ECONorthwest Brings Deep Planning, Finance and Economics Expertise to Credit Unions

Through a unique partnership with Strategic Link, the respected economic consultancy is offering services tailored to credit unions.

Multiple Agencies Release Interagency Statement on Maximum Flood Insurance Coverage

Federal agencies, including the National Credit Union Administration (NCUA), have released an interagency statement on the increased maximum flood insurance coverage for other residential buildings. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “When do we need to obtain an appraisal?”

Compliance Center: NCUA Issues Final Rule on Derivatives to Mitigate Interest Rate Risk

The National Credit Union Administration board has adopted the final rule to give federal credit unions limited authority to use derivatives to mitigate interest rate risk. Also in today’s Anthem: Legal Briefs and the Question of the Week: What happens to a guardianship when the incapacitated person passes?

TAPCO Credit Union Mourning the Sudden Loss of Branch Manager Jennifer Weed

Jennifer Weed, whose 17-year career at TAPCO Credit Union saw her grow from a recent college graduate and teller to branch manager and soon-to-be head of a new real estate department, died Dec. 10 after a sudden illness. The credit union has opened an account to help defray expenses for her husband and two young children.

NW Credit Unions’ Foreclosed Real Estate Balance Drops 32 Percent in Q2

Northwest credit unions improved their foreclosed real estate balance by 32 percent in Q2. The foreclosure performance is another round of positive news about the financial health and strength of credit unions in the region.

Compliance Question of the Week

Who can open an estate account? The Compliance Question of the Week finds the answer is different for state chartered credit unions depending on whether they’re in Oregon or Washington.

Compliance Question of the Week

What are the required elements of a small estate affidavit?

Compliance Question of the Week

Regarding death of member account. We have the executor of the estate of our deceased member in to close the account. However, this account has a beneficiary, so the funds in this particular account go to the beneficiary; but can we give that information to the executor?

NCUA Details Changes to 5300 Call Report

The NCUA will make several significant reporting changes to the 5300 Call Report that will help implement the final TDR rule and loan-workout guidance that eased the reporting requirements for modified and TDR loans.

Compliance Question of the Week

We had a member who lived in Utah when he passed away. His personal representative has letters of testamentary granted from Utah. Can we turn over the assets to the personal representative based on those letters?

Compliance Question of the Week

Is a will naming someone as the executor of the estate enough to allow access to the deceased member’s account?

Compliance Question of the Week

If we open an estate account, do we qualify the executor or the deceased member for eligibility?

NCUA’s Rules for 40-Year Real Estate Loan Modifications

NCUA lending rules permit federal credit unions to make long-term mortgage loans but also set the limitations for real estate loans at 40 years. Credit unions must determine whether this limited lending time begins at origination or at modification.

Don’t Forget to Recertify for the Foreclosure Fairness Act!

All credit unions (yes, even Oregon credit unions) who do real estate lending in Washington State should be preparing their certifications to avoid a $250 fee and mandatory mediation on troubled real estate loans in 2012.

Compliance Question of the Week

Would we use the executor’s Social Security Number on an estate account as opposed to the deceased member’s? Would this decision be due to IRS Ruling 84-73?

Supreme Court to Look at RESPA Case

The case has significant implications for credit unions as it will consider if a consumer can sue in federal court when there is no evidence of actual injury.

WA Real Estate Lenders Must Complete Foreclosure Certificate by Saturday

Credit unions that issued fewer than 250 notices of default in 2010 are exempt from paying a fee, but must certify that they meet the exemption requirement by the due date of May 14.