New Options for Toll Free Credit Counseling for Credit Card Statements

Following the NFCC’s decision to charge for previously free toll-free numbers, there are other free options available, but CUs must be aware of the compliance issues if they switch providers.

FASB Clarifies TDRs

CPA Daren B. Tanner clarifies recent changes to Troubled Debt Restructuring after FASB released a new update.

In the Spotlight: Chapter Excellence Award

This award recognizes chapters for their contributions to the success of the credit union movement in the Northwest.

Repo Remarketing, NWCUA Host Lunch & Learn Session

The Association and its partner Repo Remarketing will be hosting a “credit union day at the auction” on June 15 to explain how they can help credit unions manage their collateral liquidations.

NCUA Seeks Input on Plan for Voluntary Prepaid Assessments

According to the NCUA’s analysis, the Federal Credit Union Act does not allow the agency to charge a mandatory prepaid assessment to all credit unions. However, the agency has developed a plan to allow credit unions to voluntarily prepay some of their stabilization fund assessments.

Foundations Give $90,000 Back to NW Credit Unions, Causes

Many of these funds went to support educational opportunities such as the Western CUNA Management School and disaster relief following storms in the Southern U.S.

CU for Kids Raises $135,000 for Children’s Hospital

These funds will go to the Doernbecher Children’s Hospital in support of new facilities, equipment, research, and patient programs.

Credit Union Implements Board Term Limits to Increase Member Engagement

Through a methodical and deliberate process, management and the board came up with a process that addressed concerns and prepared the credit union for the future.

Epsilon Breach, Security and Communications Key for CUs

Following the breach at the marketing firm, credit unions will need to communicate effectively with members, even if the organization’s data was not directly compromised.

Treasury Releases Interim Final Rule Changing Garnishment Procedures

Late last week the Treasury released its interim final rule that will make radical changes to your credit union’s garnishment proceedings. This rule applies unless the garnishor is the Federal government or a State child protection agency.

Interchange Legislation Could be Introduced This Week

Credit unions are calling on Congress to stop, study and start over on planned interchange fee regulations, and legislation that would do just that could be introduced later this week.

Compliance Question of the Week

How can a member challenge a garnishment of an account that contains a protected payment that was not found during the look back period required under the rules from the Treasury for Garnishment of Accounts Containing Federal Benefits Payments?

Compliance Question of the Week

When do I need to notify members about the change in next-day availability of funds that has increased because of Dodd-Frank?

Consideration of Bankruptcy the Result of a Poor Economy

Falling home prices, rising medical costs, and a stagnant job market are causing many families in the Pacific Northwest to struggle to keep up with their debt obligations. In this environment, bankruptcy will look like an unwanted, but increasingly attractive option.