Well into its third special session, the Washington State Legislature finally came to the agreements needed to adjourn. Thanks to advocates, credit unions saw important priorities passed this session.
A board member who misses more than one-fourth of the regular board meetings in any 12-month period without being excused by the board must be disqualified from serving, DFI says. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Is there a legal requirement to contact Adult Protective Services if a credit union has reason to believe that an elderly member may be a victim of abuse (financial, neglect, etc.)?”
The NCUA has issued a new regulatory alert to remind credit unions of the compliance requirement for the CFPB’s Ability to Repay/Qualified Mortgage Rule. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What happens if the person who is renting a safe-deposit box passes away? Who has access?”
What happens if the person who is renting a safe deposit box dies?
Can a power of attorney appoint more than one attorney-in-fact?
The Washington DCU has issued a bulletin detailing the rulemaking process for updates to the state Credit Union Act. Our compliance report tackles some of the changes taking effect July 28.
Vehicle repossession takes on a new challenge when there are items in the car. This week’s compliance question tackles the issue of what to do.
Are credit unions allowed to hold raffles?
Does one joint owner on an account have the right to remove all of the money in the account?
Can a credit union stop payment on a cashier’s check, teller’s check or certified check?
Is a will naming someone as the executor of the estate enough to allow access to the deceased member’s account?
What happens if the person who is renting a safe deposit box dies? Who has access?
A member died some months ago. None of his accounts, including the safe deposit box, shows any beneficiary or joint owners. Nobody has come in claiming to be the personal representative. What should we do with the safe deposit box?