Washington Legislature Reviews Tax Exemptions, Budget Proposals

Washington lawmakers are taking a close look at tax exemptions in the final weeks of the 2016 regular session.

Washington Credit Union Advocates Advance Fraud and Foreclosure Bills During Annual Credit Union Day at the Capitol

A grassroots army of 200 credit union advocates helped move the needle on the policy advancement strategy in the areas of fraud- and foreclosure-related legislation during last week’s Credit Union Day at the Capitol.

Washington Legislative Week in Review

As the Washington Legislature begins its second week, get an insider’s look at the policy advancement strategy for credit unions.

Washington Legislature Gavels Into Session

The Washington State legislature began its 2016 session in Olympia Monday, with lawmakers facing a large agenda and a tight, 60-day deadline. The Northwest Credit Union Movement is at the table.

Compliance Center: DCU Guidance on State Mandated Disclosure Summary

Washington’s Division of Credit Unions says separate state disclosure no longer necessary if federal disclosures are made; plus question of the week and legal briefs.

Oregon Legislative Update: Short Session Ends with a Flurry

After 33 days, the second short legislative session in Oregon’s history adjourned on March 7 with a flurry of mostly small, technical bills and minor budget adjustments. Several controversial measures were left on the table, but lawmakers did pass bills of interest to credit unions.

Oregon Legislative Update: Short Session Could Wrap Up This Week

Key issues remain on the agenda as the Oregon Legislature nears the end of a short session, but one bill of interest to credit unions — dealing with possessory liens — has already passed both the House and Senate.

Compliance Corner: HUD Updates Foreclosure Brochure

All FHA-approved mortgage lenders are now required to use a new foreclosure brochure from the Department of Housing and Urban Development, and HUD has released a letter announcing the update and reviewing its proper use. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “If a membership was opened that lacks the necessary information, do we have to go through the expulsion process to close the membership?”

Compliance Question of the Week

Do we need to certify our exemption from the foreclosure bills in Oregon and Washington every year?

Certification of Exemption from Foreclosure Mediation Due by Jan. 31

Credit unions in Washington and Oregon have until the end of the month to renew their Certification of Exemption from Foreclosure Mediation to avoid the mandatory mediation clauses in both states’ foreclosure statutes.

Collectors, Lenders, Marketers Invited to Fall Councils in Beaverton

Lenders will learn about the impact of looming qualified mortgage rules on their loan originations, collectors will get an overview of the judicial foreclosure process and marketers will learn how to more effectively use their websites and social media in November, when the NWCUA convenes its next round of fall councils in Beaverton.

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.

Oregon Supreme Court Ruling Partially Overturns Lower Court Ruling Regarding MERS

An Oregon Supreme Court ruling opens the door for financial institutions to return to a quicker, less expensive non-judicial foreclosure process. More on how the ruling could affect credit unions is explained in this week’s compliance report.

Oregon Senate Committee Holds Hearing on Foreclosure Mediation Bill

The NWCUA is advocating for changes to a bill that would make technical updates to Oregon’s Foreclosure Avoidance Mediation Program. The legislation was heard yesterday by the State Senate’s General Government, Consumer and Small Business Protection Committee.

Reminder: Certification of Exemption from Foreclosure Mediation Due by January 31

Credit unions in Oregon and Washington have until the end of the month to renew the certifications to avoid the mandatory mediation clauses in the foreclosure statutes. The NWCUA’s compliance team has uploaded templates of the certifications online.

CFPB Issues Proposed Mortgage Servicing Rules

The CFPB issued two notices of proposed rulemaking designed to protect homeowners from surprises and mistakes made by mortgage servicers. The two notices contain nine specific provisions regarding mortgage lending.

Oregon Legislative Update: Short Session Winds Down With Focus on Foreclosure Legislation

This week marks the final days of the 2012 legislative session in Oregon, where negotiations are continuing on mortgage lending and foreclosure bills. Two such bills have already passed the Senate during this short session.

Legal Briefs

Your weekly update on the regulatory landscape.