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Can you summarize Chapter 208-490 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > 'Guidance' for credit unions.
Short Summary
The provided legal document content is guidance issued by the Washington Administrative Code, which applies to financial institutions, including credit unions. The guidance requires credit unions to focus on various subjects and incorporate them into their policies and procedures. These subjects include helping borrowers understand risks associated with adjustable rate mortgages (ARMs), portfolio and risk management practices, underwriting standards, workout arrangements, consumer protection principles, and the development and maintenance of strong internal controls. The guidance emphasizes compliance with federal requirements, good consumer communications, and borrower responsibility for taxes and insurance. The guidance documents are required by state statutory law and must be read in their entirety. The division of credit unions will verify the integration of guidance into credit unions’ policies and procedures during risk-focused exams and review them in case of consumer complaints related to subprime and nontraditional mortgage lending practices. Noncompliance may result in examination, enforcement, and investigation actions by the division of credit unions.
Whom does it apply to?
Credit unions and other financial institutions
What does it govern?
Financial institutions, including credit unions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Examination, enforcement, and investigation actions by the division of credit unions
Jurisdiction
Washington