Washington State DOL Provides Information on Remote Notary Endorsement
The permanent legislative rules for remote notarization went into effect March 13, setting first time application and renewal requirements as well as standards for licensed notaries.
The following information was provided by the Washington State Department of Licensing.
What is happening?
On March 13, the permanent legislative rules for remote notarization went into effect. These rules set first time application and renewal requirements, and standards for licensed notaries to perform remote notarizations in Washington State.
What does this mean for you?
Once the Department of Licensing’s online system is ready, any notary wishing to obtain a remote notarization endorsement will need to log-in to their account and add the endorsement to their current notary license.
We expect our online system to be ready to add the remote notary endorsement by late April 2021. DOL will send out updated information once we are ready for you to add the endorsement to your notary license.
Who will this impact?
This will impact licensed notaries that currently have a temporary remote notary endorsement. This will also impact licensed notaries that wish to obtain a remote notary endorsement.
Today, the Department of Licensing’s Notary unit is issuing an extension to May 31, 2021 for the temporary remote notary endorsement for those licensees that currently have the endorsement.
Need more information?
If you need additional information about remote notarization standards, how to apply, renew, or to find out what the standards are for performing a remote notarization and the standards software providers are required to meet, please see the permanent rules published on our website.
Please visit the Department of Licensing’s Notary website for information relating to Notary licensing, renewal, best practices and standard before contacting the Notary unit.
Question of the Week
Q. Does federal law require a credit union to provide an overdraft notice whenever an NSF item is presented?
A. No. Truth in Savings does not require that a credit union provide a member an overdraft notice when an NSF item occurs. However, credit unions are required to include notice on the member’s statement advising of any overdraft fees or returned item fees. Credit unions do generally send a notice as a matter of industry practice and member courtesy. This notice is also helpful as a loss control measure since it raises a red flag for errors or unauthorized items.
And while there is not a regulatory requirement to send the notice, the Joint Guidance on Overdraft Protection Programs suggests it is a best practice to promptly notify the member each time the overdraft protection coverage is used.
National Credit Union Administration
NCUA Releases 2020 Annual Report: The NCUA released its 2020 Annual Report which highlights the NCUA’s activities, policy initiatives, and accomplishments for the past year.
U.S. Central, Members United, Southwest Corporate Capital Holders to Receive Distribution: The U.S. Central, Members United, and Southwest asset management estates collectively have about 2,600-member capital account holders, mostly credit unions, with a total claim of $2.5 billion. After accounting for mergers, purchases and acquisitions, and liquidations, about 2000 active credit unions will receive a distribution. This will be the second distribution to the member capital holders of Southwest, the first occurring in July 2020.
IFR to permit FICUs to use asset data as of March 31, 2020 in order to determine the applicability of certain regulations: The interim final rule allows a FICU to use March 31, 2020 financial data when determining whether the institution is subject to capital planning and stress testing requirements under the NCUA’s regulations and supervision from the Office of National Examinations and Supervision.
Consumer financial Protection Bureau
CFPB Encourages Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers: The CFPB issued a statement which encourages financial institutions and debt collectors to allow consumers full access to the Economic Impact Payments.
ACH Network Third Round Economic Impact Payments FAQs: NACHA has released a set of frequently asked questions for the third round of Economic Impact Payments (EIP3).
Office of Foreign Assets Control
OFAC has updated the SDN list as of March 22. The last update prior to this was March 17.
Questions? Contact the Compliance Hotline: 1.800.546.4465; [email protected].