Picture of Gloria Papiez

Gloria Papiez Confirmed by State Senate as Washington DFI Director

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 Legislative Week in Review

Washington State Legislature called into special session.

DFI Issues Request for Comments on Semi-Annual Assessment Fee Collection

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.

NCUA Instructs Examiners to Follow FinCEN Marijuana Guidance

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.

DFI Granted Five-Year Reaccreditation

The Washington Department of Financial Institutions has been reaccredited by the National Association of State Credit Union Supervisors.

Washington DFI Accepting Comments on Rule Regulating the Frequency of Board Meetings

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.

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.

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.

picture of people putting their hands together

DFI, NWCUA and Washington Credit Unions Collaborate Reviewing Model Bylaws

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 DFI Issued Bulletin on Wash. State Credit Unions as Qualified Public Depositaries

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 DFI Issued Guidance on State Credit Union Owned Life Insurance

The Washington DFI has issued a compliance update of interest to credit unions carrying life insurance products.

Washington DFI Issues Two Regulatory Interpretations, More Expected

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.

NWCUA Regulatory Advocacy Update: Advisory Opinion on BOLI Expected from Washington DFI

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.

Legal Briefs

Your weekly update on the regulatory landscape.

Compliance Question of the Week

What is a business development company, and can a credit union invest in one?