Super Parity Rule Effective in Washington
The Washington State Department of Financial Institutions’ Division of Credit Unions (DCU) published final rule creating procedures for credit unions requesting powers and authorities authorized in other states. Under WAC 208-400-040, a credit union must send notice to the director of the DCU expressing its intent to exercise a power or authority that it would have if it were an out-of-state credit union.
The written notice must include:
- A description of the specific proposed powers or authorities and how the power or authority will serve the convenience and advantage of the credit union’s members;
- The state law citations upon which the powers or authorities were;
- A description of the policies, procedures, or other documents the credit union will use in implementing the powers or authorities;
- A description of how the powers or authorities will impact the credit union’s safety and soundness, including net worth and earnings; and
- Any actions planned to mitigate the safety and soundness risks created by the requested powers and authorities.
Unless a waiver extension is needed, the request is deemed granted within 30 days after delivery to the director, if the director has not taken any action.
Legislation allows CUs to hold public funds
June 14, 2018 — Recently, legislation took effect that permits Washington credit unions to hold unlimited public funds. After years of being capped at the $250,000 insurance limit, H.B. 1209 authorizes municipalities to deposit unlimited public funds above the insurance limit, into credit unions located in counties populated by 300,000 or fewer people. Credit unions accepting unlimited public funds deposits will collateralize the funds. The Washington State Department of Financial Institutions Division of Credit Unions and Washington State Treasurer’s Office are now working with the Northwest Credit Union Association and credit unions, to implement the process.
Washington, Oregon CUs Have $7.7-Billion Economic Impact
Feb. 3, 2017 — Credit unions in Oregon and Washington created a $7.7-billion economic impact in 2016, according to a new analysis released by the Northwest Credit Union Association. The analysis, performed by ECONorthwest, measured jobs, economic output, and income supported by credit unions in the regional economy. (CUToday.info) READ
Papiez takes the reins (succeeding Jarvis)
Nov. 1, 2016 — Gloria Papiez is the acting director of the Washington Department of Financial Institutions, assuming the post Tuesday following the retirement of long-time director Scott Jarvis. Formerly deputy director for nearly 11 years, she joined DFI in 2000 and previously worked as assistant director of administration at the Washington State Utilities and Transportation Commission, and assistant director of audit at the Washington State Auditor’s Office. She also served as a board member on the Financial Managers Advisory Council, is a member of the Washington Society of Certified Public Accountants, and currently serves on the governor’s Results Washington Goal Council for efficient, effective and accountable government. In a release, Washington Gov. Jay Inslee (D) called her “a dedicated public servant with a tremendous amount of state financial regulation experience.”
Scott Jarvis retires; Gloria Papiez named acting director of Dept. of Financial Institutions
Oct. 13, 2016 — Gov. Jay Inslee today announced that Scott Jarvis, director of the Washington State Department of Financial Institutions is retiring after almost 40 years in public service. Inslee named Gloria Papiez as acting director of DFI, effective Nov. 1. READ
CU Executive Forum, March 23; Seattle
Hear and learn about all of the top issues affecting the credit union system in this one-day program open to all state and federal credit union board members, supervisory committee members and credit union management. Cost is $199 for members, $299 for non-members.
Seattle Ranks No. 1 in Conversion to Credit Unions
April 20, 2015 – According to data from Nielsen Scarborough, a record 31.5 percent of people in the Seattle metropolitan area now use a credit union as their primary bank — up from 23.2 percent in 2008. Among the 50 largest metros, that ranks as the largest increase in credit-union banking.
Washington Division of Credit Unions to Implement CAMEL Component “S” Rating May 1
March 25, 2015 – The Washington Division of Credit Unions (DCU) has announced that it will begin using CAMEL component “S,” which stands for “Sensitivity to Market Risk” (interest rate risk), for examinations on May 1.
Columbia Credit Union Promotes Tabitha Presser to Vice President/Branch Manager
September 22, 2014 – Vancouver, Wash. – Columbia Credit Union announces the promotion of Tabitha Presser to
Vice President/Branch Manager of the Washougal branch. Presser will be responsible for ensuring the branch’s overall success, meeting goals for production, sales, service and market growth. She will develop and initiate plans for staff leadership and development; ensure branch compliance with regulations and policies; and assist in advancing the strategic direction of the credit union.
Columbia Credit Union Welcomes Gayle Smith as New VP Branch Manager
September 17, 2014 – Vancouver, Wash. – Columbia Credit Union announces the hiring of Gayle Smith as Vice President/Branch Manager of the Battle Ground branch. Smith will manage daily operations and have responsibility or the branch’s overall success with production, sales, service and market growth. She will oversee staff professional development; ensure branch compliance with regulations and policies; and assist in advancing the strategic direction of the credit union.
Columbia Credit Union Welcomes Robin Grimwade as Vice President/Corporate Project Manager
July 14, 2014 – Columbia Credit Union welcomes Robin Grimwade as Vice President/Corporate
Project Manager. In this new position, Grimwade will lead the planning, direction and execution of corporate
projects on behalf of the credit union. Grimwade will have responsibility for leading project teams, building
comprehensive work plans and budgets; managing resources; and ensuring project alignment with company
goals and objectives.
Alabama and Washington Earn NASCUS Reaccreditation
July 7, 2014 – The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the Alabama Credit Union Administration (ACUA) and the Washington Department of Financial Institutions (DFI) Division of Credit Unions.
Columbia Credit Union Hires Jeff Havener as Vice President Lending Operations
June 5, 2014 – Vancouver, Wash. – Columbia Credit Union hired Jeff Havener as Vice President Lending Operations. Havener brings more than 25 years of industry experience and a broad range of lending knowledge and expertise to Columbia CU.
Numerica CU Will Accept Deposits From Pot Dispensaries
May 5, 2014 – Spokane Valley, Wash. – Numerica Credit Union is the first financial institution in the state of Washington that will accept business from recreational marijuana dispensaries, according to the Washington Liquor Control Board.
Washington State DFI, Division of Credit Unions, Issues Bulletin Providing Notice of Proposed Rulemaking Regarding Reasonable Compensation for Directors and Supervisory Committee Members
November 25, 2013 – Olympia, Wash. – The Washington State Department of Financial Institutions, Division of Credit Unions, has issued a bulletin providing notice of a proposed rulemaking regarding reasonable compensation paid to directors and supervisory committee members. On July 28, 2013, RCW 31.12.365 was amended to allow a state chartered credit union in Washington to pay reasonable compensation to credit union leadership. The proposed rule will interpret and provide a framework for that new authority.
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