Division of Credit Unions News
2015 Senate Bill (SB) 5300 (2015 c 114) amends the Washington Credit Union Act, chapter 31.12 RCW. These amendments are not effective until July 24, 2015.
The Federal Financial Institutions Examination Council (FFIEC) today released two statements about ways that financial institutions can identify and mitigate cyber attacks that compromise user credentials or use destructive software, known as malware. In addition, the FFIEC provided information on what institutions can do to prepare for and respond to these threats.
The Division of Credit Unions (Division) will begin using the CAMEL component “S” rating for examinations beginning with onsite examinations starting on May 1, 2015 and thereafter.
The Division of Credit Unions has released a bulletin outlining the six main areas exams will focus on for 2015.
DFI’s Securities Division is partnering with the Division of Credit Unions to reach out to state chartered credit unions interested in receiving training for your staff on financial exploitation.
In order to improve our discussion on interest rate risk, we decided to expand the CAMEL rating to better reflect our analysis of whether changes in interest rates will adversely affect a credit union’s earnings and economic capital. For that purpose, we will be adding “S” to the end of our CAMEL rating and we will use a revised CAMELS rating.
NASCUS encourages all state and federal credit union board members, supervisory committee members, and credit union management to attend the NASCUS WA Directors College, April 29, 2015. The one day event is geared toward enhancing your knowledge of ways to better protect the information and systems that credit unions rely on for daily operations.
1st quarter 2015. ACH debit will be originated on January 23, 2015.
The Director of the Division of Credit Unions determines that if the proper CFPB TILA/RESPA disclosures are made, the separate "disclosure summary" described in subsections (1) and (2) of RCW 19.144.020 is no longer required.
The Conference of State Bank Supervisors (CSBS) has established an Emerging Payments Task Force, and DFI is one of the nine members. The Task Force is charged with the task of initiating a comprehensive evaluation of the payment systems and the emerging developments that potentially impact consumer protection, state law, and banks and non-bank entities chartered or licensed by the states.
In partnership with NASCUS, CUNA is hosting the annual BSA Conference October 26-29, 2014 in Las Vegas, Nevada. This conference covers all of the BSA statutory and regulatory requirements that credit unions need in order to comply with the complex federal BSA law.
DFI invites you an event that will address some of the top challenges confronting state-chartered credit unions at the 2014 DFI CEO Outreach Event in SeaTac. See the bulletin linked below for more information.
Federal financial institution agencies sent Governor Inslee a letter stating their instructions to their examiners regarding a financial institution's Bank Secrecy Act (BSA) obligations when providing financial services to marijuana-related businesses.
DFI encourages credit unions to work with customers impacted by the Washington wildfires.
The Division of Credit Unions clarifies whether a credit union may invest its funds into a charitable donation account.
The Director of the Department of Financial Institutions has issued an interpretive statement regarding the use of the terms "banking", "bank", and "banker" by state-chartered credit unions.
The Division of Credit Unions answers a question regarding whether the board of directors (“Board”) of a Washington State-chartered credit union can be referred to officially as a “board of trustees” and, in turn, may individual members of such board be referred to as "trustees" instead of "directors".
The Division of Credit Unions answers a question regarding how many meetings a board member may miss before becoming ineligible to serve as a director for the period remaining in his/her term.
DFI has issued a letter to credit unions regarding the Heartbleed vulnerability.
DFI encourages banks to work with customers affected by the SR-530 Mudslide.