Oregon Credit Union Act Improvement Bill Headed for Governor’s Desk
An NWCUA-backed bill updating Oregon’s Credit Union Act is headed for Governor John Kitzhaber’s desk. SB 520 passed in the Oregon House Wednesday with overwhelming support.
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Oregon Legislative Update
A bill to improve the Oregon Credit Union Act has cleared another hurdle in the Oregon Senate. In this week’s Oregon Legislative Update, NWCUA Legislative Advocate Pam Leavitt shares details of the legislation.
Oregon Revenue Package Due Thursday
With a goal of ending its session by early July at the latest, the Oregon Senate is working to finalize a revenue package that will pass both chambers. Meanwhile, a freshman lawmaker shares insight into the complicated process of getting legislation passed.
Credit Unions’ Ability to Bank Marijuana Businesses Still Hazy
Credit unions continue to receive inquires about opening business accounts for businesses in Washington’s newly legal marijuana industry. But federal structure has not been determined and credit unions are advised to wait for clear guidance before accepting the accounts.
Oregon Regulator Issues Final Cease-and-Desist Order Against Western Sky Financial
Oregon regulators have cracked down on Western Sky, a South Dakota-based company which advertised its loan program in an aggressive broadcast campaign. The company allegedly practiced without a proper license and charged interest rates as high as 342 percent.
NWCUA Credit Union Act Bill Passes in Oregon Senate
Senate Bill 520, which updates the Oregon Credit Union Act, has passed in the Senate and will heads for the House.
Debunking the Rumor Regarding DHS Access to Safe Deposit Boxes
Rumors that Department of Homeland Security agents are allowed access to safe deposit boxes without first presenting a warrant or a subpoena authorizing entrance have resurfaced online, but according to the NWCUA’s David Curtis, DHS “has issued no such memo, and we don’t expect that we will see anything even remotely similar to this in the future.”
State Senate Committee Hears NWCUA-Sponsored Bill to Amend Oregon Credit Union Act
Senate Bill 520 met no significant opposition its first public hearing yesterday in the Oregon Senate General Government, Consumer and Small-Business Protection Committee. The bill’s next step toward passage will come in the form of a committee vote.
Compliance Question of the Week
We received a garnishment for a member who receives “protected benefits,” but the benefits come in the form of a check. The member is telling us that we have to give him his money back. What do we do?
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.
Credit Unions’ Ability to Bank Marijuana Businesses Still Hazy
The passage of I-502 in Washington last November has prompted extensive discussion regarding how credit unions should handle requests to open a business account for a business in the newly legal “marijuana industry.” The NWCUA’s David Curtis offers several factors to consider before deciding whether or not to bank these types of businesses.
Compliance Question of the Week
In our membership and account agreement, the section regarding our Credit Union Lien and Security Interest reads: “…In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law.”
Is the verbiage regarding “except obligations secured by your dwelling” required per any state law or federal regulation? Do you know why this is included in our agreement?
Post I-502: Opening a Business Account for Canna-Business?
The fact that marijuana will soon be legal to possess in Washington, but remains illegal under federal law presents an interesting situation for financial institutions being approached by would-be dispensary owners looking for an MBL or other business services. But would providing those services be legal?
F.I.S.T. Brings Oregon Financial Institutions Together to Fight Crime
The Financial Institutions Security Task Force (F.I.S.T.) is a cooperative effort aimed at reducing crimes committed against financial institutions. The group includes representatives from banks, savings and loans, and credit unions, as well as from local, state and federal law enforcement.
President Obama Extends SCRA Protections for Servicemembers
President Obama signed the Honoring America’s Veterans and Caring for Camp Lejeune Families Act (H.R. 1627) into law on Aug. 6, 2012, extending Servicemembers Civil Relief Act protections for servicemembers.
BECU’s Efforts to Combat Fraud Earn National Praise and Inaccurate Media Reports
Proactive work combatting fraud and identity theft has often left BECU, the nation’s fourth-largest credit union, unfairly associated with such cases in the media.
Compliance Director to Open Elder, Compliance Law Private Practice
When credit unions need compliance help, they need rapid response. They get it from the Northwest Credit Union Association, and Mary Sroufe is one of the people to thank for it. Sroufe is heading into private practice where she will focus on elder and compliance legal issues.
Washington State Updates Format for Writs of Garnishment
New legislation addressing garnishments in Washington took effect June 7. The only change that affects credit unions is related to the contents of the garnishment writ.