DFI Open Forum on Banking the Marijuana Industry

On Tuesday June 24, the Washington State Department of Financial Institutions (DFI) along with the Washington State Liquor Control Board (WSLCB) hosted an open forum on banking the legal marijuana industry. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What is our liability if we offer a ‘two-signatures required’ account?”

Do You Have the Technology Know-How to Effectively Manage Your IT Contracts?

Technology is an integral part of how financial institutions operate and provide account holders with the products and services they need, but technology agreements can be lengthy and confusing. And if you aren’t familiar with the terms and language used to describe the conditions and intricacies of the services you receive, your contract could be more beneficial to your vendors than to your organization.

Cut Contract Costs and Get Better Service in 2013

John M. Floyd explains that finding ways to work more cost-effectively will have a major impact on your ability to reach your credit union’s performance goals in 2013. Even if you have already trimmed all the extras from your budget, you could still be paying too much for your monthly service contracts.

NCUA Adopts New Rule on TDRs

The NCUA has adopted a new final rule that clarifies reporting, requires new policies and requires data collection on modified loans, allowing credit unions to modify loans without having to characterize them as delinquent.

Compliance Question of the Week

Should a deceased member’s account(s) continue to earn dividends?