State CRA Bill Introduced in CA; Congressman Meets with CUs

Congressman Ken Calvert (center) with credit union leaders from Altura CU, Inland Valley FCU, SchoolsFirst FCU, and Arrowhead CU.
Congressman Ken Calvert (center) with credit union leaders from Altura CU, Inland Valley FCU, SchoolsFirst FCU, and Arrowhead CU.

On Friday morning, a bill that would subject state-chartered credit unions to a state Community Reinvestment Act (CRA) examination was introduced in the California State Assembly.

Senate Bill 1176 is authored by Senate Banking and Financial Institutions Committee Chair Monique Limón. The bill applies to other lenders in addition to credit unions, but it will be particularly burdensome and difficult for credit unions to comply.

SB 1176 is pending referral, and the California Credit Union League does not anticipate it will be heard until late March at the absolute earliest.

The League is ramping up for another Connect For The Cause campaign, and SB 1176 will be the main topic during the League's upcoming California Government Relations Rally (GRR), taking place April 4 - 5. If you have not registered for GRR, now is a great time to do so! Please email League Vice President of State Government Affairs Robert Wilson with any questions regarding registration.

Congressman Meets with CUs; Discusses MBL and FOM
On Thursday, Rep. Ken Calvert (R-CA, Riverside) joined a group of credit union executives for an insightful meeting at Altura CU.

Calvert has been a longtime supporter of credit unions and worked with credit union leaders and the California Credit Union League on issues such as member business lending and expanding field-of-membership opportunities.

During the meeting, the group discussed how credit unions have aided their members throughout the pandemic; and more so, how physical branches are needed in low-income, rural and traditionally underserved communities.

Calvert acknowledged — not just as a member of Congress but as a former restaurant owner — how credit unions are a trusted partner in their communities and understand the importance of localized financial services.

The group also outlined its continual focus on financial education programs, with all credit union leaders agreeing that these are always in demand.

Credit unions in attendance included Altura CU, Inland Valley FCU, SchoolsFirst FCU, and Arrowhead CU.

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