FinCEN Issues Guidance on Offering Financial Services to Marijuana-Related Businesses

Washington credit unions can provide financial services to marijuana-related businesses, the federal Financial Crimes Enforcement Network said in a guidance issued Friday afternoon, but the decision to do so comes with increased due diligence and very specific risk-analysis requirements.

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.

Former NWCUA Exec to Lead NCUF Fundraising Initiatives, Biz Kid$ Outreach

Danielle Brown, a former vice president of member relations for the Northwest Credit Union Association, has been named director of development and donor relations for the National Credit Union Foundation in Madison, Wis.

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.

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.

Northwest Credit Union Foundation Pledges $2,500 to Colorado Flood Relief, Urges Donations to CUAid

The National Credit Union Foundation has activated its online disaster relief system to raise money for Colorado credit unions and their members affected by recent flooding, and the Northwest Credit Union Foundation has joined the effort with a $2,500 donation.

Additional Mortgage-Rule Amendments Expected Soon

The Consumer Financial Protection Bureau is expected to amend its mortgage rules in response to lender concerns. Lenders are expected to support the changes but may have concerns about meeting the implementation deadlines.

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.

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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.

Legal Briefs

The anticipated announcement from the NCUA that a new risk based capital framework will be built for credit unions is included in our regulatory legal briefs this week. CFPB Director Richard Cordray’s remarks to the Senate and Federal Reserve Chair Ben Bernake’s address to the National Bureau of Economic Research Conference are included as well.

Cordray Nominated to Direct CFPB; Metsger’s NCUA Nomination Scheduled for Committee Discussion Thursday

Richard Cordray was nominated to officially head the CFPB Tuesday, while the US Senate Committee on Banking, Housing and Urban Affairs rescheduled its Executive Session to consider the nomination of Rick Metsger to serve on the NCUA Board. That discussion is now planned for Thursday.

Washington DCU issues Bulletin on Credit Union Act Changes

The Washington DCU has issued a bulletin detailing the rulemaking process for updates to the state Credit Union Act. Our compliance report tackles some of the changes taking effect July 28.

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.

Northwest Credit Unions Meet with Matz, Fazio, CFPB Leadership

The Spring Hike the Hill brought dual value to Northwest Credit Union leaders. They met face-to-face with federal legislators as reported earlier, and had high-level dialogue with top regulators at the NCUA and CFPB.

Legal Briefs

Your weekly update on the regulatory landscape.

Governance Guidance: NASCUS Training Helps Volunteer Directors Stay Sharp

NASCUS will host a day-long credit union board of directors training in Tukwila, Wash., on April 22 to enhance volunteer directors’ understanding of their statutory, fiduciary and regulatory responsibilities.