Curb Financial Abuse and Exploitation Through Education on World Elder Abuse Awareness Day

Credit unions are uniquely positioned to help prevent financial abuse, and communities around the world and throughout Oregon will work to raise awareness of elder abuse, neglect and exploitation on June 15 as part of World Elder Abuse Awareness Day.

CFPB Finalizes Rules Regarding Enforcement

Earlier this week, the CFPB posted four final rules (one interim) dealing with its procedures and practices related to enforcing consumer financial law.

Washington State’s One-Page Mortgage Disclosure Rescinded as of June 7

The Washington DFI released a bulletin this week informing credit unions about a change in Washington law. Beginning June 7, disclosures that comply with RESPA will be considered compliant with the disclosure required under state law.

Elder Abuse Bill Signed Into Law with Credit Union Advocate in Attendance

Credit union employees are often the first line of defense protecting elders from financial abuse. New Oregon legislation protects senior citizens while improving law enforcement’s ability to investigate and prosecute such cases.

FinCEN Issues SAR Confidentiality Reminder for Financial Institutions

The unauthorized disclosure of a SAR is a violation of federal law, and both civil and criminal penalties may be imposed for SAR disclosure violations, including fines of up to $250,000 and up to five years in prison.

Gov. Gregoire Signs Credit Union Public Funds Bill

Washington Gov. Christine Gregoire signed the credit union public funds bill into law yesterday, officially allowing public entities to deposit funds in any credit union in the state up to the federal insurance maximum of $250,000.

Compliance Question of the Week – Jan 3, 2012

Are electronic notarizations valid and legal in Washington or Oregon?

IRS Contacting Individual Credit Unions Regarding Tax Exemption

Due to paperwork and recordkeeping issues, credit unions in a number of states have received letters from the IRS stating that they are no longer tax exempt. Included here is an explanation of the situation, as well as recommended responses for affected credit unions.

Contenders Line Up for Wu’s Seat

Governor John Kitzhaber announced publically that he intends to announce a date for a special primary election for the 1st District seat that will give the Secretary of State sufficient time for an election.

Key Drafter of Dodd-Frank: Act Will Level Playing Field

Michael Barr, a former Treasury staff who helped to draft the Dodd-Frank Act, will speak at this year’s Convention about the effect of the new law and other legislative overhauls that will change the financial system.

Legal Briefs

Your update on the regulatory landscape.

Washington Legislative Week in Review

The legislature adjourned its session on Friday, but not before it passed the Prize-linked Savings Bill to the Governor for her signature.

Oregon Legislative Week in Review

With the committee deadline cutoff passed and the Association’s bills moving forward, it is time for a quick civics lesson on how ideas become law in Salem.

Form 1099 Changes Just Need President’s Signature

A CUNA-supported bill going to President Obama would repeal an extension of IRS Form 1099 reporting requirements for certain purchases over $600.

Consideration of Bankruptcy the Result of a Poor Economy

Falling home prices, rising medical costs, and a stagnant job market are causing many families in the Pacific Northwest to struggle to keep up with their debt obligations. In this environment, bankruptcy will look like an unwanted, but increasingly attractive option.

Opening a business account for medical marijuana operation?

Both Oregon and Washington States have statutes that legalize medical marijuana, and special interest groups and activists have plans to file initiatives and legislation to expand the legality of marijuana. So, what are the rules for providing services?

Large Data Breach May Affect Northwest Credit Unions

In an open letter posted on its website, RSA, the security division of EMC, said it experienced an “extremely sophisticated” attack in which information related to the company’s SecurID two-factor authentication products were stolen.

Western CUNA Management School Accepting Applications

Western CUNA Management School (WCMS) is now accepting applications for the 2011 session.