Oregon Secretary of State Launches Webpage on Remote Online Notarization
The site includes information regarding the process, qualifying vendors, training, and the RON notice form.
The Oregon Secretary of State recently launched a webpage to provide details on remote online notarization (RON), which HB 4212A legalized through July of 2021.
RON allows a commissioned notary public to perform notarial acts using audio/video technology for remotely located individuals under certain circumstances using vendors that meet specific requirements. RON allows notaries in other states to perform remote online notarizations within Oregon.
The Oregon Secretary of State website does provide a link to remote online notarization training which a notary must complete prior to being able to perform RON for Oregonians. The training will help the notary understand the process and ensure that all the requirements are met before starting to notarize remotely.
The next step for the notary will be selecting at least one qualified vendor before submitting the request form to the Secretary of State. The commonly used vendors highlighted on the website are:
Once the notary has selected the vendor they will be using, they will complete and submit the Remote Notarization Notice Form to the Secretary of State and provide a copy of the electronic stamp and signature that will be used.
Question of the Week
Q. Does the information obtained during account opening to satisfy the CIP process have to be retained even when the information has changed, such as the member’s address?
A. Yes, credit unions must maintain the identifying information used during the account opening process for five years after the date the account is closed. Even if you update the member’s address, you are still required to retain the original documents that verified the member’s address at account opening.
National Credit Union Administration
NCUA to Host Webinar on Lending to Small Business Exporters with EXIM Bank
The NCUA will be hosting a webinar on Aug. 19 for credit unions to discover new lending opportunities for their small business exporters.
Treatment of Certain COVID-19 Related Loss Mitigation Options Under the Real Estate Settlement Procedures Act
The NCUA issued Regulatory Alert 20-RA-06 to notify credit unions of the CPFB’s interim final rule which added a temporary exception in RESPA for certain COVID-19 related loss mitigation options. Under certain circumstances a loan mortgage servicers may offer a borrower a loss mitigation option based on its evaluation of limited information collected from a borrower.
NCUA Board Approves Field of Membership Rule Changes
The NCUA board released the results of the July 30 board meeting. The board approved four items, including a final rule amending the FCU FOM rules, proposed rule to phase-in the day-one adverse effects of the CECL transition, and other proposed rules for annual operating fees on FCUs and overhead transfer rate.
Annual Voluntary Credit Union Diversity Self-Assessment
The NCUA released Letter to Credit Unions 20-CU-23 to remind credit unions about submitting their annual voluntary diversity assessments to the NCUA.
Consumer Financial Protection Bureau
CFPB Issues Request for Information to identify opportunities to prevent credit discrimination and Build a More Inclusive Financial System
The CFPB released an RFI to seek comments and information to identify opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, equitable, and nondiscriminatory access to credit, address potential regulatory uncertainty, and develop viable solutions to regulatory compliance challenges under the Equal Credit Opportunity Act.
CFPB Updates HMDA FAQs – Multiple Data Points
The CFPB updated its HMDA FAQs to cover reporting requirements for certain data points, and specifically discuss reporting when the information is not the dispositive factor in a credit decision.
Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac have announced the purchase of loans in COVID-19 forbearance are now extended to eligible loans with note dates through Aug. 31.
Internal Revenue Service
IRS: New Law Provides Relief for Eligible Taxpayers Who Need Funds from IRAs and Other Retirement Plans
The IRS provided a reminder that the CARES Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
IRS Issues Proposed Regulations for TCJA’s Simplified Tax Accounting Rules for Small Businesses
The IRS issued proposed regulations updating various regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act.
Office of Foreign Assets Control
OFAC has updated the SDN list as of July 31. The last update prior to this was July 23.
Questions? Contact the Compliance Hotline: 1.800.546.4465; [email protected].