The rule would create an unfair advantage for FDIC-insured financial institutions.
Small and new credit unions, and those with low-income designation, are encouraged to apply for free consulting from the Office of Small Credit Union Initiatives.
After assessment, FFIEC recommends financial institutions participate in forum to learn and spread best practices. Plus the compliance question of the week and legal briefs.
The Consumer Financial Protection Bureau’s new rule allows FIs that satisfy certain privacy conditions to post consumers privacy notices online rather than sending paper copies.
FFIEC advice on the Shellshock vulnerability; Power of attorney filing question; and this week’s legal briefs.
A small team in Seattle is working to found Equality Credit Union, a financial institution committed to the values and needs of the LGBTQ community.
Federal Regulators responded to Governor Inslee’s May Letter, saying they are reviewing FinCEN guidance and calling on Congress to provide legislative clarity.
More than 100 financial institutions are serving legal marijuana businesses, according to FinCEN. The agency’s director says the guidance FinCEN issued to banks and credit unions in February is working.
Banking of legal marijuana businesses received support from the House in two votes Wednesday. One of the measures was proposed by Rep. Denny Heck.
Nineteen percent of Oregon’s households have limited or no access to the financial system. Bank On Oregon is recruiting credit unions to help provide safe services to those consumers.
Washington’s first legal pot shops are opening their doors this week. Customers are lining up, but financial institutions are not.
The American Bar Association (ABA) reported in its June 2014 Journal that a new round of Americans with Disabilities Act (ADA) lawsuits is being seen. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can we collect a debt owed to us by a minor?”
A statement from the Federal Financial Institutions Examinations Council lists the steps credit unions should take to address the threat posed by cyber attacks on ATM and card authorization systems. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can a credit union stop payment on a cashier’s check, teller’s check or certified check?”
How can credit unions build relationships with new members, reduce attrition and grow wallet share with cross-sales? Harland Clarke’s “Community Onboarding” program may be the answer.
Umpqua Bank Files Class Action Lawsuit Against Target; Survey Asks Whether Retailer Should be Held Liable for Losses Incurred by Credit Unions and Banks
A new Portland Business Journal survey asks readers to weigh in on who should bear the financial responsibility for data-breach losses at Target and other retailers. The poll comes on the heels of a class action lawsuit filed by Umpqua Bank against the nationwide chain.
A U.S. Court of Appeals overturned a lower-court ruling today that supported merchants’ arguments in the ongoing debate over the interchange fees financial institutions charge for accepting card-based transactions. The Fed’s cap on “swipe fees” is not too high, the court ruled.
Bills that aren’t considered in their house of origin by Feb. 18 will not advance in this year’s 60-day Washington legislative session.
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.