League Acts Immediately as AB 1436 is Introduced in CA Assembly

Discussion over paperwork

Assembly Bill 1436 has been introduced in the California State Assembly. After credit unions defeated AB 2501 a few weeks ago, AB 1436 authors are now trying to pass very specific mortgage forbearance-related items.

As this bill is destined to pass, the California Credit Union League and every credit union across the state have a small window of opportunity to possibly secure amendments for the industry if proposed modifications are small and targeted.

The League is discussing with credit union CEOs the forbearance provisions within AB 1436, as well as how to protect credit union members. You can review the mortgage forbearance section within the 17-page AB 1436 as currently written. It starts at the bottom of page 9 (“Chapter 2: Mortgages”) and ends on page 14.

Please stay tuned for an update.

Financial Data Update Survey
In California and Nevada, credit union leaders were also asked this week to take a few moments and complete the new Financial Data Update Survey.

The responses will help aggregate the current financial picture of credit unions in both states by capturing a visual of credit unions’ net income, net worth, shares, loans, assets, delinquencies, defaults, mortgage forbearances, mortgage extensions, consumer loan extensions, and business loan extensions.
 
A response by every credit union is critical as the California and Nevada Credit Union Leagues continue advocating for thoughtful and sensible legislation with state and federal lawmakers who are responding to the economic disruption caused by the COVID-19 pandemic.

The Leagues want to thank credit union leaders for their assistance so far as League leaders assess the financial state of the industry and continue demonstrating the impact credit unions are making in their communities.

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