Compliance News
WA DCU Issues Bulletin Regarding Website Compliance Exams
Also, this week’s legal briefs from around the Federal landscape, and your compliance question answered.
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Advocacy News
Metsger to CFPB: Exempt Payday Alternative Loans in Proposed Rule
The NCUA Chair says the agency regulations provide the necessary consumer protection.
Merkley Asks SEC to Investigate Wells Fargo Following Senate Inquiry
The Oregon Senator was joined by Sen. Elizabeth Warren and Sen. Robert Menendez in writing to the Securities and Exchange Commission to find out if the bank misled investors or violated whistleblower protections.
Advocacy News
Senate Banking Committee to Hold Hearings on Wells Fargo Account Culture
The bank faces mounting pressure after employees reportedly set up as many as 1.5 million unauthorized accounts and applied for 565,000 credit cards without their customers’ consent.
Association Urges Exam Improvements in Letter to NCUA
Chair Metsger established the exam flexibility initiative, requesting input from stakeholders. Now is your chance to add your voice and influence the debate.
Advocacy News
Congress to Cordray: Dodd-Frank Not Intended for Credit Unions, Community Banks
The majority of Congress—including a large delegation of Northwest members— agrees that the CFPB’s approach may unintentionally burden credit unions and community banks. More than 240 Members of Congress have written Director Richard Cordray to tell him so.
Regulatory Call to Action: NCUA’s FOM Proposal Comment Deadline is February 8
Credit unions are being called to action in support of NCUA’s field of membership (FOM) proposal by the February 8 deadline. The bank lobby has piled on anti credit union rhetoric to deny consumers access to affordable financial services.
Compliance Center: What You Need to Know About Washington DFI’s 2016 Examination Focus
Learn how you can better prepare for this year’s examinations; your question answered about contracts for third party services; plus this week’s legal briefs.
Regulatory Call to Action: NCUA’s FOM Proposal Comment Deadline is February 8
Credit unions are being called to action in support of NCUA’s field of membership (FOM) proposal by the February 8 deadline. The bank lobby has piled on anti credit union rhetoric to deny consumers access to affordable financial services.
NCUA to Discuss RBC2 Final Rule at October 15 Meeting
A vote on the final version of the National Credit Union Administration’s revised risk-based capital proposal is on the agenda for the agency’s October 15 meeting.
Compliance Center: NCUA Issues Opinion Letter on Loan Participations in Indirect Loans
NCUA letter focuses on federally insured credit unions as originating lenders in indirect lending arrangements; your question answered about Social Security payee accounts; plus this week’s legal briefs.
Northwest Credit Unions Offer Strong Response to TCPA Ruling
Citing unintended negative consequences, credit unions are engaging their regional and national advocacy system to work with regulators towards a solution.
Compliance Center: NCUA Releases Letter to Federal Credit Unions on FOM Rule Changes
Learn about the FOM rule changes; your question answered on splitting funds between multiple beneficiaries when one has died; plus this week’s legal briefs.
CUNA Sends Field of Membership Reform Recommendations to NCUA
In an important letter to the NCUA, CUNA laid out detailed recommendations for the reform of field of membership requirements.
Now is the Critical Moment to File RBC2 Comment Letter
Less than one month left in the comment period for the latest NCUA risk-based capital proposal. Write your letter now.
Compliance Center: NCUA Priorities, 1099s, and More
Regulator to focus on cyber security, interest rate risk, among other priorities; question on mailing 1099 forms answered; plus legal briefs.
Matz Committed to “Warranted” RBC Changes
Responding to Rep. Holding, Matz says that changes are in development, second comment period dependent on changes.
Regulators Respond to Inslee on Marijuana Banking
Federal Regulators responded to Governor Inslee’s May Letter, saying they are reviewing FinCEN guidance and calling on Congress to provide legislative clarity.