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MLA Amendments: What They Mean for Your CU

The Military Lending Act amendments officially went into effect on October 3.

Clackamas Federal Credit Union Donates $10,000 to Mt. Hood Search and Rescue Council

The lifesaving nonprofit will purchase new equipment that will make search and rescue operations safer and more effective.

News & Notes: Here’s What’s Happening Around the Northwest

Gesa Credit Union hosts identity theft seminars, online voting continues for Advantis GROW Fund, and Central Oregon credit unions collaborate as title sponsors of annual fundraising duck race.

Advantis Credit Union Awards $50,000 in Grants to Serve At-Risk Youth, Seniors and Animals

Advantis Credit Union’s annual GROW Community Fund campaign netted 40,000 social media votes—and determined that six important causes will receive grants.

FHFA Limiting Fannie Mae and Freddie Mac Loan Purchases to “Qualified Mortgages”

Fannie Mae and Freddie Mac will limit future mortgage acquisitions to loans that meet the requirements for a qualified mortgage. This new development takes effect in January.

Rogue FCU to Retain Chetco’s Oregon Employees and Branches Through Acquisition

Breaking news: Rogue Federal Credit Union will purchase and retain Chetco Federal Credit Union’s Oregon operations, retaining branches and employees. Chetco’s Crescent City, Calif., branch and memberships will be assumed by Coast Central Credit Union. The announcement was made Friday evening by Rogue Federal, Coast Central and the NCUA.

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?

Advantis Credit Union Awards $51,000 in Grants to Local Non-Profits

Advantis Credit Union distributed more than $50,000 in grants to Portland-area non-profits, garnering public attention in the process by soliciting input from community members.

NCUA Guidance Helps with Savings Bond Changes

The NCUA has issued a letter to credit unions to provide guidance in answering members’ questions related to the upcoming changes to the U.S. Savings Bond program.

Equity Ratio, Net Worth Changes Passed by NCUA

Changes in NCUSIF definitions of equity ratio and credit union net worth were unanimously approved by the NCUA board on Sept. 22.

Treasury Department Offers Toolkit for New Savings Bond Procedures

As the U.S. Department of the Treasury takes steps to end the sale of paper savings bonds, it offers a toolkit to help financial institutions navigate the transition to an electronic system.

Legal Briefs

Your update on the regulatory landscape.

NWCUA Announces Partnership with OfficeMax

Under the program, credit unions order materials at a discount through the OfficeMax website, which are then delivered within one business day.