Credit Union News
News from the Washington State Division of Credit Unions.
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Quarterly Asset Assessment Worksheet
2nd quarter 2012. ACH debit will be originated on April 27, 2012.
Download Asset Assessment Sheet (Excel)*** -
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 -
Bulletin - Investor Education in Your Workplace
Credit Unions across Washington are encouraged to participate in the Investor Education in Your Workplace® (IEiYW®) program. The IEiYW® program is an award winning 10-hour online financial and investment education program designed for credit union employees. The IEiYW® program begins in April 2012 and ends in July 2012. Please join us for one of two 60 minute informational webinars on January 25th or January 31st.
Bulletin Regarding Investor Education in Your Workplace (PDF)* - 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)* - Bulletin - Upcoming CUSO Licensing Deadline Due to the Dodd-Frank Act
As of the Dodd-Frank Act effective date, July 21, 2011, the Department of Financial Institutions will once again strictly apply the Washington Consumer Loan Act (Chapter 31.04 RCW) to state and federally chartered (CUSOs). Similarly, this strict application applies to the subsidiaries or affiliates of state-incorporated, depositary financial institutions. Now that the Dodd-Frank Act specifically denies such preemption for subsidiaries of national banks, the Department will license, regulate, examine, and investigate state-incorporated, non-depositary subsidiaries of national banks and federal thrifts that originate consumer loans and/or engage in consumer loan servicing.
Bulletin Regarding Upcoming CUSO Licensing Deadline (PDF)* - Bulletin - WA State Credit Unions as Qualified Public Depositaries
Beginning July 1, 2011, Washington state government and its political subdivisions are permitted to deposit public funds in qualified Washington chartered credit unions. Those deposits must be $100,000 or less per public depositor, i.e. the official custodian of the public funds. Examples of political subdivisions include counties and cities. But they also include drainage, irrigation, navigation improvement, levee, sanitation, school or power districts. They may include bridge or port authorities and other special districts created by statute or compacts between the states. See RCW 39.58.240
Bulletin Regarding Qualified Public Depositaries (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)* - Bulletin - Safe and Sound Student Loan Programs
Recently, examiners found a few Washington credit unions have adopted student loan programs with very limited research and few controls. This bulletin discusses what conditions examiners expect to find before a student loan program will be considered safe and sound for Washington credit unions.
Bulletin Regarding Safe and Sound Student Loan Programs (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)* - Bulletin - Agencies Announce Start Of Federal Mortgage Loan Originator Registration
Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the agencies’ final rules, residential mortgage loan originators employed credit unions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations. The initial registration period begins January 31, 2011, and ends on July 29, 2011. For more information see the bulletin linked below.
Bulletin Announcing Federal Registration (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)* - 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)*
Governor's Executive Order (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 - Gov. Gregoire, DFI Statement On Small Business Jobs And Credit Act
Gov. Chris Gregoire and the Washington State Department of Financial Institutions support the passage of legislation that could offer as much as $30 billion for small business lending and tax incentives for the creation of small business jobs.
Statement from Gov. Gregoire and DFI Director Scott Jarvis - 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)* - New Bulletin - NASCUS Webinar Series for Directors
These challenging economic times have sharpened the focus on the need for financial education about the proposed and current regulatory and compliance changes impacting credit unions. NASCUS invites you to a webinar series specifically for Directors looking to increase their knowledge and skills in governing their credit unions within today’s regulatory environment.
Bulletin - NASCUS Webinar Series for Directors (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 - Qualstar Credit Union Counterfeit Checks
Qualstar Credit Union, Bellevue, Washington, has contacted the Federal Deposit Insurance Corporation (FDIC) to report that counterfeit official checks bearing the institution's name are in circulation.
Information About The Counterfeit Checks - New Bulletin - Mandated Temporary Layoff Days
The Department of Financial Institutions, including the Division of Credit Unions, will be closed for its first temporary layoff day on Monday, July 12, 2010. Other scheduled closure dates: August 6, September 7, October 11, and December 27.
Bulletin - Mandated Temporary Layoff Days - 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)* - NCUA Member Business Lending Webinar Now Available
The NCUA Member Business Lending: Regulators’ Perspective webinar is now available on the NCUA Web site. This webinar offers credit unions insights into federal and state regulators’ perspectives on member business lending.
View Webinar - 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)* - MBL Report for 2008 - Unsecured Member Business Loans under WAC 208-460-060(1)(b)
Due to the Division of Credit Unions at the same time 5300 call reports are due.
Download Report (PDF)*
- VISA® or MasterCard® Share Authorization Request
The VISA® or MasterCard® 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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