WA DFI Provides Insight into Upcoming Bulletins


Your Association’s Compliance team is providing a heads up on several bulletins just issued, or coming soon from the Washington State Department of Financial Institutions Division of Credit Unions.

  1. Register for NASCUS Exec CU Form- May 3 – https://dfi.wa.gov/sites/default/files/credit-unions/bulletins/B-18-06.pdf;
  2. Determine whether EU Data Protection Regulation applies to you;
  3. Guidance for credit unions outsourcing internal audit function, adapted part II in https://www.fdic.gov/regulations/laws/rules/5000-3250.html ; and
  4. Examiner guidance when Governor declared disaster, adapted from https://www.ncua.gov/regulation-supervision/Pages/policy-compliance/communications/letters-to-credit-unions/2017/08.aspx

Question of the Week

When we are setting up an account for a member’s trust, how do we know who has access to the funds in the account?

When one of your members wants to open an account for a living trust (i.e. when a member brings a trust document in and wants you to open an account in accordance with the trust), have the member give you a copy of the trust document that shows the trustee information or certification of trust.  Look at the document(s) to see who is listed as the trustee (or occasionally, as co-trustees). The trustee is the only person who has the right under the trust to access the funds in the account.

Although you should look at the trust document to determine who is listed as trustee, you should not try to answer questions that members may have about their trusts.

Sometimes members have questions about which social security number or taxpayer identification number to use for a trust account, what happens when the trustee passes away, or other questions that require interpretation of the trust document. When members ask these types of questions they are asking you for legal advice and should be referred to an attorney.

Related Links:

National Credit Union Administration (NCUA)

The NCUA released its 2017 4th Quarter Credit Union System Performance Data report. The report shows that total assets, loans outstanding, insured shares and deposits, and net income all rose during the fourth quarter of 2017.

The agendas for the NCUA Board’s open and closed board meetings are now available.

Consumer Financial Protection Bureau (CFPB)

The CFPB issued a Request for Information regarding its rulemaking process.

The CFPB issued a final rule aimed at making it easier for mortgage services to provide statements to borrowers in bankruptcy.

The CFPB has posted its 2018 lists of rural and underserved counties.

Federal Reserve Board (FRB)

The FRB  released its updated Beige Book.

The FRB  issued a proposed rule regarding amendments to Regulation J. The proposal seeks to align the rights and obligations of sending banks, paying banks, and Reserve banks with the Board’s recent amendments to Reg CC.

Federal Housing Finance Agency (FHFA)

The FHFA issued a proposed rule amending the FHLB’s Affordable Housing Program regulation.

Federal Deposit Insurance Corporation (FDIC)

The FDIC released its Winter 2018 edition of Consumer News.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of March 8, 2018. The last update prior to this was March 6, 2018.

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance News.