Compliance Center: Oregon Department of Consumer and Business Services Issued Rulemaking for Reasonable Compensation

Get the details on the new rule for reasonable compensation of Directors and Supervisory Committee Members; plus your question answered about garnishment fees on Federal Benefit Payments; and this week’s legal briefs!

DFI Issues Final Rule for Reasonable Compensation of Directors and Supervisory Committee Members

The Washington state Department of Financial Institutions has released a bulletin that explains its final rule on reasonable compensation for directors and supervisory committee members. The rule takes effect on Feb. 23.

Washington DFI to Issue Draft Rule on Director Compensation

Credit unions have until Nov. 15 to submit informal comments on the Washington Department of Financial Institutions’ draft rule for director compensation as the agency moves closer to issuing its final regulation. Hearings will be scheduled in early January 2014, the agency says, with the final rule expected to take effect on Feb. 24.

BECU Board Chair Mike Sweeney: Director Service Carries ‘An Incredible Fiduciary Responsibility’

In an exclusive Anthem interview, BECU board Chairman Mike Sweeney says the credit union’s decision this week to compensate its directors and Audit Committee members is a “recognition of the considerable time and effort our officials give” to safeguarding members’ assets and ensuring the future strategic direction of the credit union.

BECU Announces Plan to Pay Stipends to Officials

BECU, the nation’s fourth-largest credit union, has informed members of its intent to begin offering stipends to directors and Audit Committee members in 2014. Annual stipends will range from $14,000 to $25,000, depending on position and committee service.

Washington Credit Union Leaders Discuss Director Compensation with DFI

Credit union leaders and the Washington DFI met this week to discuss the rulemaking process that will help to define director compensation.

First Rulemaking Meeting on Director Compensation This Afternoon in Tumwater

The Washington DFI holds a rulemaking meeting this afternoon to define “reasonable director compensation.” The meeting is scheduled for 2:00 p.m. in Tumwater, and a dial-in option is available.

CFPB Punishes Mortgage Company for Steering Customers to More Pricey Loans

The CFPB has cracked the whip on a Utah mortgage company which allegedly incentivized loan officers for steering consumers into high-interest loans.

Washington Regulator, Credit Unions Meet to Discuss “Reasonable Director Compensation”

In the first meeting since the Washington Credit Union Act was updated by the state legislature, the Department of Financial Institutions met with credit union leaders to discuss the rule-making process that will define “reasonable” board compensation.

Washington Regulator Begins Rule Work on Credit Union Act

With the updated Washington Credit Union Act scheduled to take effect July 28, the next step is for the state regulators to establish a work plan and define the rules for certain provisions in the law. One key priority is defining “reasonable” director compensation. That process moves forward June 20.

NCUA Defines Acceptable Value for Service Awards to FCU Directors

An NCUA legal opinion letter, which was recently made public, outlines the legal limits of board compensation in the context of awards and gifts.

CUNA Regulatory Advocacy Report

The most recent update from CUNA on Regulatory Advocacy activities.

Stay Lifted from Loan Originator Compensation Rules

A U.S. Court of Appeals lifted a stay on the implementation of the Federal Reserve’s Regulation Z Loan Originator Compensation final rule, meaning the new rule will come into effect today.

NCUA Board Takes Action on Executive Compensation, Corporate Chartering

In its meeting late last week, the NCUA Board issued two new proposed rules, renewed the 18% interest rate ceiling for federal credit unions, and approved a new Interpretive Ruling and Policy Statement.

The Fed Providing Free Webcast on Loan Originator Compensation

The mandatory compliance date for the loan originator compensation rules is April 1, 2011.  The rules are designed to protect mortgage borrowers from unfair or abusive lending practices that can arise from certain loan originator compensation practices.

Examining Mortgage Loan Officer Compensation

Two recent regulatory actions highlight the significance of reviewing how you compensate your Mortgage Loan Officers.

Examining Mortgage Loan Officer CompensationCopy

Two recent regulatory actions highlight the significance of reviewing how you compensate your Mortgage Loan Officers.