League Value Shines as Member CUs Close Out Successful Year

Image of Your League In Action video
Watch the latest "Your League In Action" video (web link in story).

With one unified voice to legislators, regulators and society, credit unions in California and Nevada continued building “political capital” and winning victories for their members by partnering with the California and Nevada Credit Union Leagues during 2018.

You can click here for a detailed summary of League advocacy, education, training, compliance, information, analysis, news, and a host of other benefits. You can also view the latest "Your League in Action" fact sheet, which provides a breakdown of significant accomplishments (for the video version click here)!

The Leagues provide a unique collaborative system that fuels the lifeblood of the credit union system—enriching staff, volunteers, operations, awareness, guidance, strategy and philosophy. The following major “wins” and successes are a direct result of the 260 credit unions (out of 323 total) that are members of the California League and Nevada League within their respective states:

Congress

  • S. 2155 signed into law, including regulatory relief for qualified mortgages.
  • Stopped a “de facto” tax on credit unions.
  • Kept credit unions as the only rent-free lending financial institutions on military bases.

California State Legislature

  • California State Legislature: Senate Bill 1121 clarifies the Gramm-Leach-Bliley Act (GLBA) exemption included in the new California Consumer Privacy Act (CCPA), helping protect credit unions from large compliance costs.
  • A code clean-up and charter update in Assembly Bill 2862 now gives state-chartered credit unions parity with federally chartered credit unions.
  • Senate Bill 1055 ensures credit unions are not held to California lottery or raffle rules when offering Prize Linked Savings Accounts (PLSA).

Nevada State Legislature
Nevada will return to its legislative session in 2019.

Regulatory Reform (NCUA and BCFP)

  • Secured a Leagues-supported share insurance fund equity distribution.
  • Delayed the Risk-Based Capital rule and narrowed scope.
  • Secured a less-burdensome final rule for voluntary mergers of federally insured credit unions.
  • Secured overdraft rulemaking efforts moved to an inactive calendar, and reconsideration of HMDA reporting requirements.
  • Advocated for supporting the agency’s exam flexibility and Enterprise Solution Modernization initiatives; minimizing the impact from the FASB Current Expected Credit Loss (CECL) accounting standard; updating the appraisal rule for commercial real estate and qualified business loans; clarifying S. 2155 online account opening requirements; returning the NCUSIF’s normal operating level to 1.3 percent; requesting clarity regarding the European Union’s General Data Protection Regulation. tailored regulations and greater use of exemption authority; collaboration and relationship between both agencies; expediting S. 2155 regulatory relief; strong PACE loan regulations; and improving the international remittances and mortgage origination rules.

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