issues Amended Rule on Identity Theft "Red Flags"
The Federal Trade Commission has announced publication of an Interim Final Rule on identity theft "red flags" that narrows the circumstances under which creditors are covered by the Rule.
Announcement from FTC -
Bulletin: Investor Education In Your Workplace
DFI and the NWCUA are partnering to offer credit union employees in Washington State the opportunity to participate in the Investor Education In Your Workplace program.
Bulletin Regarding Investor Education Program (PDF)* -
The Dual Chartering System: Benefits of the State Charter
Information from DFI on the dual chartering system, how it formed, and the benefits of a state charter.
The Dual Chartering System: Benefits of the State Charter -
Bulletin: SHB 2255 Reduces Regulatory Burden
Beginning June 7, 2012, the state’s one page disclosure is no longer required because the disclosures that comply with the federal Real Estate Settlement Act (RESPA) are deemed to be compliant with the disclosures that were required under state law, RCW 19.144.020.
Bulletin Regarding SHB 2255 (PDF)* - Olympia Credit Union Reports Counterfeit Checks
Olympia Credit Union has contacted DFI to report that counterfeit cashiers' checks bearing the name Olympia Credit Union are in circulation.
Counterfeit Checks Alert
2011
- New Interpretive Letter: Board Member Life Insurance
New interpretive letter regarding whether a Washington State credit union may provide life insurance to its board members.
Interpretive Letter (PDF)* - Interpretive Letter - Definition of Vice President
The Division of Credit Unions answers a question regarding the definition of vice presidents that are operations or branch managers but not executive officers.
Interpretive Letter (PDF)* - Interpretive Letter - Once A Member Always A Member
The Division of Credit Unions has issued an interpretive letter regarding whether an individual may be re-instated as a member under the “once a member, always a member” principle even though the individual no longer meets the requirements in the field of membership.
Interpretive Letter (PDF)* - Credit Union Merger Manual Updated
DFI has updated the Credit Union Merger Manual. Download the new manual via the link below.
Credit Union Merger Manual (PDF)* - Interpretive Letter - Director Emeritus Reimbursement
Regarding whether a director emeritus is eligible for expense reimbursement for travel or training expenses, or qualifies for insurance benefits.
Interpretive Letter I-11-01(PDF)*
2010
- Red Flags Rule Effective December 31, 2010
The Federal Trade Commission (FTC) issued the Red Flags regulations under the Fair and Accurate Credit Transition Act of 2003, which requires the establishment of guidelines for financial institutions and creditors regarding identity theft. The FTC’s definition of a creditor in the Act was amended on December 8, 2010. The FTC delayed implementation of the rule multiple times to allow for Congressional clarification of this issue. If you have a question about the rule, the FTC has set up a toll free number at 1-877-FTC-HELP (1-877-382-4357)(tty 1-866-653-4261).
FTC Press Release Announcing Amendments to the FACT Act
FTC’s Red Flags Rule Website - Interpretive Letter - NCUA Regulation Flex in 12 C.F.R. 742.4 and Personal Guarantees for MBLs
Interpretive letter from the Division of Credit Unions regarding the recent changes to NCUA’s Regulatory Flexibility Program that eliminated the waiver of obtaining a personal liability and guarantee from principals for a member business loan (MBL).
Interpretive Letter - I-10-05 (PDF)* - Civil Money Fines Rulemaking Suspended
The CR-101 rulemaking process for assessing civil money fines has been suspended in compliance with the Governor’s Executive Order 10-06, Suspending Non-Critical Rule Development and Adoption.
Bulletin Announcing Suspension Of Rulemaking (PDF)* - Alaska USA And Numerica Credit Unions Purchase The Union
Credit Union Loans And Deposits After Closure By DFI
The Washington Department of Financial Institutions (DFI) closed The Union Credit Union of Spokane, Wash. today, citing loan losses resulting in negative equity. Immediately following the closure, DFI named the National Credit Union Administration (NCUA) as the liquidating agent of The Union Credit Union. The NCUA immediately signed an agreement with Alaska USA Federal Credit Union of Anchorage, Alaska to assume certain loans and assets and Numerica Credit Union of Spokane Valley, Wash. for all deposits and membership. The Union members should not experience any interruption of credit union service.
Press Release from DFI
Information for The Union Members - Answers to SAFE Questions
The Federal Financial Institutions Examination Council has published a question and answer document on the Secure and Fair Enforcement for Mortgage Licensing Act.
FFIEC SAFE Act FAQs - OREO Property Guidance and Best Practices
Guidance for board, management and staff of credit unions with limited previous experience handling OREO property. This guidance discusses limited basic issues and has identified additional resources that may assist those with more challenging OREO questions.
OREO Property Guidance and Best Practices (PDF)* - NCUA Permanently Increases Insurance Coverage To $250,000
On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in this sweeping legislation are provisions making permanent the current $250,000 maximum federal deposit insurance.
Share Insurance Information - Interpretive Letter - Summary of 2010 Bill
A new interpretive letter providing a summary of the Washington State Credit Unions Act.
Interpretive Letter I-10-02 (PDF)*
2009 and Earlier
- Loan Originators Working For CUSOs Can License Via The NMLS
Residential mortgage loan originators working for Credit Union Service Organizations (CUSOs) can obtain a license via the NMLS. To sponsor their loan originators, CUSOs must register as exempt mortgage brokers on the NMLS. Please see DCU Bulletin B-09-01 for additional information about this federal licensing requirement.
Apply For A Loan Originator License
Register Your CUSO As An Exempt Mortgage Broker - NCUA Announces Plans To Protect Corporate Credit Union System
On Jan. 28, 2009, the National Credit Union Administration (NCUA) announced their plan to protect the corporate credit union system with $1 billion capital note and restructuring. See NCUA's press release for more information.
FAQs For Credit Union Customers
DFI Statement Regarding NCUA's Announcement
NCUA Press Release (PDF)*
- VISAŽ or MasterCardŽ Share Authorization Request
The VISAŽ or MasterCardŽ Share Authorization Request is an application for a state-chartered credit union to receive, hold or transact shares of VISA, Inc., or MasterCard, Inc., in accordance with the conditions specified in DCU Interpretive Letters I-07-05 (PDF)* and I-07-06 (PDF)*.
Download Share Authorization Request Application (Word)**
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
** This document is a Microsoft Excel file, and you will need Microsoft Excel or Excel Viewer to open it. If you don't have Microsoft Excel installed on your computer, you may download the Excel Viewer for free from Microsoft.
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