Charter Modernization Passes Committee; Sen. Min Meets CUs

Building pillars

The California Credit Union League-sponsored State Charter Modernization bill has unanimously passed through the Senate Banking and Financial Institutions Committee within the California State Legislature and is now headed to the Senate Appropriations Committee for consideration.

Sen. Anthony Portantino (D-La Canada Flintridge) provided an excellent presentation on the bill, which lead to no questions from members of the committee.

"A big thank you goes to Senator Portantino, the members of the committee, and of course to our credit union ad-hoc state charter modernization committee," said Robert Wilson, vice president of state government affairs for the League.

CUs Meet with Senator Min
Yesterday afternoon, California Sen. Dave Min (D-Irvine) met with a few local Orange County credit union leaders and constituents from Senate District 37. Min was elected in 2020 and became an important legislator for the League as he landed a spot on the senate banking committee.

During the conversation, credit union leaders relayed support for two bills that Min introduced (Senate Bills 308 and 476), but also expressed concerns for one of Min’s bills (SB 373). It is a well-intended yet problematic bill for credit unions.

SB 373 aims to protect victims of domestic violence who experience economic abuse by prohibiting debt buyers from collecting the consumer debt if evidence of abuse is shown. Credit unions received clarification that financial institutions would be included in this bill. The senator stated his willingness to work with credit unions to address concerns, but he remains committed to protecting these victims of economic abuse.

The League looks forward to working with the senator and his staff on this important measure. The League's Legislative Advocacy Committee will meet soon to discuss the League's position on the bill and "next steps" in working with the author to address credit union concerns.

A big "thank you" goes out to Orange County’s CU, SchoolsFirst FCU, Wescom CU and Kinecta FCU for participating in this important discussion!

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