Compliance Center: DOL Releases Final Fiduciary Rule Amendments

The Department of Labor (DOL) recently released the Final Rule defining the circumstances in which a person who provides investment advice in connection with a retirement plan or individual retirement arrangement (IRA) acts as a fiduciary under the Employee Income Security Act (ERISA).

Compliance Center: Members Wanting to Open Accounts Without Providing Any Taxpayer Identification Number

Setting the record straight on identification required to open accounts; your question answered about identifying non-U.S. persons under CIP; plus this week’s legal briefs.

Emerging Leaders Journal: The Tiger or the Teacup

Emerging Leaders Scholarship Winner Liz Henderson says that the key to becoming a great leader is learning to use the tools you already have, and putting what you learn into practice for the long run.

Pacific NW Federal Credit Union’s Judy Kennedy Wins Business Person of the Year

Kennedy was honored by the Future Business Leaders of America for her voluntary efforts to spread financial literacy and support young leaders.

Continuity: The Missing Ingredient in Most CEO Succession Plans

Succession planning is a key opportunity for all credit unions. CUNA Mutual Group shares some key steps that can transform your credit union from a training ground for other organizations’ leaders into a place where top talent wants to stay and take the reins.

Oregon Legislative Update: Short Session Ends with a Flurry

After 33 days, the second short legislative session in Oregon’s history adjourned on March 7 with a flurry of mostly small, technical bills and minor budget adjustments. Several controversial measures were left on the table, but lawmakers did pass bills of interest to credit unions.

Compliance Center: NCUA Issues Final Rule on Derivatives to Mitigate Interest Rate Risk

The National Credit Union Administration board has adopted the final rule to give federal credit unions limited authority to use derivatives to mitigate interest rate risk. Also in today’s Anthem: Legal Briefs and the Question of the Week: What happens to a guardianship when the incapacitated person passes?

Compliance Question of the Week

How do we handle a garnishment for someone with multiple types of accounts? Our Compliance Question of the Week works through the complexities.

Compliance Question of the Week

What happens if a tax refund was automatically deposited into the wrong account?

FTC Issues Amended Rule on Identity Theft ‘Red Flags’

The FTC published an interim final rule on identity theft “red flags” that narrows the definition of a creditor to ensure the rule’s consistency with the Fair Credit Reporting Act.

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?

Compliance Question of the Week

Regarding death of member account. We have the executor of the estate of our deceased member in to close the account. However, this account has a beneficiary, so the funds in this particular account go to the beneficiary; but can we give that information to the executor?

CMG MI Offers Local Course in Mortgage Lending Fundamentals

CMG Mortgage Insurance Company is offering a two-day intensive session in Beaverton, Ore., on Sept. 12-13, which will help credit unions more effectively originate, process and underwrite first mortgage loans to current secondary market standards.

Compliance Question of the Week

Is a will naming someone as the executor of the estate enough to allow access to the deceased member’s account?

Compliance Question of the Week

If our member gave someone his credit card number to make an online purchase and that person takes the number and purchases several other times against the Visa, what is the credit unions liability? Would we have to refund the member for the purchases that were made with the Visa, or would the member need to take action against the person who made the transactions against their account?

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.

Oregon Bill Changes Credit Union Compliance Measures for the Treatment of ‘Vulnerable Persons’

The state of Oregon recently passed H.B. 4084, which modifies the way crimes against vulnerable persons are handled and affects requirements for credit unions subject to court summons or subpoenas in such cases.

Compliance Question of the Week

Who is the “member/customer” when an account is opened by an individual who has power of attorney (POA)?