All The News

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Pandemic Shines a Light on Need to Help Members with Investments

For more than a decade, the need for retirement savings and the level of focus needed on an individual’s investment plans has changed dramatically. The world around us has pivoted away from providing traditional retirement programs and pensions - putting the onus on the individual. This has become even more important during this time of global pandemic and economic uncertainty.

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CUs Engage Capitol Hill Leaders in First Week of 'GAC'

California and Nevada credit unions launched into this year’s extended virtual Governmental Affairs Conference (GAC) by meeting with National Credit Union Administration (NCUA) Board Chairman Todd Harper, participating in a fundraiser for Sen. Alex Padilla (D-CA), and awarding an important annual scholarship this past week.

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Regulators Release Updates to BSA-AML Examination Manual

The Federal Financial Institutions Examination Council (FFIEC) has released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. These updates affect the following manual sections:

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COVID-19 Forbearance Period and Foreclosure and REO Eviction Moratoriums Extended

The Federal Housing Finance Agency (FHFA) has extended several measures to align COVID-19 mortgage relief policies across the federal government.

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Los Angeles County:

2021 is a Key Economic Year for Lower-Income Households

Although Los Angeles County’s recovery will gain notable traction in 2021 for lower-income workers, it may take until 2024 for certain industry employment levels to reach where they stood before the COVID-19 pandemic threw local households into an economic tailspin.

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West Coast AACUC Chapter
Among the four successful events the African American Credit Union Coalition West Coast Chapter held in 2020 was a virtual wine tasting event featuring California’s first Black-owned estate winery, Brown Estate, in Napa, CA.

AACUC West Coast Chapter Has Notable First Year

When the West Coast Chapter of the African American Credit Union Coalition launched in September 2019, its mission was to further the mission of the national organization—the African American Credit Union Coalition (AACUC), a non-profit organization of professionals and volunteers whose mission is to increase diversity within the credit union community through advocacy and professional development.

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Bay Area:

Outmigration and Vacancies Impacting Economic Recovery

As the Bay Area’s economy recovers, it’s residential and commercial real estate markets continue feeling the bifurcated impact of the COVID-19 pandemic: high demand for suburban homes, declining demand for downtown office space and apartments, and the potential for more residents migrating out of city centers.

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Wade Painter
San Mateo CU CEO Wade Painter

Amidst the Pandemic San Mateo CU Distributes Dollars And Dreams

EDITOR'S NOTE: Below is an excerpt from an article in CreditUnions.com featuring an interview with San Mateo CU CEO Wade Painter discussing how the credit union quickly launched a non-profit fund to grant much-needed assistance to the communities it serves when the pandemic hit last year.

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CDFI Program FY 2021 Funding Round and NACA Program Now Open

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has opened the fiscal year (FY) 2021 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). Inclusiv is providing assistance for those interested in applying for funding via its website and two webinars.  

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Tax Fraud Affecting CU Members

As if the COVID-19 pandemic and its ramifications haven't given members enough to worry about, it is now the time of year when criminals also focus on tax fraud, and they're using several schemes to attack your members.

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Recent Developments in Holder Liability for Attorney Fees and Social Media Immunity under Section 230

In recent articles in this space, I discussed the evolving law on whether a holder of a retail installment sale contract is liable for a consumer’s attorney fees incurred when successfully suing the holder for the car dealer’s wrongful conduct, and the immunity from liability social media platforms, such as Twitter, Yelp and Facebook, have under Section 230.  Since those articles, courts have decided cases in both areas – one adding more confusion on the attorney fee issue and one confirming the broad scope of  Section 230 immunity.

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Payments to Low Income Households in CA’s Relief Package

California state leaders have announced an upcoming round of direct-stimulus payments within a larger economic relief package for households and businesses suffering from the state’s lingering economic hardships due to the COVID-19 pandemic.

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NCUA's Board Recap: Joint Ownership Accounts, ECIP, and SIF

This week, the National Credit Union Administration (NCUA) board adopted a final rule that amends its share insurance regulation governing the requirements for a share account to be separately insured as a joint account by the National Credit Union Share Insurance Fund (NCUSIF).

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Prepaid Cards Can Help Your Members Stay on Budget

With the new year and tax season here, your members are likely thinking of ways to develop their financial health so they can meet their goals. LSC's partner GreenPath Financial Wellness shares that the journey to financial wellness is smoother when people take the time to create a budget. This step helps better identify each unique financial situation.

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HMDA Data Collection Requirements for 2021; Due March 1, 2022

If your credit union makes residential mortgage loans and meets all four criteria outlined below, you must comply with the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during 2021 if:

  1. Your credit union’s total assets as of Dec, 31, 2020, exceeded $48 million;
     
  2. Your credit union had a home or branch office in a Metropolitan Statistical Area on Dec. 31, 2020;
     
  3. Your credit union originated at least one home purchase loan (other than temporary financing such as a construction loan) or refinanced a home purchase loan, secured by a first lien on a one-to-four-unit dwelling during 2020; and
     
  4. Your credit union originated at least 100 covered closed-end mortgage loans in each of the two preceding calendar years (2019 and 2020) or at least 500 covered open-end lines of credit in each of the two preceding calendar years (2019 and 2020).

If your credit union meets all four criteria, you must collect HMDA data during calendar year 2021 and submit the data to the CFPB no later than March 1, 2022.

If your credit union does not meet all four criteria, you are exempt from filing HMDA data for mortgage loan applications processed in calendar year 2021.

Click here for the Regulatory Alert.

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Nevada Leaders Discuss Positive CU Impact with State Officials

Nevada credit union leaders took the opportunity to participate in the virtual Nevada Government Relations Rally (GRR) this week to meet with state legislators, officials, and Nevada State Treasurer Zach Conine and discuss the industry's COVID-19 financial relief response to members, as well as the state's continuing economic recovery.

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Mark Your Calendar for the 2021 CA Government Relations Rally

Join the California Credit Union League this year for its online virtual 2021 California Government Relations Rally (GRR)!

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Dave Roughton, CEO of SAFE CU
Dave Roughton, CEO of SAFE CU

CEO’s Chamber Chairmanship Featured in Sacramento Biz Journal

Dave Roughton, CEO of SAFE CU in Sacramento, was featured this week in the Sacramento Business Journal for his new chairmanship at the Sacramento Metropolitan Chamber of Commerce where he plans to direct the chamber’s efforts toward “diversity and inclusion” in the local workforce.

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2020: Slower Loan Growth, but Record Originations and Deposits

U.S. credit unions’ fourth-quarter 2020 financial results show a nearly identical trend coming out of the previous quarter. Refinance mortgages, purchase mortgages, and used auto loans were reinforcing the industry’s lending growth as it continued socking away higher loan-loss provisions and bracing for a possible uptick in delinquencies and charge-offs in 2021.

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Submission of 2020 HMDA Data due March 1, 2021

Credit unions located in metropolitan areas that engage in certain types and volume of residential mortgage lending, and that had assets exceeding $47 million as of Dec. 31, 2019, must file a report this year on mortgage loan applications received during 2020. The filing is required under the Home Mortgage Disclosure Act (HMDA), as implemented by the Consumer Financial Protection Bureau’s (CFPB) Regulation C.

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Reg D Reserve Requirements; FHFA Pandemic Relief Extension

On Feb. 10, the Federal Reserve adopted as a final rule, without change, its March 24, 2020 interim final rule amending its Regulation D (Reserve Requirements of Depository Institutions) to lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent.

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Black History Month Challenge: $20K in Scholarship Prizes

EVERFI has launched the Black History Month Challenge to promote youth education on race and equity—and we want your credit union to be part of it!

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California Sen. Anthony Portantino (D-La Canada Flintridge)
California Sen. Anthony Portantino (D-La Canada Flintridge)

California Charter Bill, Forbearance Denials, and Advocacy Blog

This week, California Sen. Anthony Portantino (D-La Canada Flintridge) introduced Senate Bill 269, the 2021 Credit Union State Charter Modernization Bill — which is identical to SB 1031 from last year.

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Northern Nevada:

Region on a Roll in its Recovery, Although Economic Issues Persist

Northern Nevada’s unique business diversification will aid its economic recovery in 2021 as workers and households experience what other regions are going through: a bifurcated economy with lower-wage employment playing catch-up to the higher-wage, stable workforce.

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Pandemic Lending Lessons Put Into Play

EDITOR'S NOTE: Lending was interesting and challenging in 2020 amidst the COVID pandemic. Below are excerpts from two recent articles in CreditUnions.com in which representatives from Star One CU and Clark County CU shared their experiences and lessons they have learned throughout this time.

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SBA and FinCEN Issue PPP FAQs

The Small Business Administration (SBA) and the Financial Crimes Enforcement Network (FinCEN) have issued separate Paycheck Protection Program (PPP) FAQs.

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Inland Empire:

2021 Economic Recovery Will be Unique, Just Like Local Region

Aided by its unique geography and period in history, the Inland Empire’s economy will outrun other regions in 2021 as jobs are added, businesses reopen or start for the first time, and households and workers continue recovering from last year’s COVID-19 recession.

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Is Your CU Keeping Up with Payment Modernizations?

The payments landscape is evolving and changing rapidly. In order to stay top-of-wallet, you need to ensure you are keeping up with digital payment modernization.

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San Diego County:

Labor Force Growth to Fuel 2021’s Continuing Economic Recovery

As San Diego County’s economy is poised for significantly better growth in 2021, the local labor force (individuals willing and able to work) is expanding — a positive sign for businesses as many unemployed workers “rejoin” the job market in a vote of confidence against COVID-19’s lingering impact.

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California: Single Vax Standard, SB 91 Amendment, & Survey

This week, California Gov. Gavin Newsom announced that once the state distributes all priority COVID-19 vaccinations to seniors, health care workers, agricultural workers, teachers and school staff, it will move to an age-based eligibility system.

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Sacramento County:

‘Near Normal’ Economy by Late ’21, but Unemployment to Remain

The ongoing hit to retail, leisure, and hospitality workers — and future concern for local and state government employees — will continue impacting the greater Sacramento region’s economy as it slowly recovers and starts to return to “near normal” by late 2021.

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Northern California:

Economy One Step Ahead, but Should Focus on Pre-COVID Efforts

Northern California’s continuing economic recovery in 2021 is highly dependent on past years’ wildfire rebuilding efforts that were in play before COVID-19 arrived, as well as fostering a more skilled local workforce and getting the spread of the pandemic under control.

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Manage Your Salary Admin with Confidence

When it comes to compensation, there are always so many factors to consider. From your budget to performance ratings, current compensation, peer compensation, the current market, survey data, and more, it can be a lot to handle. 

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Top 3 Security Risks for Credit Unions that Text

Security is paramount when communicating sensitive information with credit union members. As Enterprise Text Messaging continues to gain traction—research has found that the majority of professionals are already using SMS for business purposes (often from personal devices)—yet information security and privacy concerns are top of mind. Despite these concerns many would agree that SMS response rates are reportedly significantly higher than the rates from traditional outreach efforts of phone calls and emails.

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Biden Names Todd Harper as NCUA Board Chairman

President Joseph R. Biden, Jr. has designated National Credit Union Administration (NCUA) Board Member Todd M. Harper as the twelfth chairman of the NCUA board.

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CA Job Growth Reverses Course; NV Continues Slow Slog

California’s job market reversed course in December for the “wrong reasons” as it continued its recovery, and Nevada’s employment scene was still nearly stagnant. While both states’ economies have recuperated differently from the COVID-19 recession, today their pace of labor markets seem similar: just trudging along.

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CA Proposal: Financial Service Access for Cannabis Businesses

Recently, California state cannabis licensing authorities — including the Bureau of Cannabis Control, California Department of Food and Agriculture, and California Department of Public Health — provided notice to the public of proposed emergency regulations to implement the provisions of Assembly Bill 1525 (Jones-Sawyer, 2020).

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Cal-OSHA Reminder: Emergency COVID-19 Reg Still in Effect

As a reminder to credit unions, the California Office of Administrative Law (OAL) reviewed and approved the temporary emergency COVID-19 regulation proposed by the state’s Division of Occupational Safety and Health (Cal-OSHA) in November.

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This Week’s Recap on SBA, PPP, CFPB & FHFA Announcements

The U.S. Small Business Administration’s Paycheck Protection Program (PPP) portal is now open to all participating PPP lenders to submit first- and second-draw loan applications. Additionally, SBA and the U.S. Treasury Department released additional PPP guidance and resources for borrowers and lenders:

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Latest NCUA Actions: Guidance, Board Items, Priorities & MOU

The Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA) have both approved a final rule on the role of supervisory guidance.

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CDFI: 'Rapid Response Program,' ECIP Application, and More

The Community Development Financial Institutions (CDFI) Fund will soon award funds through the CDFI Rapid Response Program (CDFI RRP) to help communities respond to economic hardships created by the COVID-19 pandemic.

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FAQ on Suspicious Activity Reporting and Other AML Requirements

The Financial Crimes Enforcement Network (FinCEN) and federal banking agencies have issued responses to Frequently Asked Questions (FAQs) regarding suspicious activity reporting and other anti-money laundering (AML) requirements.

Click here to view the FAQs.

 

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'Crash the GAC' Application Deadline Extended to Jan. 31

The application deadline for crashers to "Crash the GAC" has been extended to Jan. 31, which means there's still time to get your credit union's emerging leaders into one of the most exciting events of 2021!

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 Ability-to-Repay/Qualified Mortgage Rule Amended 

On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register two final rules amending the Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule) in Regulation Z. These final rules are:

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NCUA Releases Accomplishments from April 2019 to January 2021

National Credit Union Administration (NCUA) Chairman Rodney E. Hood released selected accomplishments since he was sworn in as the eleventh Chairman of the NCUA in April 2019.

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The CX Journey to Lifetime Value

The evolving world of customer experience (CX) is pushing credit unions to adopt a broader view of engagement, one that focuses on being there for members—analyzing every part of their journey—beginning the moment consumers first encounter your brand.

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CA and NV’s 3Q CU Trends Continue Prior Quarter’s Momentum

Annualized loan and deposit trends for California and Nevada credit unions at the end of third-quarter 2020 were nearly identical to the prior quarter: residential mortgages, loans to businesses, and consumer and business deposits continued their steep climb higher, according to data compiled by the California and Nevada Credit Union Leagues.

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CA Legislature: CUs Should be Ready to Spring Into Action in 2021

California state lawmakers have started returning to the state capitol. After an extended recess due to spiking COVID-19 cases, the California State Legislature must move quickly to address issues facing residents and households.

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NCUA and CFPB Sign Memorandum of Understanding

The National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) have signed a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions with more than $10 billion dollars in assets.

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CA’s Economy Poised for Better Growth, but Slow to Normalize

After slowing in late 2020, California’s economic recovery is expected to kick into higher gear during early 2021 — although much hinges on the state’s reaction to weekly COVID-19 numbers, the vaccine distribution effort, and persistent restrictions on businesses and gatherings.

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New PPP Overview & Basics from ‘Ask the Regulators’ Webinar

Credit union leaders can view presentation slides from the U.S. Small Business Administration (SBA) and Treasury Department’s Jan. 11 webinar on the latest Paycheck Protection Program (PPP) — "Basics of New Paycheck Protection Program (PPP) Loan Programs".

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NCUA to Open Streamlined CDFI Application Round

Federally insured low-income credit unions seeking Community Development Financial Institution (CDFI) certification can apply to use the National Credit Union Administration's (NCUA) streamlined qualification process beginning Jan. 24, the agency announced this past week.

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NV Releases Third Version of Vaccine Prioritization Playbook

The Nevada Department of Health and Human Services' Division of Public and Behavioral Health has released its "NV COVID-19 Playbook Version 3: Prioritization and Eligibility for COVID-19 Vaccination".

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California:

First-Half 2021: Faster Growth Potential, Yet Slow Return to Normalcy

After slowing in late 2020, California’s economic recovery is expected to kick into higher gear during early 2021 — although much hinges on the state’s reaction to weekly COVID-19 numbers, the vaccine distribution effort, and persistent restrictions on businesses and gatherings.

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Hauptman Named NCUA Liaison to DCUC and NASCUS

National Credit Union Administration (NCUA) Chairman Rodney E. Hood has assigned Vice Chairman Kyle S. Hauptman as the NCUA Board’s liaison to the Defense Credit Union Council and the National Association of State Credit Union Supervisors.

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NCUA Encourages Underserved Area Expansions

In a recent letter, the National Credit Union Administration (NCUA) encourages any federal credit union with a multiple common bond field of membership to include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act. 

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Crime Trends & Technology: Reflections & Perspectives for 2021

From COVID-19-related financial crime to industry calls to modernize the Bank Secrecy Act, 2020 has been an unconventional and influential year in our industry. In this special, year-end blog, we highlight how your institution can confidently transition into 2021, successfully predicting emerging criminal trends, remaining compliant, and effectively and efficiently combating financial crime.

Click here to read the complete article. 

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2nd PPP this Monday: Guidance, Webinar, and Important Updates

The U.S. Small Business Administration (SBA) will restart the Paycheck Protection Program (PPP) this Monday. Lenders targeting underserved communities will have exclusive access to offer loans to new borrowers Monday and Tuesday. They will then be able to offer second loans to existing borrowers on Wednesday. Then PPP will open widely a few days later.

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Sarah Canepa Bang, senior advisor to National Credit Union Administration Vice Chairman Kyle Hauptman.
Sarah Canepa Bang, senior advisor to National Credit Union Administration Vice Chairman Kyle Hauptman.

Canepa Bang Appointed Senior Advisor to NCUA’s Hauptman

The California and Nevada Credit Union Leagues would like to congratulate Sarah Canepa Bang, who has been appointed senior advisor to National Credit Union Administration (NCUA) Vice Chairman Kyle Hauptman!

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CA CUs: Phase 1C in Vaccine Rollout; NV Identifying Prioritization

As many credit unions wait for their frontline staff to have the opportunity to receive the COVID-19 vaccine, it was announced this week by the California Department of Public Health that financial institutions will be prioritized as Phase 1C (third tier) in the ongoing vaccination distribution to essential workers.

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L-R: Alex Padilla, appointee for California to the U.S. Senate; and Shirley Weber, secretary of state nominee for California
L-R: Alex Padilla, appointee for California to the U.S. Senate; and Shirley Weber, secretary of state nominee for California

Padilla to be Appointed Senator; Weber Nominated Sec. of State

In late December, California Gov. Gavin Newsom announced his intention to appoint California Secretary of State Alex Padilla to fill the vacancy of U.S. Sen. Kamala Harris’ seat when she is sworn in as vice president of the United States on Jan. 20.

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Latest from NCUA, Fed, FinCEN, FHA that CUs Should Know

Regulatory and compliance news that credit unions should be aware of came to light as 2020 transitioned into 2021, including issues addressed by the National Credit Union Administration (NCUA), the Federal Reserve, the Federal Housing Administration (FHA), and the Financial Crimes Enforcement Network (FinCEN).

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NCUA’s Summary of Consolidated Appropriations Act of 2021

The National Credit Union Administration’s (NCUA) latest letter to federally insured credit unions provides information about the provisions of the Consolidated Appropriations Act of 2021 that directly affect credit unions and their members.

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California and Nevada Credit Union Leagues Announce Strategic Partnership With Maple Street, Inc.

The California and Nevada Credit Union Leagues have signed an agreement with Florida-based Maple Street, Inc., a recognized leader in providing wide-ranging vendor management services to credit unions and community banks.

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CUNA Mutual Group, Inclusiv Launch CDFI Awareness and Certification Campaign

CUNA Mutual Group, in collaboration with Inclusiv, today announces the launch of the Community Development Credit Union CDFI Awareness and Certification Campaign for credit unions. The program aims to educate credit unions not currently CDFI certified about the benefits of certification in serving members and local small businesses, and to create a network for existing CDFI credit unions to learn about and access additional resources.

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FCU Operating Fees Decrease by 19.6% in 2021

On Dec.18, 2020, the National Credit Union Administration (NCUA) board approved changes to its regulations and associated methodologies for computing the annual operating fee charged to federal credit unions, as well as the resultant Operating Fee Schedule for 2021. The operating fees charged to federal credit unions will decrease by an average of 19.6 percent in 2021.

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Orange County:

2021 Growth Will Lag Other Regions as Recovery Limps Along

Although Orange County’s economic growth will severely lag the state and nation in 2021, the coming year is destined to provide a positive foundation for local businesses, workers, and households as the recovery limps along after the COVID-19 recession in spring of 2020.

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NCUA Letter: Update on Community Charter Conversions and Expansions

The National Credit Union Administration (NCUA) has provided updated guidance and templates to assist federal credit unions seeking to convert to a community field of membership or expand their existing community field of membership. This letter replaces the guidance previously provided in NCUA Letter to Federal Credit Unions 11-FCU-03, Community Charter Conversions and Expansions.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

Words matter. Watch where gender-biased language may enter your conversations or even your policies. Expressions like “you guys” may seem harmless but can send exclusive messages to anyone who does not identify with the male gender. Job postings that indicate what qualifications a candidate should have by using the pronoun “he” or “he/she” also send messages about what are accepted genders at your organization. Here are  some examples of alternative language that is more inclusive in conversation and in documents: you all, everyone, he/she/they, the individual.

DEI Tip of the Month brought to you by Humanidei + O'Rourke.

Bay Area:

2021’s Economic Recovery is About Location, Jobs, Housing

Although the Bay Area’s economic recovery will kick into high gear during the first-half of 2021, certain localities within the nine-county region are still playing catch-up in their respective job markets and industries compared to others that are faring much better as of late 2020.

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Fed Reserve Seeks Public Comment on Reg. D Proposed Amendments

The Federal Reserve Board issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an "interest on required reserves" ("IORR") rate and to an "interest on excess reserves" ("IOER") rate would be replaced with a single "interest on reserve balances" ("IORB") rate. The proposed amendments would make other conforming changes, such as simplifying the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks. Comments on the proposed rulemaking will be accepted for 60 days after publication in the Federal Register, which is expected shortly.

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FinCEN Invites Nominations for Membership on the BSA Advisory Group

The Financial Crimes Enforcement Network (FinCEN) is inviting nominations for membership on the Bank Secrecy Act Advisory Group (BSAAG). BSAAG membership is open to financial institutions, trade groups, federal and state regulators, and law enforcement agencies.

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2nd Round of Stimulus Payments Issued to Millions of Americans

On Dec. 29, 2020, the Internal Revenue Service and the Treasury Department announced that it will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.

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Reps. Pete Aguilar and Lucile Roybal-Allard
Reps. Pete Aguilar and Lucile Roybal-Allard added a small provision into the funding bill requiring CISA to conduct a review of basically why data breaches occur at the point-of-sale or card-not-present transaction.

California and Nevada Credit Union Leagues Deliver Data Security Win in Congress

Amidst the news of the COVID-19 Stimulus and Government Funding bill being signed into law this week, the California and Nevada Credit Union Leagues have notched a small but significant win for credit unions in the battle of data and payments security.

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NCUA Board Approves Exemptions from SAR Requirements

The National Credit Union Administration (NCUA) board unanimously approved a proposed rule that would amend the agency’s Suspicious Activity Report (SAR) regulation.

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IRS Issues Standard Mileage Rates for 2021

The Internal Revenue Service issued its 2021 standard mileage rates.

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Your 2-Day Recap of December’s Monthly Board Meeting

The National Credit Union Administration Board (NCUA) held its December monthly board meeting over two days (Dec. 17 – 18). The following is a recap:

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CFPB Issues Final Rule: FDCPA Requirements for Disclosures

The Consumer Financial Protection Bureau (CFPB) issued a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers on Dec. 18.

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Slow Times: CA and NV Job Growth Continues Plodding Along

California’s job market was making much slower headway in November as it continued its recovery, and Nevada’s employment scene was still sluggish. While both states’ economies have recuperated differently from the COVID-19 recession, today their pace of labor markets seem similar: just plodding along.

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Year In Review: Celebrating 2020’s Advocacy Achievements

Despite the challenging market conditions brought on by the COVID-19 pandemic, the California and Nevada Credit Union Leagues and credit unions banded together with greater urgency to advocate for members and to ensure a better operating environment.

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'SolarWinds' Cyberattack: What Your Credit Union Should Know

The Cybersecurity and Infrastructure Security Agency (CISA) has issued an alert in response to a known compromise involving SolarWinds Orion products, as well as the subsequent breaches to its customers, which has impacted every corner of the economy, including the federal government, banks, credit unions, and other entities.

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Day 1 Recap of NCUA Meeting: Proposed, Temporary, Final Rules

The National Credit Union Administration (NCUA) Board — which included Kyle Hauptman, who was sworn into his seat earlier this week — held the first of two consecutive open meetings today.

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Inclusiv, CMG Launch CDFI Awareness & Certification Campaign

CUNA Mutual Group, in collaboration with Inclusiv, has announced the launch of the Community Development Credit Union CDFI Awareness and Certification Campaign for credit unions. The program aims to educate credit unions not currently CDFI-certified about the benefits of certification in serving members and local small businesses, and to create a network for existing CDFI credit unions to learn about and access additional resources.

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Capitol Hill building

Latest Update on Stimulus Package and Government Spending

The California and Nevada Credit Union Leagues have been working with our Congressional Delegation, as well as the Credit Union National Association (CUNA) and others, to identify the likelihood of a congressional spending deal that includes stimulus measures that impact both your credit union and your members. The below update is based on facts that we know as of this morning, verified through several Members of Congress and others.

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NCUA Q3 2020 State CU Data Report Available

Federally insured credit unions experienced double-digit asset and share-and-deposit growth over the year ending in the third quarter of 2020, according to the latest NCUA Quarterly U.S. Map Review.

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NCUA Q3 2020 State CU Data Report Available

Federally insured credit unions experienced double-digit asset and share-and-deposit growth over the year ending in the third quarter of 2020, according to the latest NCUA Quarterly U.S. Map Review.

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Your CU Store: Serving CU’s Regulatory Forms Needs for Decades

As we enter the holiday season and transition to a new year, Your CU Store would like to extent its heartfelt gratitude to the credit union community for facing the challenges of 2020 and honoring its continued commitment to help their members in this time of uncertainty and need. Your CU Store continues its honored tradition in providing your credit union’s regulatory forms, both paper and electronic. Start your 2021 with Your CU Store and let us do the heavy lifting, working to ensure you don’t have any added concerns about maintaining updated disclosures and compliance reviews.  

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5 Job Seeker Tips from an Executive Recruiter

COVID-19 caused a lot of people to put plans on hold this year. Credit union leaders across the country pressed pause on major organizational initiatives from branch construction to brand rollouts, and even revised planned retirements (as evidenced from a significant slow down in executive recruiting over the summer months). After a fairly inactive spring and summer on the recruitment front, credit unions seem to have picked up their pace on hiring, though. If a new job is on your wish list this season or your “New Year, New You” plans for 2021 include a career change, that could be good news for you!

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Duane Tyler headshot

How to Respond to Negative Posts on Social Media

Comedian Dana Carvey’s character Grumpy Old Man once said, “when I was a boy, the only toy we had was a rock and a stick, and we liked it.”  As a young boy and teenager in the late 60’s and early 70’s, I had more than rocks and sticks to play with, but compared to today’s sophisticated electronic toys, including computers, video games and social media to pass the time, it seems like my toys were closer to rocks and sticks than today’s means of entertainment. 

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Man with mask

COVID Capacity Request, Cal-OSHA Guidance, and CCPA

The California Credit Union League is requesting the California Department of Financial Protection and Innovation’s (DFPI) assistance with Gov. Gavin Newsom’s office in working to increase the state’s recent 20 percent business capacity restriction to 35 percent for credit unions.

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CFPB: Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit

The Consumer Financial Protection Bureau (Bureau) issued final rules related to qualified mortgage (QM) loans.

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FHFA Further Extends COVID-Related Loan Flexibilities

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until Jan. 31, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on Dec. 31, 2020.

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Irene Oberbauer
Former San Diego County CU CEO Irene Oberbauer

Former San Diego County CU CEO Irene Oberbauer Passes Away

Irene Oberbauer, 64, retired CEO of San Diego County CU (SDCCU), passed away on Nov. 21, lovingly surrounded by her husband and two sons.

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Cal/OSHA Emergency COVID-19 Regulations Now In Effect; FAQ Guidance Issued

On Nov. 30, the Office of Administrative Law (OAL) reviewed and approved the temporary emergency COVID-19 regulation proposed by the California Occupational Safety and Health Standards Board (Cal/OSHA).  The emergency regulation is effective immediately and will be in effect for 180 days unless OAL approves a re-adoption of the emergency regulation during this time period.

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ncua logo

NCUA Announces Dec. Board Agenda and 2021 Meeting Schedule

The National Credit Union Administration (NCUA) Board’s December meeting will occur over two days next week from Thursday to Friday (Dec. 17 – 18). Each open meeting begins at 7 a.m. (Pacific).

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FinCEN logo

FinCEN on Info-Sharing; NCUA Releases 3Q Performance Results

Yesterday, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco discussed how information sharing is critical to identifying, reporting, and preventing financial crime.

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Southern Nevada:

Select Job Industries to Bridge Economic Recovery During 2021

Southern Nevada’s economic recovery will gain more momentum by late 2021 and finally reach a pace of growth commensurate with what local business leaders and consumers have been expecting. Until then, very select job industries will help bridge the region to fully recuperating from the impact of the COVID-19 recession.

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WCMS honor students
Abiy Selassie, a branch manager at Santa Ana,CA-based SchoolsFirst FCU, received the Western CUNA Management School’s (WCMS) Rick Craig Prize for Excellence in Project II recognizing excellence in the second-year project. WCMS President Diana Dykstra and SchoolsFirst FCU President and CEO Bill Cheney presented Selassie with his award.

WCMS Recognizes Students; Alumni Discuss Crisis’ Impact on CUs

Western CUNA Management School (WCMS) honored those students who excelled in their completed projects during a virtual ceremony held on Nov. 20.  Following the conferring of honors, the school hosted its first-ever virtual roundtable with alumni discussing the impact of the COVID-19 pandemic on credit unions.

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How One CU Turned High-Risk into High-Engagement

OnPoint Community CU sought help converting its loyal online banking users to a new online banking platform. OnPoint Community CU's biggest priority was to deliver on its brand promise of providing extraordinary experiences and value to the community it serves. OnPoint Community CU knew it would need help, so it sought the right supplier to provide a strong client-focus with experience in adapting to the credit union’s existing operations and culture.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

Use panel interviews made up of leaders with different perspective, backgrounds, and demographics. This may increase comfort for the interviewees from your diverse candidate pool when they do not walk in a room where everyone else looks the same, and it will also help ensure more broad consideration of the entire value a candidate may bring. Different interviewers identify with and value different strengths, behaviors, and traits of your candidates. When this diversity of perspective is used to vet candidates, it often leads to more thoughtful evaluation.

DEI Tip of the Month brought to you by Humanidei + O'Rourke.

Capitol Hill in Washington, D.C.

CU Victory: NDAA Protects Rent-Free Access on Military Bases

Credit unions won a decisive victory yesterday afternoon as the House and Senate released the compromised language for this year’s National Defense Authorization Act (NDAA).

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California Gov. Gavin Newsom
California Gov. Gavin Newsom

CA Governor Issues ‘Stay at Home’ Orders Aligned with Hospital Capacity

On Thursday, California Governor Gavin Newsom outlined a “stay at home” COVID-19 public health order for five designated regions across the state when their hospital capacity declines to a level that overwhelms intensive care units (ICUs).

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Small business storefront

CDFIs: ‘California Rebuilding Fund’ Launched for Small Businesses

California Governor Gavin Newsom has announced the opening of the California Rebuilding Fund to help impacted small businesses rebuild from 2020’s economic crisis and aid local economies.

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Cal-OSHA logo

COVID-19 Temporary Emergency Workplace Regulation Adopted

The California Occupational Safety and Health Standards Board (OSHSB) voted to adopt a temporary emergency regulation under the state’s Division of Occupational Safety and Health (Cal/OSHA) related to COVID-19 prevention in the workplace. The new emergency standards impose some significant requirements on California employers, including credit unions.

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Team working together

Updates on NCUA, CFPB, FHFA, Fed Facilities, LIBOR, and CA

Kyle Hauptman was confirmed by the Senate this week for a seat on the National Credit Union Administration (NCUA) Board. Once he is sworn in, Hauptman will serve a term through August 2025.

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Southern California:

Economic Recovery to Gain More Momentum in First-Half 2021

Southern California’s economy won’t take another meaningful step forward in its economic recovery coming out of the COVID-19 recession until sometime during the first-half of 2021. As it does so, different counties will recover quicker versus slower depending on employment demographics and other factors.

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Central Coast:

Early 2021 is Pivotal Point for Region to Regain Economic Footing

The Central Coast economy is finally starting to turn a corner as it enters the end of a long 10 months of suffering under COVID-19 and fluctuating statewide government restrictions. In 2021, the first few months remain critical for the job market to take its next meaningful step forward.

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CFPB Finalizes Advisory Opinions Policy; Announces Two New Advisory Opinions

The Consumer Financial Protection Bureau (Bureau) issued on Nov. 30 its final advisory opinions policy to publicly address regulatory uncertainty in the Bureau’s existing regulations and provide guidance to credit unions and other entities on outstanding regulatory uncertainty.  Under the final policy, credit unions and other entities seeking to comply with regulatory requirements can submit a request to the Bureau where uncertainty exists.

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Agencies Issue Statement on LIBOR Transition

The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a joint statement encouraging banks to cease using the U.S. Dollar (USD) LIBOR on new transactions by Dec. 31, 2021 in order to facilitate an orderly—and safe and sound—LIBOR transition.

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Fed Extends Four Lending Facilities Through March 31, 2021

The Federal Reserve Board has extended four of its lending facilities through March 31, 2021.

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Threshold for Smaller Loan Exemption for Higher-Priced Mortgage Loans

The Consumer Financial Protection Bureau and other agencies announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. Click here to review the notice.

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Don’t Stop Marketin’

Lots of businesses have cut back on their marketing during the pandemic. But for credit unions thinking about cutting back on marketing, the answer is “no!” Reassuring your community that you’re here and ready to help is an excellent way to grow your member base and enhance your brand. Read on to learn the four reasons you should keep marketing – especially now.

Click here to read more. 

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Whitepaper: Common Cybersecurity Shortcomings of FIs

Financial organizations represent a critical sector of business, and the reduction of risk from threats to confidentiality, integrity, and availability (CIA) should be the highest-priority undertaking for these organizations. The intrinsic liquidity of financial organizations makes them desirable targets of unauthorized parties wishing to gain quick capital from a breach.

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Nevada:

Economy Plays Catch-Up Into 2022 as Recovery Remains Lopsided

Although Nevada’s economy will fully recuperate by mid-2022, a major split is noticeable in the pace of recovery between the northern region versus the southern region where a large concentration of gaming, leisure, and hospitality-related businesses are navigating the fallout from the COVID-19 pandemic.

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Workers

CA Employment Hits Pandemic Milestone; NV Rises Only Slightly

New data shows that although California and Nevada’s respective job markets made noticeable headway in October, they continue their slow and steady recoveries as local economies across both states recuperate differently from the COVID-19 pandemic recession earlier this year.

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Mobile banking

Due Diligence Requirements for Services to Charities, Nonprofits

Federal financial institution regulatory agencies, including the National Credit Union Administration (NCUA), issued a joint fact sheet this week clarifying that credit union compliance efforts to meet Bank Secrecy Act (BSA) due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship.

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Logo for the National Credit Union Administration

NCUA: FCU Meeting Flexibility, Capitalization, Diversity, Budget, SIF

Below is this week's regulatory update on actions by the National Credit Union Administration (NCUA), including the extension of COVID-19 regulatory flexibilities, the capitalization of interest proposed rule, NCUA Board briefing on credit union diversity and self-assessment, a briefing on the agency's 2020 budget update and reprogramming, and an update on the National Credit Union Share Insurance Fund (NCUSIF) Quarterly Report. 

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Sacramento capitol building

Against the Odds, California CUs Push Through Turbulent 2020

With one unified voice to state and federal legislators and regulators, credit unions in California continued building “political capital” and winning victories for their members by partnering with the California Credit Union League during a turbulent 2020.

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San Mateo CU Wins Desjardins Award
San Mateo CU's various youth financial education programs helped it to receive a first-place national Desjardins Youth Financial Education Program Award.

San Mateo CU, Delta Schools FCU Win National Desjardins Financial Education Awards

San Mateo CU and Delta Schools FCU were among the national winners in the Desjardins Youth Financial Education Program, the Credit Union National Association recently announced.

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Orange County:

Leisure Industries Remain a Drag on Economic Recovery in 2021

Orange County’s economy will continue recovering in 2021, although the region’s pace is burdened by its above-average concentration in the leisure, hospitality, and tourism industries. Combined with an otherwise robust labor market before the COVID-19 recession, the bounce-back will be bumpy.

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Bay Area:

Mixed Job Demographics to Drive Slow Economic Recovery in 2021

The Bay Area’s economy will continue exhibiting the “haves versus have-nots” storyline in 2021 as higher-wage workers positively cushion the economic fallout from the COVID-19 recession unlike any other region across the state, while their lower-wage peers slowly recover from the brunt of unemployment.

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Why Investment Services Are Crucial to Your Members

We’ve known for some time that credit union members would prefer accessing financial services at a credit union. While more than half of members report that, only 3% of members utilize their credit unions for investment services. That’s according to research from Kehrer Bielan, sponsored by CUNA Brokerage Services, Inc. (CBSI).

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Credit Unions Should Answer Members’ Call to Text Message

Mobile banking is experiencing a growth spurt. The Covid-19 pandemic has forced many people into quarantine, and while businesses have had to shut their doors temporarily, financial transactions must continue. As a result, the global crisis has proven to be the catalyst for a large number of people to “go digital.”

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Everybody Wants Inclusion…So Why Are We So Polarized?

Over the past eight months, I have studied and written on the impact of Covid-19 on inclusive workplaces. This involved examining the necessity of credit unions to provide remote work options, acknowledging the need for managers to be intentionally inclusive during uncertain times, and exploring how COVID might impact women’s professional gains and what employers could do to help.  Something has nagged at me throughout it all: Regardless of how much talk there has been on the need to extend empathy and grace during this time, it has felt like there is an increasing sense of polarization. Despite so much attention on Diversity, Equity, and Inclusion in the workplace, your organization is not likely free from this division.

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Computer keyboard

COVID-19 Updates: NCUA Proposed Rule and FHFA Loan Extensions

The National Credit Union Administration (NCUA) will vote on a proposed rule involving capitalization of interest at its Nov. 19 board meeting. In several letters to the agency and letters to Congress, the Credit Union National Association (CUNA) has called on NCUA to permit credit unions to capitalize interest on consumer mortgage loans in connection with loan modifications made during the COVID-19 pandemic.

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I voted stickers

Where State and Federal CU Advocacy Stand Post-Election  

California credit union leaders can watch the recap video and discussion from the California Credit Union League’s “2020 Post-Election Review” this past week by clicking here (use passcode 0rCJ1yj#), where the League’s political advocacy team provides critical updates after the Nov. 3 election and going into 2021.

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Ariel view of suburban neighborhood

Foreclosure Activity, Affordability, Confidence, and Delinquency

From home inventory, performance, prices, foreclosures, household confidence, and the COVID-19 pandemic, the following is a quick housing market roundup of news and trends from this past week to help your credit union navigate the market going forward.

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Hand, analysis paper, and pen

3Q: Mortgages Bolster CUs as They Reinforce Loss Provisions

U.S. credit unions’ third-quarter 2020 financial results show a nearly identical trend coming out of the previous quarter. Refinance mortgages, purchase mortgages, and used auto loans are bolstering the industry’s lending growth as it continues stashing away higher loan-loss provisions and bracing for a possible wave of delinquencies and charge-offs in 2021.

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How to Get Non-Interest Income Now

Today’s rate environment is compressing net interest margin for community financial institutions. So generating non-interest income is more important than ever. But not just any non-interest income. Done right, the revenue you drive can add value to consumers’ lives and deepen your relationships with them. 

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Ventura County:

Long COVID Recovery Inflaming Already-Weakened Economy

Ventura County’s economy is in for a long slog as it trails behind the recoveries of both California and the United States in 2021. The COVID-19 pandemic has only exacerbated the county’s evolving problems over the past decade, including diminished housing affordability, low-paying jobs, and residential outmigration of younger workers.

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(L-R by row): Diana Dykstra, President and CEO of the California and Nevada Credit Unio Leagues; Wally Murray, CEO of Greater Nevada CU; Shruti Miyashiro, CEO of Orange County’s CU; Gary Perez, CEO of USC CU; and Dave Gunderson, CEO of CU of SoCal
(L-R by row): Diana Dykstra, President and CEO of the California and Nevada Credit Unio Leagues; Wally Murray, CEO of Greater Nevada CU; Shruti Miyashiro, CEO of Orange County’s CU; Gary Perez, CEO of USC CU; and Dave Gunderson, CEO of CU of SoCal

CEOs Discuss What Their CUs Learned in Responding to COVID-19

A unique panel of four credit union CEOs described what they and their teams learned in responding to the COVID-19 pandemic and ensuing economic crisis earlier this year during the fifth and final day (Nov. 5) of the Virtual REACH 2020 conference.

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Design thinking presentation slide

What to Stop, What to Keep, and What to Start at Your CU

How does design-thinking apply to a credit union? It’s all about process — and that process includes empathizing with members, defining their problems, “ideating” those issues with solutions, prototyping concepts for rectifying the issues, and testing those prototypes to deliver feedback.

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Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.
Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.

Raising More Attention, Creating Need for Closure, and the Payoff

“We can’t just grab our audiences’ attention. We have to grab and hold their attention,” said Andrew Davis. “That’s the key, because they have no time. But it’s our job to maintain their interest.”

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Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.
Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.

‘REACH’ Conference Ends; Attendee Sessions Available On-Demand

Virtual REACH 2020 is over, but the thought-riveting speakers, sessions and discussions are available on-demand! You can conveniently access REACH 2020 online to discover the conference at your own pace, as well as connect and strategize with credit union industry insights and inspiring keynotes.

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Column pillars

Repossession of Secured Collateral During COVID-19 Pandemic

With the defeat of Assembly Bill 2501 earlier this year — which was intended, among other things, to prohibit a servicer of vehicle-secured credit from taking any action to use self-help to repossess secured collateral during the COVID-19 emergency until Jan. 1, 2023, with limited exception — the formal state legislative landscape for repossession remained status quo.

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Working on a lap top

Roundup: CA DFPI Position; CFPB; NCUA; MSLP; FRB Compliance Outlook

The job position of deputy commissioner of the office of credit unions is still vacant within the California Department of Financial Protection and Innovation (DFPI). The California Credit Union League is encouraging interested parties to apply for this position. A candidate with a wealth of credit union knowledge and experience would benefit all California state-chartered credit unions.

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Teamwork hands

Leagues Look Forward to Serving Your Credit Union in 2021

In mid-November, League-member credit unions across California and Nevada will receive their 2021 dues invoices via mail.

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Rita Fillingane, vice president of research and collaboration for the California and Nevada Credit Union Leagues, retired this week after 25 years in serving credit unions.
Rita Fillingane, vice president of research and collaboration for the California and Nevada Credit Union Leagues, retired this week after 25 years in serving credit unions.

‘It Has Truly Been a Journey’: Fillingane Looks Back on 25 Years

With deep gratitude and recognition, the California and Nevada Credit Union Leagues will bid farewell today to a longtime colleague in the industry who concludes 25 years in serving credit unions — Rita Fillingane, vice president of research and collaboration for the Leagues.

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(L-R on each row): John Cassidy, Dave Roughton, Geri LaChance, Nader Moghaddam, Rosie Zarubick, Chuck Papenfus, Carol Galizia, Jon Hernandez, and Teresa Campbell
(L-R on each row): John Cassidy, Dave Roughton, Geri LaChance, Nader Moghaddam, Rosie Zarubick, Chuck Papenfus, Carol Galizia, Jon Hernandez, and Teresa Campbell

League Board Updates: California and Nevada Officers Chosen

During annual meetings last week, leaders from the California and Nevada Credit Union Leagues' respective board of directors for each state thanked credit union leaders, professionals, and volunteers for their enduring advocacy and support during an unprecedented year in which credit unions continued spotlighting their unique “member owned” model to local communities.

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Leo Shapiro Recipient Joe Schroeder
2020 Leo H. Shapiro Lifetime Achievement Award recipient Joe Schroeder, retired CEO of Ventura County CU with members of the credit union board and staff, including to his left, current CEO Linda Rossi.

REACH 2020: League, Kim Bannan, and Advocacy Awards Recipients Honored

Eighteen credit union leaders, volunteers, up-and-comers, as well as credit unions and organizations—including this year’s Leo H. Shapiro Lifetime Achievement Award recipient Joe Schroeder, retired CEO of Ventura County CU—were honored during the California and Nevada Credit Union Leagues’ virtual REACH 2020.

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"Primary Financial Relationship" presentation slide

Attendees Tune in to ‘Payment Trends and Winning Member Engagement’

Is your credit union embedding at least one of four strategies — if not all — into your members’ payments lifestyle? Think immediacy and personalization, “no touch” experiences, protection, and always-on service.

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Scott Knapp, managing principal of CUNA Mutual Fiduciary Consultants
Scott Knapp, managing principal of CUNA Mutual Fiduciary Consultants

Financial Market Update Amid Economic and Election Turmoil

What should credit union CFOs and long-term investors in the financial markets do in the aftermath of the U.S. presidential election? And how will national economic policies change based on the election’s outcome as November passes?

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Steve Rick, chief economist for CUNA Mutual Group
Steve Rick, chief economist for CUNA Mutual Group

3-Year CU Horizon: Steady Loan Growth, Low 'NIM,' More Expense Management

From 2021 to 2023, credit unions will need steady annual loan growth — and are forecasted to find it — to equalize their balance sheets amid a historically low-interest rate environment. The average net interest margin (net profit from loans) will fall to a record low. And cost containment, as well as operating expense management, will be key to bolstering the industry’s financials.

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humanidei logo

DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

When hiring new employees, consider sending half of the interview questions to candidates in advance of the interview. This will create an opportunity for great candidates to shine, even if their strength is not speaking off the cuff, and may help you discover better talent in introverts, non-native English speakers, or people who appreciate a little more time to find their words.

DEI Tip of the Month: Brought to You by Humanidei + O'Rourke.

 
ncua logo

Fair Lending and Consumer Compliance Updates

The National Credit Union Administration is hosting the Fair Lending and Consumer Compliance Regulatory Update webinar on Nov. 17 where credit unions can get valuable information on a range of fair lending and consumer compliance topics.

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Get Ready For a New Kind of Holiday Season

Take a stressful year, add some holiday pressure, and what do you get? 

A cry for help!

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California:

Economy Entering Major Inflection Period as Slow Recovery Drags On

While experts disagree over how fast California’s economy will continue recovering in 2021, late 2020 is a major inflection point as unemployed workers remain unemployed, or readjust into different jobs, or even start their own freelance careers and businesses amid the COVID-19 pandemic hangover.

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‘REACH’ Inspires Attendees as They Look Forward to More Next Week

Virtual REACH 2020 is not over — please tune in next week on Nov. 4 and 5 for an exciting line-up! Also, you can view mini-recaps of this week’s keynote speakers, breakout discussions, and Spark sessions.

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Workplace desk

CA Homestead and Personal Exemptions; Equifax Settlement Final

In September 2020, Assembly Bills 1885 and 2463 and Senate Bill 898 were signed into law in California. These three bills deal with California personal and real property exemptions.

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Coworker hands working at a desk

NCUA on Supervisory Guidance; FinCEN on BSA Recordkeeping

The National Credit Union Administration (NCUA) held open and closed meetings this past week. During the opening meeting, the board approved a proposed interagency rule that codifies an interagency statement on the role of supervisory guidance issued by the NCUA and other federal financial regulatory agencies in September of 2018.

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Jill Nowacki, President/CEO, Humanidei + O'Rourke
Jill Nowacki, President/CEO, Humanidei + O'Rourke

Building Inclusive Organizations, Fostering a Member Lifeline, and More

On the third day of REACH 2020, breakout sessions touched on “Building an Inclusive Organization in a Divided World” and “Building a Liquidity Lifeline as the Pandemic Stretches On” — two of several discussions. Others included REACHtalks and Spark Sessions on generating revenue, preparing for what’s next in 2021, CECL issues (current expected credit loss), payment trends, real estate, and leveraging the digital landscape.

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Mike Walsh, CEO of Tomorrow, a global consultancy on designing companies for the 21st Century
Mike Walsh, CEO of Tomorrow, a global consultancy on designing companies for the 21st Century

What’s Possible for CUs Coming Out of the COVID-19 Crisis?

The pandemic has accelerated the digital reinvention of the world, but now is the time to make bold decisions to transform your organization into the 21st Century. Future-focused credit union leaders can explore how artificial intelligence (AI) will change interactions, interfaces, and identity — for both members and business partner relationships.

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(Clockwise): Michelle Hunter of CU of SoCal; Erica Dias of SAFE CU; Royce Ngiam of Partners FCU; and Larry Palochik of the California and Nevada Credit Union Leagues
(Clockwise): Michelle Hunter of CU of SoCal; Erica Dias of SAFE CU; Royce Ngiam of Partners FCU; and Larry Palochik of the California and Nevada Credit Union Leagues

Breakouts, REACHtalks, Spark Sessions, and GWLN Leadership Update

As the second day of REACH 2020 lifted off, separate breakout sessions touched on “The New Marketing Paradigm for 2020 and Beyond” and the “Evolving Security Landscape” — just two of several mini-discussions. Others included insights from the Global Women’s Leadership Network (GWLN) and unique conversations on board governance, reputation risk, mortgage innovation, navigating members’ lives during COVID-19, contactless solutions, and business automation.

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Jenny Fleiss, entrepreneur and intrapreneur — and founder of two scaled digitally native businesses from scratch (Rent The Runway and Jetblack)
Jenny Fleiss, entrepreneur and intrapreneur — and founder of two scaled digitally native businesses from scratch (Rent The Runway and Jetblack)

Jenny Fleiss: Be Opportunistic Culture Carriers During a Crisis

Jenny Fleiss — entrepreneur and intrapreneur, and founder of Rent The Runway and Jetblack — gave Virtual REACH 2020 attendees personal insights into innovating her ventures as the COVID-19 economy threw a curveball into consumer spending and commerce this past year.

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Orange County:

Local Businesses Project Job Growth as Economy Works Through 2021

Although Orange County’s business activity is projecting modest-but-solid job growth over the next 6 – 12 months, local challenges in the labor market and household finances for many lower-income workers will reverberate into 2021 as the economy continues recovering from the COVID-19 recession.

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Tony Boutelle, CEO of CU Direct and breakout session speaker during REACH 2020
Tony Boutelle, CEO of CU Direct and breakout session speaker during REACH 2020

The Future of Auto Lending: What CUs Should Know

How is the future of auto lending impacting credit unions? You’ll need a quick perspective of recent auto sales trends combined with ongoing innovation, according to Tony Boutelle, a breakout session speaker on Monday, Oct. 26 during the kickoff for REACH 2020.

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RMJ Foundation Donor Appreciation Gala attendees celebrate a successful 2020 during this year’s virtual event.
RMJ Foundation Donor Appreciation Gala attendees celebrate a successful 2020 during this year’s virtual event.

2020 Virtual RMJ Donor Appreciation Gala Celebrates Supporters

Dozens of credit union leaders and guests logged-on to the 2020 Richard Myles Johnson Foundation (RMJ) Donor Appreciation Gala, a yearly favorite of credit union professionals dedicated to the funding and support of financial education for youth across California and Nevada.

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Speaker at microphone

League Annual Meetings Look Back at 2020 and Prepare for 2021

Leaders from the boards of the California and Nevada Credit Union Leagues thanked fellow colleagues in the industry for their enduring advocacy and support during an unprecedented year in which credit unions continued spotlighting their unique “member owned” model to local communities during the COVID-19 pandemic.

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Dr. Robert Eyler, president of Economic Forensics and Analytics, board member of Redwood CU, and economist at Sonoma State University
Dr. Robert Eyler, president of Economic Forensics and Analytics, board member of Redwood CU, and economist at Sonoma State University

Expert Forecasts What CUs Should Watch in Economy Going Forward

Are California and Nevada’s current economic recoveries “V, U, L, W, or K shape”? They are increasingly looking K-shaped according to Dr. Robert Eyler, a breakout session speaker on Monday, Oct. 26 during the kickoff for REACH 2020.

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Dr. Willie Jolley, opening keynote speaker at Virtual REACH 2020 and best-selling author and motivational speaker
Dr. Willie Jolley, opening keynote speaker at Virtual REACH 2020 and best-selling author and motivational speaker

‘Your Best is Yet to Come’: Willie Jolley Inspires CU Leaders

REACH 2020 attendees were met by Dr. Willie Jolley’s inspirational, empowering and stirring message during the opening keynote general session on Monday morning, Oct. 26!

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ID Theft & Fraud is Spreading as Fast as COVID-19, What Can CUs Do?

Over the past nine months, our country has experienced an unprecedented pandemic that featured a transmittable virus that spread "like wildfire" to millions of Americans. Unfortunately, the world's criminals have preyed upon this fast-spreading viral disease to create the spread of criminal activity that has moved as swiftly as the virus itself.

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Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues

Diana Dykstra Thanks and Celebrates CUs for Extraordinary Year

California and Nevada Credit Union Leagues President and CEO Diana Dykstra welcomed attendees to the first-ever Virtual REACH 2020, thanking them for their participation and celebrating their COVID-19 and natural disaster response in service to members across both states during 2020.

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REACH 2020 logo

CUs Await ‘REACH 2020’ Kickoff on Monday: Live and Archived Access

While this year’s Virtual REACH conference is discounted more than 60 percent from previous years, you need to register by TODAY to ensure your “Snack Box” is mailed out! Also, registrants have archived access to recorded sessions after they end.

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Professionals working

TDRs, GSE Flexibilities, BSA Proposal; and CFPB on GSE, HMDA, ANPR

As an additional resource for credit unions, the League is providing this reference guide — "TDR Designation and COVID-19 Loan Modifications: Section 4013 of the CARES Act" — issued by the Office of the Controller of the Currency (OCC). The guide provides a summary and flowchart to help identify whether loan modifications granted due to COVID-19 should be classified and accounted for as a Troubled Debt Restructure (TDR).

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Candidate Slate

2020 Candidate Slate is Live As November Election Nears

The 2020 Candidate Slate is now live. With the November election just around the corner, this interactive credit union voter guide is designed to help you make decisions on which candidates to support.

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controllers office logo

CA Unclaimed Property Holder Notice Reports Due Nov. 1

California credit unions are reminded that Unclaimed Property Holder Notice Reports due to the State Controller’s Office by Nov. 1, 2020.  See the latest Unclaimed Property newsletter for more information. 

agility recovery

The Definitive Guide to Disaster Planning for CUs

Credit unions, just like any other businesses, are responsible for the safety of its employees and visitors. Besides that, business operations must continue in the event of an emergency while meeting National Credit Union Administration, Federal Financial Institutions Examination Council's (FFIEC) and state and local guidelines. Download Agility's Definitive Guide to Disaster Planning for credit unions to enhance your current business continuity plan.

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AB 2463 Adds New Prohibition to Sale of a Principal Residence for Judgment Enforcement

On Sept. 28, 2020, California Assembly Bill 2463 (AB 2463) was signed into law (effective Jan. 1, 2021), amending certain sections of the Enforcement of Judgments Division of the California Code of Civil Procedure (CCP). AB 2463 effectively prohibits a judgment creditor from seeking a sale of the judgment debtor’s principal residence to enforce a judgment lien, with certain exceptions.  Fortunately for credit unions, this new law contains an express exclusion for certain debts owed to financial institutions.

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Three Takeaways from This Week’s CA and NV Jobs Data Releases

New data released this week shows California and Nevada’s respective job markets continued their slow and steady recoveries in September 2020 as the national economy continues climbing out of a recession caused by the COVID-19 pandemic.

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NCUA: Derivatives Proposal, Corporate CU Rule, Cybersecurity

The National Credit Union Administration (NCUA) Board has issued a proposed rule that would amend the NCUA’s derivatives rule in Subpart B to Part 703.

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Chapter Forum panelists
(Clockwise) Leaders of four different chapters—Central Valley Chapter Board Chair Randy Icelow, Tri County Chapter Board Chair Carlo Galioto, Orange County Chapter Board Member Carmen Clark, and East Bay Chapter Board Chair Steve Larranaga—discussed how their chapters pivoted from in-person meetings to holding successful virtual events during Virtual Chapter Forum 2020.

Leaders Share Ideas, Inspiration, Best Practices at 'Chapter Forum'

More than 70 individuals representing League chapters throughout California and Nevada gathered online Oct. 14 for this year’s Virtual Chapter Forum, a morning filled with inspiration and the sharing of ideas and best practices.

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Identifying and Reporting Human Trafficking; FBAR Clarification

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to help financial institutions identify and report human trafficking. It is imperative that financial institutions enable their detection and reporting of suspicious transactions by becoming aware of the current methodologies that traffickers and facilitators use.

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Inland Empire:

Area's Strength Before COVID to Aid Economic Recovery Into 2021

The pace of the Inland Empire’s economic recovery is wedged between California and the United States as local labor market and housing dynamics that allowed it to outperform other regions before the COVID-19 pandemic bolster its chances of better-than-average improvement going into 2021.

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CA Proposes Third Set of Modifications to CCPA Regulations

The California Department of Justice has provided notice of a third set of proposed modifications to California Consumer Privacy Act (CCPA) regulations.

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What’s In Your DEI Business Case? Three Elements to Address

As credit unions wrap up their 2021 strategic business plans and the budget process to support those, this is the perfect time to put the finishing touches on your DEI business case and begin the real talk: What do you expect to get out of your DEI strategy and what resources are you prepared to commit to achieve those objectives?

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Unemployment Insurance Fraud During the COVID-19 Pandemic Advisory

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to unemployment insurance (UI) fraud observed during the COVID-19 pandemic. It contains descriptions of COVID-19 related UI fraud, associated financial red flag indicators, and information on reporting suspicious activity.

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2021 Forecast: More Home Sales, Lower Rates, and Confident Workers

Low mortgage interest rates and pent-up demand from a desire for homeownership will bolster California home sales in 2021. However, economic uncertainty caused by the COVID-19 pandemic and continued supply shortage will limit sales growth according to a housing and economic forecast released this week by the California Association of Realtors.

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Pillars

Simpler PPP Forgiveness; FAQs on RESPA; FBAR Natural Disaster Relief

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

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What to Expect for NCUA's Oct. 15 Board Meeting

The National Credit Union Administration (NCUA) Board will meet next week on Thursday, Oct. 15 at 7 a.m. (Pacific). Here's what to expect:

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Hawaii USA FCU Donates To Help Those Impacted By CA Wildfires

Hawaii USA FCU and its Foundation recently made a donation to CUAid to help credit union employees and volunteers impacted by the recent wildfires in California.

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Feeding America

Shapiro Group Donates to Feeding America

After a very successful Shapiro Summit—the California and Nevada Credit Union Leagues’ Shapiro Group is making a $1,500 donation to Feeding America to help those in need and impacted by the COVID-19 crisis and economic fallout.

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Virtual ‘REACH 2020’ Promises Something for Every Professional

Highly accessible, more affordable for credit union staff, and socially safe — this year’s multi-day Virtual REACH 2020 will be THE premier online conference of the year as new speakers are continually added, relevant sessions promise to impress, and registrants buzz with anticipation.

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CA League Saw 89 Percent Success Rate on 2020 State Bills

In the California Credit Union League’s latest Advocacy Newsletter, you’ll find status updates on bills that the League engaged on this past legislative year. The deadline for California Gov. Gavin Newsom to sign or veto all bills passing through the California State Legislature was Sept. 30.

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Northwest Nevada:

Region’s Economic Diversification Will Continue Aiding its Recovery

The Northwest Nevada economy’s business and labor force diversification will continue carrying the region through the current economic recovery relatively well compared to other areas across the state as the post-pandemic fallout continues making its mark everywhere.

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WYCUP

WOCCU's Young Credit Union Professionals to Hold Celebration Oct. 13

Join the World Council of Credit Unions' Young Credit Union Professionals (WYCUP) on Tuesday, Oct. 13 for a celebration of 20 years empowering, networking, and inspiring young credit union professionals.

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Is Marketing Automation Necessary for Smaller Institutions?

Advances in marketing technology happen every day and your institution has probably already heard about marketing automation for banks (maybe even from us). Just look at how crowded the vendor marketplace has become in the past six years. In a single year (from 2016 to 2017) the marketplace grew by 36%.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

It’s okay not to have all the answers. In fact, DEI programs that are started with the expectation of quick results that can be checked off are often more prone to failure. Instead, be prepared for a learning journey and know that mistakes will be made.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

It’s okay not to have all the answers. In fact, DEI programs that are started with the expectation of quick results that can be checked off are often more prone to failure. Instead, be prepared for a learning journey and know that mistakes will be made. Be willing to ask questions, increase your personal awareness and identify your blind spots—we all have them—and move forward with a commitment to continually do better. A good DEI effort is not about making sure everyone is politically correct. It is about making sure everyone has the opportunity to feel safe bringing forward their best self. Your continued commitment to learning will contribute to creating that safe environment where everyone feels more valued and adds more value.

DEI Tip of the Month: Brought to You by Humanidei + O'Rourke.

Shapiro Summit
Day 2 of the Summit kicked off with a Regulatory Guidance and Compliance panel featuring RaAnn Wood, former California Deputy commissioner of the Office of Credit Unions for the Department of Business Oversight, and Elizabeth Habring, supervisory examiner for the National Credit Union Administration. The panel was moderated by Comunidad Latina FCU CEO Erick Orellana and County Schools FCU CEO John Bagents.

Virtual Shapiro Summit Provides Insight and Knowledge

Though this year’s Shapiro Summit was virtual due to the pandemic, the two-day event still featured a number of informative speakers discussing topics of importance to smaller credit unions, including credit union operations, the economy, and investment strategies. 

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Oct. 6th: Coronavirus Scams, Older Adults, and Financial Protection

You can join experts from the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the Administration for Community Living at Health and Human Services (HHS) for a free webinar on Oct. 6 at 11 a.m. (Pacific).

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Amended FOM Application Requirements for CSA and CBSA

On Oct. 14, amendments to the National Credit Union Administration's (NCUA) chartering and field-of-membership rules (12CFR Part 701 Appendix B) will go into effect. These changes will allow a credit union applying for NCUA approval of a community charter, expansion, or conversion to designate a Combined Statistical Area (CSA) or an individual, contiguous portion of a CSA as a well-defined local community (WDLC) if the area has a population of 2.5 million or less.

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Treasury Department Issues Ransomware Advisories

The U.S. Department of the Treasury issued two advisories to assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope.

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Central Coast Economic Forecast:

Uneven Recovery to Continue Marking Region as it Hangs on During COVID 

Parts of the Central Coast economy — dominated by tourism, leisure/hospitality, and seasonal farming — will continue trailing other regions as the area recovers from the COVID-19 recession. However, even as Santa Barbara and Ventura counties recover faster than the San Luis Obispo/Monterey and Santa Cruz regions, hints of silver linings are popping up for the entire coastline.

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California Economic Forecast:

State's Economic Recovery Will Lag U.S. as COVID-19 Continues its Toll

California’s current economic recovery and the health of its labor market are lagging behind the nation’s recovery — a trend that’s expected to continue as the COVID-19 pandemic continues weighing on government policy, business decisions, and consumer activity.

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Spanish Translated Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the Pandemic

The Financial Crimes Enforcement Network (FinCEN) has made available a Spanish language version of its Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic, which was issued in English on July 30, 2020.

Click here for the translated advisory.

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Empathetic Approach to Navigate Complex Challenges of the Pandemic

The COVID-19 pandemic has made a lasting mark on literally every aspect of American life.  From our national to household economies, plans for education, to our collective mental health, the year 2020 has thrown one curve ball after the next. Maintaining a positive outlook amid the constantly changing environment has been difficult; but through it, we have proven our ability to adapt quickly and make the most of challenging times.

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New 'Financial Data Update' Survey Developed by Leagues

The California and Nevada Credit Union Leagues have developed a new and improved monthly Financial Data Update Survey, which helps the Leagues aggregate the current financial picture of credit unions in both states.

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Final Rule: AML Requirements for Privately Insured CUs

The Financial Crimes Enforcement Network (FinCEN) issued a final rule last week which establishes minimum standards for anti-money laundering (AML) programs for privately insured credit unions.

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Dr. Robert Eyler, Economist at Sonoma State University and Board Member of Redwood CU
Dr. Robert Eyler, Economist at Sonoma State University and Board Member of Redwood CU

'Economic Recovery: What Credit Unions Need to Watch'

During a FREE webinar for members of the California and Nevada Credit Union Leagues on Monday, Sept. 28, Dr. Robert Eyler will discuss recent forecasts and data regarding the direction of the California and Nevada economies in light of large uncertainties as 2020 slowly draws to a close, providing credit unions with guidance during this year's strategic planning/budgeting season.

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Consumer Centric Product Design: A Needs Based Approach

At their core, effective insurance products and financial services must be customer-centric, benefiting both credit unions and their members. Offerings need to be easy to understand and simple to apply for and administer. Most importantly, coverages need to protect customers in their time of need.

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