Legal Briefs – Dec 28, 2011

Your rundown on the regulatory landscape.

Person-to-Person Payment Service Provides Security, Convenience While Keeping Credit Unions in the Transaction

Harland Clarke offers DPXPayâ„¢, a secure person-to-person payment service allowing credit unions to easily send and receive money.

Washington State Legislature Likely to Sweep DFI Funds in Special Session

The Washington State Legislature has included “fund transfers” in its supplemental budget, passed during their second Special Session. A transfer from the Financial Services Regulation Fund is set at $3 million in the proposal from the governor.

Corvallis’ OSU Wins Desjardins Financial Awards for Youth and Adult Literacy

OSU FCU celebrated winning two prestigious Desjardins Financial Education Awards in a special ceremony today. The Corvallis credit union partnered with the school district to teach “real-life” financial skills to high school students and also worked to improve the financial skills of people in the court system.

Third-Quarter Results Show Gradual Rebound in Japanese Auto Inventory

Autoland President Jeff Martin discusses how this year’s tragic earthquake in Japan impacted auto inventory, how quickly inventory is returning to normal, and how this affects credit unions.

NWCUA Representatives Speak On Mortgage and Foreclosure Issues During Oregon Legislative Days

This Oregon Legislative Update outlines recent legislative days in the Oregon Legislature, which included testimony on behalf of credit unions from Hal Scoggins and Pam Leavitt. Also included is Oregon’s November revenue forecast and a political update for the state.

Filene Study: How Credit Unions Grew Consumer Loans During Great Recession

Filene Research Group’s John Dangoia explains how credit unions increased the size of their consumer loan portfolios during the recent recession, illustrating the need to make the most of every lending opportunity.

Is Bank of America Really Backing Off New Fees?

Bank of America has announced plans to cancel its proposed $5 monthly debit card fee, seemingly caving to public pressure. NWCUA CEO John Annaloro stressed that this fee cancellation does not change the fundamental difference between banks and credit unions.

Foundation Grant Helps Express Credit Union Break Barriers in Reaching Unbanked

A grant from the Washington Credit Union Foundation has allowed Express Credit Union to improve outreach to low-income and unbanked consumers through better computer connectivity.

Federal Reserve Board Seeks Comment on Proposed Rules Intended to Simplify the Administration of Reserve Requirements

The Federal Reserve Board has requested comment on proposed rules intended to simplify the administration of reserve requirements and reduce administrative and operational costs for depository institutions and Reserve Banks.

Rogue’s Liz Shelby Honored as Volunteer Advocate of the Year

Liz Shelby was recognized with the Oregon Volunteer Advocate of the Year award for her outstanding contributions to the credit union movement as a tireless advocate and board member for Rogue FCU.

Tax Review Committee Holds Fall Hearing on Tax Preferences

The Citizen Commission for Performance Measurement of Tax Preference reviewed the B&O tax exemption for interest earned on first mortgage loans by banks in its Sept. 23 meeting.

Washington Credit Unions Express Interest in Launching Prize-Linked Savings Programs

A survey of Washington credit union CEOs revealed 12 interested in offering prize-linked savings programs to members by early 2012. An “Idea Exchange” at the NWCUA’s Convention and Annual Business Meeting will provide more information for industry leaders.

FHA to Drop Single-Family Loan Limit on Oct. 1

The Federal Housing Administration (FHA) announced this week that the insurance limit in the highest-cost areas of the country will be reduced starting on Oct. 1. Loan limits in most other parts of the nation will remain unchanged.