Credit Unions in Oregon Seeing Short-form Death Certificates
August 7, 2018
Credit Unions in Oregon are starting to see more short-from death certificates being issued by Oregon county recorders.
In 2013, Oregon passed HB 2093, the vital records modernization bill. One of the provisions in the bill allowed for the use of short-form death certificates. The use of short-form death certificates is often misunderstood. A short form excludes the lower section of the death record filled out by the medical certifier. It provides proof of the fact of death when the cause and manner of death are not needed and when family wishes to maintain confidentiality about the medical information on the record.
When death records are requested by title companies or when family members file them with a county recorder, the death record becomes a public record. Only the fact of death is needed to clear title to car, bank account, or property. To maintain confidentiality regarding cause and manner of death, the short-form death record can be used without providing information that is not needed when clearing titles, claiming bank accounts, or property records.
Short-form death records are available for all deaths filed from 1978 through present.
Credit unions can accept either the long form or short form as proof of death.
Question of the Week
If the custodian dies, is ineligible, or becomes incapacitated and there is no successor custodian, who maintains the Uniform Transfers to Minors Act?
The process depends on the age of the minor. In Washington State, if the minor has attained the age of 18, the minor may designate an adult member of the minor’s family, a guardian of the minor, or a trust company as the successor custodian. If the minor has not reached the age of 18 or does not act within 60 days after the custodian became ineligible, died, or became incapacitated, the minor’s guardian becomes successor custodian. If the minor does not have a guardian or if the guardian does not act, the transferor, legal representative of the transferor or custodian, an adult member of the minor’s family, or any other interested person may petition the court to designate a successor custodian.
In Oregon and Idaho, if the custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the beneficiary has attained 14 years of age, the beneficiary may designate as successor custodian an adult member of the beneficiary’s family, a conservator for the beneficiary, or a trust company. If the beneficiary has not attained 14 years of age or fails to act within 60 days after the ineligibility, death, incapacity, the conservator for the beneficiary becomes the successor custodian. If the beneficiary has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor, or of the custodian, an adult member of the beneficiary’s family or any other interested person may petition the court to designate a successor custodian.
National Credit Union Administration (NCUA)
During its most recent board meeting, the extended the current 18 percent interest rate limit for loans (through March 10, 2020), proposed a supplemental rule that amends the agency’s prompt correct action regulations and delays the effective date of the risk-based capital rule, and proposed a rule to add clarity to current regulations covering loans and lines of credits granted to members.
Consumer Financial Protection Bureau (CFPB)
CFPB Action Director Mulvaney issued a statement, Fintech Development, and the actions taken by the Treasury and OCC to promote innovation in this area.
Federal Reserve Board (FRB)
The FRB announced that it will hold a webinar, “Complaints as a Supervisory and Risk Management Tool,” on Wednesday, Aug. 29 at 2:30 p.m. EST. Interested credit unions can register here.
The FRB released a statement from the Federal Open Market Committee. The statement indicates that the labor market has continue to strengthen and that the economic activity has been rising at a strong rate.
U.S. Department of the Treasury (Treasury)
The Treasury released a report detailing improvements to the regulatory landscape that will support nonbank financial institutions, financial technology, and innovation.
Office of Foreign Assets Control (OFAC)
OFAC has updated the SDN list as of Aug. 3, 2018. The last update prior to this was August 1, 2018.
Questions? Contact the Compliance Hotline: 1.800.546.4465; email@example.com.
Posted in Compliance News.