Papiez’s transition has been seamless following a term as Acting Director.
Washington State Legislature Adjourns Sine Die after Passing Supplemental Budget and Overriding Governor’s Vetoes
The Washington State Legislature adjourned sine die after passing a supplemental operating budget with bipartisan support in both chambers. The supplemental budget, which makes midcourse adjustments to the two-year 2015-17 budget, will run through June 2017.
Washington State Legislature called into special session.
Credit unions are encouraged to file comments before the October 14 cutoff regarding the proposed changes, as well as other questions or concerns about assessments.
The NCUA is instructing examiners to follow FinCEN guidance related to banking legal marijuana businesses. It’s a move expected to offer some reassurance to credit unions.
The Washington Department of Financial Institutions has been reaccredited by the National Association of State Credit Union Supervisors.
As it nears the end of the rulemaking process for director compensation, Washington’s Department of Financial Institutions has begun accepting comments on the next order of business: regulating the frequency of board meetings.
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.
Credit union leaders and the Washington DFI met this week to discuss the rulemaking process that will help to define director compensation.
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.
A work group of NWCUA and Washington credit union staff has collaborated with the DFI in reviewing the model bylaws for state chartered credit unions. Their work continues, but has already resulted in a revisions bulletin from the state regulator.
The Washington regulator has issued a bulletin for credit unions interested in accepting public funds deposits. Credit unions that qualify may accept up to $250,000 per public depositor.
The Washington DFI has issued a compliance update of interest to credit unions carrying life insurance products.
The Washington DFI offered clarification on regulations related to use of the terms “audit committee” and “supervisory committee” and to credit unions’ investment options for funding employee benefit obligations. An additional interpretive response is anticipated soon as well.
Washington DFI Issues Statement of Charges Against Five Unlicensed Online Lenders, Including Western Sky Financial
The Washington Department of Financial Institutions is seeking restitution, prohibition from operating in the state and $669,300 in fines from five unlicensed online lenders owned and operated by Martin Webb. “These companies are preying on financially struggling Washington consumers with loans at unconscionable repayment terms,” said DFI’s Deborah Bortner.
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 is an update on Washington DFI’s stance on bank-owned life insurance.
Your weekly update on the regulatory landscape.
What is a business development company, and can a credit union invest in one?