Oregon DCBS Announces Merging of Insurance, Finance Divisions

The Oregon Department of Consumer and Business Services formally announced the merging of the Insurance Division and Division of Finance and Corporate Securities. Oregon credit union leaders expected the announcement and began offering input during late 2015.

Compliance Center: Division of Credit Unions Selected IT Contractor to Assist With IT Exams

Learn about the future of Washington State credit union IT exams; your question answered about vehicle dealerships as Money Service Businesses; plus this week’s legal briefs.

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.

Division of Credit Unions Releases Compliance Examination Program

A new bulletin from the Washington State Department of Financial Institutions’ Division of Credit Unions explains an enhanced compliance examination program that will affect Washington State-chartered credit unions with assets of more than $500 million.

Washington Division of Credit Unions to Continue Operations, Regardless of Budget Process

Even if the Washington State Legislature fails in its second session to pass a budget, the Department of Credit Unions will continue to operate without interruption, Anthem has learned.

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.

Legal Briefs

Your weekly update on the regulatory landscape.

NWCUA Regulatory Advocacy Update: Oregon Insurance Division Proposes Producer License Applications Rule

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 a proposed rule that would change the licensing process to transact credit insurance.

Autoland Awards $2,000 Grant to Credit Union-Sponsored Charity

Strategic Link business partner Autoland awarded its second-quarter charitable grant to the Portland Police Bureau Sunshine Division. The organization, which provides emergency food and clothing in Portland, was nominated by Advantis Credit Union.

Compliance Question of the Week

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

Washington DFI Promotes Lacy-Roberts to Credit Union Program Manager

Doug Lacy-Roberts, long-time Washington State Division of Credit Unions examiner, has been promoted to the Department of Financial Institution’s Credit Union program manager, overseeing the examination and supervision of state credit unions.

Washington State Legislature Likely to Sweep DFI Funds in Special Session

The Washington State Legislature has included “fund transfers” in its supplemental budget, passed during their second Special Session. A transfer from the Financial Services Regulation Fund is set at $3 million in the proposal from the governor.

NWCUA Regulatory Advocacy Update

The NWCUA’s Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. Included here are details on new NCUA offices and Bank Transfer Day’s regulatory impact.

WA Leg. Proposes Sweep of DFI Funds, Budget Negotiations Continue in Salem

As elected officials scramble to close billion dollar deficits in Olympia and Salem, two very different approaches are being pursued. WA House Democrats proposed a further $7 million sweep from DFI, while OR officials hope to avoid similar action.

Legal Briefs September 23, 2010

Your update of the regulatory landscape.