Removing Barriers Blog

A New Power of Attorney Bulletin Issued in Washington – September 27. 2016
Posted October 03, 2016 by CUNA Advocacy

In addition to the bulletins released earlier this month, the Washington credit union regulator issued another one this week. DCU bulletin B-16-16 alerts state chartered credit unions that the Washington Department of Licensing (DOL) will no longer accept powers of attorney (POA) executed by a credit union employee on behalf of a member.  Previously, credit unions could rely upon POA language within a consumer loan agreement as an actual POA form. The DOL will now require a separate POA signed by the member, not one that is signed by an employee of the credit union. The new regulation is the result of a DOL investigation that found a questionable POA signed by a credit union employee to transfer the credit union’s interest in a vehicle.