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.
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.
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 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 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.
Senate Bill 520, which updates the Oregon Credit Union Act, has passed in the Senate and will heads for the House.
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.”
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.
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?
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.
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.
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?
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?
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 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.
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.
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.
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.