Federal Home Loan Bank of Seattle Reports Return to Profitability

The Federal Home Loan Bank of Seattle released its latest three- and six-month financial results Monday, reporting a return to profitability as well as the restoration of normal operations after suffering losses during the same periods in 2011.

FinCEN Addresses Tax Refund Fraud Prevention and Detection

Credit unions are well positioned to discover instances of tax refund fraud, and FinCEN issued an advisory last week with several signs of potential fraud to be wary of in the coming weeks.

Cordray: CFPB Goals Can Balance Soundness Concerns

The CFPB is not required to consider safety and soundness when taking regulatory action, but Cordray says the agency is working with other financial regulators to find a balance between protecting consumers and addressing safety and soundness concerns.

NWCUA Regulatory Advocacy Update

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here are updates on the CFPB, the NCUA, the Fed, and a new proposal from the Oregon DOJ.

Mortgage Originator Exam Steps Released by CFPB

The CFPB released its official Mortgage Origination Examination Procedures, which will serve as a “field guide for CFPB examiners” as they examine mortgage originators in all sectors of the financial services industry.

NCUA Clarifies New Call Report Questions’ Intent

The NCUA has clarified that new questions addressing minority credit unions and workplace diversity, which were added to fourth-quarter call report documents with no explanation from the agency, are required by the Dodd-Frank Wall Street Reform Act.

Governor Kitzhaber Nominates Patrick Allen to Direct DCBS

Patrick Allen, recently nominated to direct Oregon’s Department of Consumer and Business Services (DCBS), invites credit unions to help him truly understand their operations with the belief that regulation can be tailored to fit segments of the financial services industry.

CFPB Releases Supervision, Examination Guidance

The Consumer Financial Protection Bureau recently released a manual to aid the agency’s examiners as they oversee financial services firms.

Equity Ratio, Net Worth Changes Passed by NCUA

Changes in NCUSIF definitions of equity ratio and credit union net worth were unanimously approved by the NCUA board on Sept. 22.

Credit Union Views Sought on CUSO Reporting Plan

The National Credit Union Administration is proposing a controversial requirement that credit union service organizations (CUSOs) file their financial statements to the agency. Credit union professionals with concerns about the proposal have until September 26 to file comment letters.

Truth in Savings, Mortgage Registration Move from NCUA to CFPB

The new Consumer Financial Protection Bureau, created as a result of the Dodd-Frank Act, assumes oversight of Truth in Savings and Mortgage Registration from the National Credit Union Administration.

NCUA Stings NW CUs with Early Redemption of Corporate CDs

Northwest credit unions will lose millions of dollars in interest income as the result of the forced early redemption of term certificates deposited in WesCorp.

With US Credit Rating Under Review, Contingency Plans Emerge

Some Wall Street giants are preparing to cut their use of U.S. Treasuries in favor of cash on hand as a precaution.

NCUA Takes Next Step on Corporate Prepayment Plan, Schedules Free Webinar

The plan adopted would allow credit unions a choice to prepay some their Corporate Stabilization Fund assessment. A free webinar explaining the plan is scheduled for July 11.

NCUA: Credit Unions May Invest in Insurance Agencies as CUSOs

The insurance agency must primarily serve credit unions, their members, or the membership of credit unions that are under contract with the agency.

Oregon’s Senate Republicans Force Vote on SJR 32

Senate Republicans last Thursday forced a vote on Senate Joint Resolution 32, a bill that would have given the legislature veto authority over job-killing agency rules.

Legal Briefs

Your update on the regulatory landscape.

Comments Received on Corporate Prepayment Program to Be Made Public

Unless it hears concerns about making the comments public on or before June 10, the NCUA will post all comments on its website. Comments on the prepayment program accepted until June 20.