Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Governor signs FI-oversight bills in Wash. state
OLYMPIA, Wash. (3/22/10)--Washington Gov. Chris Gregoire signed two bills designed to strengthen the regulation of the state-chartered credit unions and banks. "This legislation updates our existing laws and allows us to more effectively fulfill our mission as regulators," said Scott Jarvis, director of the Washington State Department of Financial Institutions (DFI). "In these times--more so than in just about any outside the Great Depression--effective financial regulatory oversight is crucial to maintaining sound financial services." Linda Jekel, director of DFI's Credit Union Division, noted that "While DFI has not had to close a credit union yet during the existing financial crisis, the credit union bill addresses some potential shortcomings in Washington's Credit Union Act." She said the bill "provides DFI with an improved regulatory toolbox in order to protect consumers' financial interests." For credit unions, EHB 2830 would:
* Add tools to permit stronger regulatory oversight and earlier enforcement of troubled credit unions; * Update and streamline early regulatory action for troubled credit unions by providing for early regulatory intervention when a credit union becomes undercapitalized; * Strengthen fiduciary duties of board members; * Give DFI authority to suspend credit union directors for harmful activities; * Authorize DFI to fine credit unions for material violations of credit union act or rules; and * Modernize DFI's conservatorship and receivership provisions for credit unions.
A similar bill, EHB 2831, addresses banks. It gives DFI enforcement powers over bank holding companies; improves the Division of Banks' authority when institutions are less than well-capitalized; brings DFI's enforcement authority in line with federal standards for prompt corrective action for institutions that are less than well-capitalized; and clarifies factors the division uses in closing an unsafe and unsound bank.


RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
11 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
12 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
13 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
14 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
14 hours ago