All The News

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COVID Reopening, Commissioner Update, & NCUA Exam Guide

The California Department of Financial Protection and Innovation (DFPI) says that all financial service providers must maintain compliance with California’s workplace standards, the COVID-19 Prevention Emergency Temporary Standards (ETS), as the state’s capacity and distancing restrictions are lifted for most businesses and activities this coming June 15.

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CA's Revised COVID-19 Emergency Temp. Standards Withdrawn

The California Division of Occupational Safety and Health (Cal/OSHA) Standards Board held a special meeting on June 9 to consider the latest guidance regarding face-masking from the Centers for Disease Control and Prevention (CDC) and the California Department of Public Health (CDPH).

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CFPB Webinar: Associations to Promote Age-Friendly Toolkit

The Consumer Financial Protection Bureau's (CFPB) Office for Older Americans hosted a webinar this week for associations (including the California and Nevada Credit Union Leagues) to promote a newly developed age-friendly banking toolkit designed for financial institutions that includes information about elder financial exploration, Suspicious Activity Reports (SARs), voluntary age-friendly practices, and consumer education tools.

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CA and NV Named Winners in National Biz Kid$ Showcase

More than 100 students entered the first-ever national Biz Kid$ Showcase presented in partnership with the Richard Myles Johnson (RMJ) Foundation, the Southeastern Credit Union Foundation, the Illinois Credit Union Foundation, and the Credit Union Association of New Mexico. The Biz Kid$ Showcase was a unique online experience that allowed creativity for innovative business ideas among students aged 12-18.

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2021 CDRLF Grant Round Closes June 26

Low-income-designated credit unions seeking Community Development Revolving Loan Fund (CDRLF) grants, including minority depository institution (MDI)mentoring grants, have until June 26 to submit their applications.

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Helping Your Members Enjoy Summer of 2021

Last summer we experienced a priority shift that led many of our credit union members to a simple realization: they don’t have to go too far to have fun in the summer. Life in quarantine created the opportunity for at-home adventures by picking up old hobbies and developing new talents. Puzzles, painting, and backyard movie nights became the main event. This summer, with the vaccine roll-out well underway, credit union members will begin to expand their sense of adventure again and we predict spending on local travel and new forms of entertainment will rebound. How can your credit union help?

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The CU Difference Starts with Your People

It's a simple equation: the better the employees you have running your credit union, the better experience your members will have. Your people are the face of your credit union. They are the ones who help close the deal with prospective members and build wallet share with current members.

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(L-R): SAFE CU Board Chair Terrence Tremelling; Community and Government Relations Manager Amanda Merz; President and CEO Dave Roughton; Chief Credit Officer Faye Nabhani; and CFO Chris Harris.
(L-R): SAFE CU Board Chair Terrence Tremelling; Community and Government Relations Manager Amanda Merz; President and CEO Dave Roughton; Chief Credit Officer Faye Nabhani; and CFO Chris Harris.

SAFE CU Celebrates Convention Center Near State Capitol

SAFE CU leaders joined representatives from the City of Sacramento and California to celebrate the grand opening of the SAFE Credit Union Convention Center in the heart of downtown Sacramento yesterday.

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Nevada League Shields CUs in 81st State Legislative Session

This past Monday evening, the Nevada State Legislature finally adjourned its 81st session — and in typical fashion, there were many bills voted on in the late hours of the night leading into early Tuesday morning.

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CU4Kids Announce New Program Enhancements

Credit Unions for Kids (CU4Kids) has launched several new program enhancements to generate awareness and provide important resources and tools to help credit unions maximize their fundraising efforts. These additions were announced during its live 25th anniversary event on June 2 that is now available for replay here.

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NCUA: Clarification of Equal Credit Opportunity Act

On June 1, the National Credit Union Administration (NCUA) released a regulatory alert (21-RA-07) reminding credit unions of a recently issued Consumer Financial Protection Bureau’s (CFPB) interpretive rule which clarifies that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation and gender identity discrimination. The interpretive rule also covers discrimination based on actual or perceived nonconformity with sex- or gender-based stereotypes, and discrimination based on an applicant’s associations. The interpretive rule became effective on March 16, 2021.

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Southern California:

Economy Harbors Local Characteristics as Recovery Continues

The mega-region of Los Angeles, Orange, San Diego, San Bernardino and Riverside counties is key to the entire state’s broader economic recovery as the COVID-19 pandemic wanes and businesses, workers, households and consumers integrate back into society and commerce.

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CDRLF Funds Have Positive Impact on Communities, Credit Unions

The National Credit Union Administration (NCUA) released its Community Development Revolving Loan Fund (CDRLF) report to Congress, highlighting the fund’s significant, positive impact on low-income credit unions, their members, and communities across the country. NCUA Chairman Todd M. Harper also requested that Congress consider increasing the fund’s appropriations in 2022.

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2021 CUNA Awards Deadline June 23

We encourage all credit unions to submit an entry for this year’s CUNA Awards (Desjardins Financial Education, Dora Maxwell, and Louise Herring). California’s guidelines and submission forms can be found here and Nevada’s are here (note there is a difference in these California/Nevada links). The deadline is June 23. For questions, email Cindy Tullues Peterson.

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Effect of Booking.com US Supreme Court Decision One Year Later

Almost a year ago (June 30, 2020) late Justice Ruth Bader Ginsberg wrote her final majority opinion for the United States Supreme Court in United States Patent and Trademark Office, et al v. Booking.com which addressed whether generic terms used as domain names could be afforded trademark protection.

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5 Member Service-Focused Solutions

Consumer expectations are higher than ever before, and your members are expecting more convenience and personalized service. Your credit union member is comparing their experience with your brand to the easy, fast, and personalized experiences they are having with the best physical and online retailers. Consumer-focused businesses are reaping the benefits of renewed loyalty and competitive advantage. You ask, how can you keep up? Consider these five, member service-focused solutions to help your credit union stay competitive. 

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1Q Consumer Borrower Trends Show Dynamic Changes

First-quarter 2021 U.S. consumer finance and lending trends were released this week by TransUnion and Experian, giving credit unions insight into where household credit scores and borrowing have traversed — and possibly where they are going in the second-half of this year.

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Agency Delays COVID-19 Emergency Reg. Amendment Vote

California credit unions and other employers will have to wait a little longer to know what is ultimately coming for the state's COVID-19 workplace emergency temporary standard (ETS).

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(Clockwise, L-R): Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Maxine Waters, Chairwoman of the House Financial Services Committee; and Nancy Pelosi, Speaker of the House
(Clockwise, L-R): Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Maxine Waters, Chairwoman of the House Financial Services Committee; and Nancy Pelosi, Speaker of the House

Speaker Pelosi and Chairwoman Waters Praise Credit Unions

This week, more than 100 women credit union leaders joined House Speaker Nancy Pelosi (D-San Francisco), House Financial Services Committee Chairwoman Maxine Waters (D-Los Angeles), and 15 other members of the Democratic Congressional Women’s Caucus for a dialogue about women leading in the credit union industry.

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‘Golden State Grant’ Payments: Unique Identifier for Checks

The California Department of Social Services has started processing Golden State Stimulus Grant payments to individuals that receive benefits under the Supplemental Security Income/State Supplemental Program and the Cash Assistance Program for Aged, Blind, and Disabled Legal Immigrants.

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1Q Campaign Update: On-Demand Webinar, Resources & More

The "Open Your Eyes" (OYE) consumer awareness campaign is off to an impressive re-start in California and gaining traction each month. The state is one of many helping drive the national campaign forward as consumers and households ease back into society from the COVID-19 crisis over this past year.

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Congrats CUs: Celebrate 25 Years of ‘Credit Unions for Kids’

2021 marks 25 years of the Credit Unions for Kids (CU4Kids) program, with more than $150 million raised! You’re invited to join Children’s Miracle Network (CMN) Hospitals and other credit union peers across the country for a special 30-minute (virtual) celebration Wednesday, June 2 (at 10 a.m. Pacific).

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CUs Closed More Branches in 2020 Than Ever Before

The Credit Union Times recently reported third-and-fourth quarter data released by the National Credit Union Administration (NCUA) revealed a 12-month trend in branch closings throughout the United States and its territories. This decline resulted in 449 branch closings in 2020. While branches have been declining for several years, this marks the first-time credit union branches have closed their doors in significant numbers. 

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CFPB Delays Mandatory Compliance Date of General QM Final Rule to Oct. 1, 2022

On April 30, 2021, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a final rule (April 2021 final rule) amending the Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule) in Regulation Z.

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Climate Bill in CA and Financial Access Bill in Congress

Here’s this week’s recap of state and federal advocacy:

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2021 Multi-Chapter PAC Golf Tourney Quickly Approaching

Join your local League Chapters for the 2021 Multi-Chapter PAC Golf Tournament — sporting a friendly game of golf, networking, and raising funds for the California Credit Union League’s Political Action Committee. You can REGISTER HERE!

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CA Starts to Turn a Corner; NV Continues Steady Recovery

California’s labor market is finally beginning to turn a corner as a noticeable number of individuals start re-entering the labor force (adults who are willing and able to work) — which is key to its economic recovery, although there is still a long way to go. Meanwhile, Nevada’s job market continued its steady recovery and has much ground to gain.

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Monthly Meeting Recap: Derivatives, Fund NOL, and SIF Report

On Thursday, the National Credit Union Administration (NCUA) Board approved a final rule for derivatives, approved a request for comment on the policy for setting the National Credit Union Share Insurance Fund (NCUSIF) normal operating level, and was briefed on the share insurance fund quarterly report.

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Back-to-Work Safety: Employees, Cal/OSHA, and Federal OSHA

In an already complex landscape of federal, state and local workplace safety guidance, recently updated federal guidance easing mask and physical distancing requirements for vaccinated persons has raised a number of questions for credit unions about workplace safety obligations.

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First REACHchat Announced

Andrew Davis, founder of Monumental Shift marketing agency and best-selling author, rejoins us at REACH this November where he’ll dive deep into the Loyalty Loop. 

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NCUA Testifies Before the Committee on Financial Services

National Credit Union Administration (NCUA) Chairman Todd M. Harper testified before the before the U.S. House of Representatives’ Committee on Financial Services during its “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions” hearing on May 19, 2021.

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Dr. Robert Eyler, independent economist, credit union board member, labor market/housing expert and professor
Dr. Robert Eyler, independent economist, credit union board member, labor market/housing expert and professor

Jumpstart Your 2022 Strategic Planning: Get Ahead of the Curve

Get ahead of the 2022 curve — register for the virtual “Your Economy—Your Credit Union” Conference! Join the California and Nevada Credit Union Leagues on July 20 as you navigate your state's recovering economy and implement strategic planning for next year!

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LIBOR to Stop Publishing Settings; CUs Encouraged to Transition Away Immediately

The London Inter-bank Offered Rate (LIBOR) administrator announced it will stop publishing the one-week and two-month LIBOR settings immediately following the Dec. 31, 2021, LIBOR publication. The remaining LIBOR settings will cease immediately following the LIBOR publication on June 30, 2023. While the extension of the publication of certain LIBOR settings through June 30, 2023, is not an opportunity to continue using LIBOR, it will allow some legacy LIBOR contracts to mature naturally.

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Request for Information on AI Comment Period Extended

Five federal financial regulatory agencies announced they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.

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The Decisive Actions CUs Make During the Pandemic Can Help Protect Their Members

When many credit unions were figuring out how to protect their institutions and survive during the COVID-19 pandemic of 2020, several credit unions decided to take decisive action to support the members outside of the credit union walls. With the pandemic creating a perfect storm of vulnerability for many members, especially the older members, it was apparent that everyone was facing an avalanche of attacks. 

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The Future of Household Formation in CA and NV by 2040

Some notable forecasts for the future of household formation and homeownership in California and Nevada from 2020 – 2040 have been released by the Urban Institute, which has implications for both states’ housing markets, economies, credit unions and their members.

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L-R: Nader Moghaddam, CEO of Financial Partners CU; and Jose Lara, COO of SchoolsFirst FCU
L-R: Nader Moghaddam, CEO of Financial Partners CU; and Jose Lara, COO of SchoolsFirst FCU

District 6 Elections: Leaders Voted to Represent CA and NV

The voting period for the two special Credit Union National Association (CUNA) Board of Director elections has closed and the official results are in (with voting taking place April 26 – May 13). The California and Nevada Credit Union Leagues want to congratulate Nader Moghaddam and Jose Lara!

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FHFA: RFI on Short-Term Rental Units in Development Projects

The Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s eligibility requirements for mortgages in condominium, cooperative, and planned unit development (PUD) projects where a large portion of units are offered for short-term rental (30 days or less) or are used primarily for the purpose of vacation or recreational lodging.

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Central Coast:

Economic Recovery in Motion, but Hyper-Localized by County

From Ventura to Santa Barbara, San Luis Obispo, Monterey and Santa Cruz, the central coast is at the heart of a broader economic recovery as the COVID-19 pandemic’s impact on industries, workers and consumers wanes. A brighter future is in motion, yet with the same household affordability challenges in play from years past.

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California Gov. Gavin Newsom
California Gov. Gavin Newsom

Direct Cash Payments: Governor Announces Large Tax Rebate

This week, California Gov. Gavin Newsom previewed his $100 billion California Comeback Plan as the largest economic recovery package in California’s history.

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(L-R): Patelco CU Vice President of Consumer Lending Josh Garrison and Financial Wellbeing Program Manager Kipp Riesland
(L-R): Patelco CU Vice President of Consumer Lending Josh Garrison and Financial Wellbeing Program Manager Kipp Riesland

Q&A with Patelco CU: A Strategy To Help Credit Scores Soar

EDITOR'S NOTE: CreditUnions.com featured Patelco CU Vice President of Consumer Lending Josh Garrison and Financial Wellbeing Program Manager Kipp Riesland. They discuss how Patelco is working to improve the situation of members with low or no credit through a small-dollar loan and financial wellness principles.

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1Q: Loans Slow, Participations Rise, ROA Up, & Net Worth Drops

First-quarter 2021 U.S. credit union trends continue showing a changing world for the industry nationwide as they served members going from winter into spring.

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Nominations Open for 2022 Herb Wegner Memorial Awards

The Foundation is now seeking nominations for the 2022 Wegner Awards. The Herb Wegner Memorial Awards will be presented during the Credit Union National Association's Governmental Affairs Conference (GAC) in Washington, D.C. The Foundation Dinner will take place on the evening of Monday, Feb. 28, 2022. 

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Reputation Management: Why it Matters and How Text Messaging Can Help

Want to attract new members and increase loan volumes?

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Advocacy Update: Fin. Capability Resolution, PPP, and More

Senate Resolution 27 (Monique Limón) — relative to Financial Capability Month — passed the California State Senate floor this past week. SR 27 declared the month of April 2021 as “Financial Capability Month” to raise public awareness about the need for increased financial capability in California.

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Major CU Footprint in Milken’s ‘Best Performing Cities’ Report

Some notable cities and regions across California and Nevada that have a major credit union footprint are spotlighted in the Milken Institute’s “Best-Performing Cities 2021: Foundations for Growth and Recovery” report released this past week — something to note as credit unions soon move into the second-half of 2021.

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ICU Day: ‘Building Financial Health for a Brighter Tomorrow’

On Oct. 21, 2021, credit unions worldwide will celebrate International Credit Union Day (ICU Day). This annual event raises global awareness for the credit union movement through outreach, volunteering, fundraising and other ICU Day-themed activities.

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Latest Updates on California, Congress, and Regulatory Scene

In the California Credit Union League’s latest Advocacy Newsletter, credit union leaders throughout the state can get up to speed on state government affairs, special elections, the recall effort, federal/congressional government affairs, and state and federal regulatory advocacy:

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CA’s New Debt Collection Licensing Act and What it Means for CUs

In September 2020, California enacted Senate Bill 908, known as the Debt Collection Licensing Act, which is set to take effect on January 1, 2022.  In a nutshell, the new Debt Collection Licensing Act (Act) creates a new category of “licensees” subject to Department of Financial Protection and Innovation (DFPI) oversight and rulemaking, and expands the DFPI’s enforcement authority over both new and existing licensees.

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Pillars

California CUs Victorious: Committee Amends AB 1177

Credit union leaders and supporters across California are celebrating their VICTORY in telling state assemblymembers “NO on Assembly Bill 1177” over the past few weeks and seeing their tireless efforts make a difference last night!

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Successful Conference Dives Deep Into Financial Well-Being

The California and Nevada Credit Union Leagues would like to thank everyone who made this year's CU FinHealth21 Conference a success last week! In case you missed the conference, here’s a quick recap to get you caught up:

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East County Schools FCU CEO Steven Devan
East County Schools FCU CEO Steven Devan

CU Launches Earned-Wage Access Benefit for Members

East County Schools FCU has officially launched an innovative financial wellness benefit for school district employees called "MyPayNow," an app-based service allowing these members in San Diego County early access to their earned-but-unpaid wages each month (up to $1,000) at no cost.

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CFPB Delays QM Compliance Date; FHFA Offers Refi Option

This week, the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.

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Second Round of Modifications Issued for California CU Law

The California Department of Financial Protection and Innovation (DFPI) has issued a second-modification proposal to amend regulations under the California Credit Union Law.

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Senators Alex Padilla (D-CA) and Catherine Cortez Masto (D-NV)
Senators Alex Padilla (D-CA) and Catherine Cortez Masto (D-NV)

Senator Padilla Continues CU Support, Co-Sponsoring Key Bill

Still in his first few months in office, Sen. Alex Padilla (D-CA) continues to express his long-term support for credit unions.

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Jeremy Empol, Vice President of Federal Government Affairs for the California and Nevada Credit Union Leagues
Jeremy Empol, Vice President of Federal Government Affairs for the California and Nevada Credit Union Leagues

Congress: Reapportionment is Over; Now Redistricting Begins

According to the U.S. Constitution, in the first year of every decade the census (or count) of every person in the United States takes place. The following year, the states will be assigned a total-population number and their allotment of seats in the U.S. House of Representatives. States then redraw the district lines based on their state laws.

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Consumer Compliance Outlook Latest Issue is Now Available

The latest issue of Consumer Compliance Outlook is now available. This issue contains the following articles and features:

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New ‘CU PolicyPro’: Rebuilt and Enhanced Model Policy System

CU PolicyPro — a FREE league-member benefit of the California and Nevada Credit Union Leagues — has been completely rebuilt and enhanced to make customizing and managing policies easier than ever!

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Is Your Vendor Management Program Limping Along?

As we move into the second quarter, now is a great time to assess how your vendors are performing during a period when technology is critical to meeting your members’ or customers’ needs. Are you exceeding their expectations or being hindered by poor vendor service?  

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L-R: Scott Abbott, Executive Director of the Sacramento Running Association; John Pamer, Chair of the CU SacTown Run and CEO of Diablo Valley FCU; Judie Boehmer, Executive Director of Patient Care Services at UC Davis Children’s Hospital; Michelle Tafoya, Program Director for Children’s Miracle Network; and Tony Hazarian, Executive Director of Development for UC Davis Children’s Hospital
L-R: Scott Abbott, Executive Director of the Sacramento Running Association; John Pamer, Chair of the CU SacTown Run and CEO of Diablo Valley FCU; Judie Boehmer, Executive Director of Patient Care Services at UC Davis Children’s Hospital; Michelle Tafoya, Program Director for Children’s Miracle Network; and Tony Hazarian, Executive Director of Development for UC Davis Children’s Hospital

‘CU SacTown Run’ Raises $200k for CMN Hospitals in CA & NV

The annual Credit Union SacTown Run — held virtually this year due to ongoing COVID-19 pandemic concerns — raised $200,050 for 11 Children’s Miracle Network Hospitals throughout California and Nevada!

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Assembly Bill 1177: Please Get Your Staff Involved TODAY

The California Credit Union League appreciates everyone’s efforts on Assembly Bill 1177 — AND we need more credit union supporters to make our movement's voice heard!

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California DFPI’s Diversity Findings & Call for Inclusive Recovery

The California Department of Financial Protection and Innovation (DFPI) hosted its inaugural Economic Equity Conference and unveiled its first-ever “Survey of Diversity in State Banking” report on 80 state-chartered credit unions and banks this week.

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Pillars

FHFA Extends Some Flexibilities; will Retire by End of May

The Federal Housing Finance Agency (FHFA) announced this week that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities until May 31. All temporary flexibilities were originally set to expire on April 30.

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Board Meeting: PCA Relief Measures and Cybersecurity Briefing

During Thursday's National Credit Union Administration (NCUA) Board meeting, the board was briefed on an interim final rule on prompt corrective action (PCA) adopted last week by notation vote, at which time the rule became effective.

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House Financial Services Committee Chairwoman Maxine Waters

Chairwoman Maxine Waters Steps Up for CUs on NCUA Rule

Last week, the National Credit Union Administration (NCUA) took the necessary steps of supporting an interim final rule to address large deposit growth and stimulus check payouts. The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) had engaged both the NCUA Board and prominent elected officials in Congress in an effort for them to take action.

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Capitol Hill

'SAFE Banking Act' Moves to Senate after House Passes Bill

The House of Representatives has passed H.R. 1996, the SAFE Banking Act (Secure and Fair Enforcement), this week. It provides a safe harbor for depository institutions offering financial services to cannabis-related businesses.

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Seeking Nominations, Entries for Leagues and CUNA Awards Programs

The California and Nevada Credit Union Leagues is seeking nominations and entries for its various awards programs.

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UNIFY Partners With LA Rams Linebacker to Tackle Youth Financial Education

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts! This week we are wrapping up our highlight on one of many credit union financial literacy programs found across California and Nevada.

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CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions

The Consumer Financial Protection Bureau (CFPB) issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium. The CDC has established the eviction moratorium to protect the public health and reduce the spread of the virus. Debt collectors who evict tenants who may have rights under the moratorium without providing notice of the moratorium or who misrepresent tenants’ rights under the moratorium can be prosecuted by federal agencies and state attorneys general for violations of the Fair Debt Collection Practices Act (FDCPA) and are also subject to private lawsuits by tenants.

Read the Interim Final Rule here.

Read a Fast Facts summary of the Interim Final Rule.

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Financial Literacy Month: CUs Help Bring About Financial Wellness  

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we highlight just a few of the many credit union financial literacy programs to be found across California and Nevada.

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Worker

CA & NV’s Slow Job Growth Continues; Spring Surge Anticipated

California continued to slowly add jobs to its labor market and economy in March; and Nevada’s job market continued reversing course and recovering — still very slowly. Meanwhile, local economists are projecting faster growth as springtime transpires.

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Worker

CA Economy Playing Catch-Up; Back on Track by Late 2022

As California’s economy and jobs market continue playing catch-up to stronger growth in other states, experts hope “sidelined” individuals/workers will re-enter the labor force at higher, quicker monthly rates. This would help boost potential economic growth even that much more from 2021 – 2022.

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NCUA Renews PCA Relief; DFPI’s Pandemic Initiatives & More

The National Credit Union Administration board (NCUA) approved, by notation vote, an interim final rule that temporarily modifies certain regulatory requirements to help ensure federally insured credit unions remain operational and able to provide needed financial services during the COVID-19 pandemic.

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2021 CDRLF Grant Round Opens May 3; $1.5M Available

Low-income-designated credit unions seeking Community Development Revolving Loan Fund (CDRLF) grants in 2021 will be able to apply between May 3 and June 26.

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SESLOC FCU Now Offering Virtual Financial Coach

SESLOC FCU is partnering with GreenPath Financial Wellness services to offer a Virtual Financial Coach—a convenient new way for credit union members to achieve their financial goals. The Virtual Financial Coach is an easy-to-use, friendly, chat-based support platform.

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Converting Card Fraud into a Positive Member Experience

It’s widely recognized in the payments industry that attempted fraud incidences increase during times of crisis, and the coronavirus pandemic is the latest example of this. We’ve seen a year over year increase in fraud attempts, with this trend continuing into 2021. Having the right tools in place to stop fraud before it happens is just one piece of the puzzle when managing the expectations your cardholders have. How your credit union responds is paramount to the experience your member has if and when fraud hits their account. 

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April is Financial Literacy Month

Financial Literacy Month: Financial Education is a Calling for CU Staffers

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we conduct short Q&A sessions with five credit union staff who coordinate financial literacy programs for members and the community: Tyrone Conde, Downey FCU; Veronica Dangerfield, Patelco CU; Michelle Hale, Greater Nevada CU; Mike Jones, Educational Employees CU; and Kristi Longoria, San Mateo CU.

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Members Overestimate Cost of Life/AD&D and Underestimate the Need

Here’s a fact that might surprise you: Nearly half of U.S. adults—46%—don’t have life insurance.[1] And many don’t have accidental death and dismemberment (AD&D) protection, which can either complement a life insurance policy or be an alternative resource depending on a member’s family and financial situation.  

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Request for Information on BSA/AML Compliance Models Issued

The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, issued a joint statement addressing how risk management principles described in the “Supervisory Guidance on Model Risk Management” relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations.  The statement further notes that it does not alter existing BSA/anti-money laundering (AML) legal or regulatory requirements or establish new supervisory expectations, and that no specific model risk management framework is required.

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CUs Meet with Newsom, Alvarez, Banking Chair & Legislators

Today marks the end of the 2021 California Government Relations Rally (GRR) over this past week, where the California Credit Union League held a historic fundraiser for Gov. Gavin Newsom and hosted meetings between important state officials and credit union leaders.

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L-R: Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Jeremy Empol, Vice President of Federal Government Affairs for the Leagues
L-R: Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Jeremy Empol, Vice President of Federal Government Affairs for the Leagues

CUs, League Leaders Garner Local & National Media Attention

California and Nevada Credit Union Leagues President and CEO Diana Dykstra was interviewed this past week on KGO AM-810’s “Consumer Talk,” a well-known San Francisco radio station program and online podcast helmed by the popular Bay Area ABC-7 On Your Side broadcaster Michael Finney (listen to the April 3 program here).

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Building pillars

SB 269 Moves to CA Assembly; Destined for Banking Committee

Senate Bill 269 (authored by California Sen. Anthony Portantino) — the Credit Union State Charter Modernization Bill — was voted off the California State Senate floor this past week and will be sent to the Assembly Rules Committee.

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IRS on Employee Retention Credit Under Modified Legislation

The Internal Revenue Service has issued guidance for employers claiming the Employee Retention Credit under The CARES Act, which was then modified by The Relief Act.

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San Gabriel Valley:

Bright Spots Emerge as Economy Settles in for Long Recovery

Wedged between the coast and inland areas, San Gabriel Valley’s economy is signaling green shoots into 2021 and sustained growth in 2022 as this region recovers faster than the entire county due to a unique mixture of businesses, households, and its geographic location.

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Proposals: Debt Collection Rules & COVID-19 Mortgage Servicing

The Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued under the Fair Debt Collection Practices Act (FDCPA). The debt collection rules, issued in late 2020, are scheduled to take effect on November 30, 2021.  The CFPB is proposing to extend the effective date of both rules to January 29, 2022. The proposed delay would allow stakeholders affected by the pandemic additional time to review and implement the rules.

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California:

Economy to Play Major Catch-Up: Fully Back on Track by Late 2022

As California’s economy and jobs market continue playing catch-up to stronger growth in other states, experts hope “sidelined” individuals will re-enter the labor force (pool of adults willing and able to work) at higher, quicker monthly rates from 2021 – 2022. Such a trend would help boost economic and labor growth even that much more.

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San Diego County CU ‘Springs Forward’ to Help Students Learn About Money and Business

Just in time for Financial Literacy Month, San Diego County CU (SDCCU) is hosting SDCCU Biz Kid$ events online to help engage students in distance learning environments with fun and interactive ways to learn about money, finances, and business.

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On April 29, the RMJ Foundation will host its first-ever virtual CU Escape Room fundraiser, which will test participants’ knowledge of the credit union movement and cooperative principles.

Financial Literacy Month: RMJ Foundation Looks Ahead 

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we put the spotlight on the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada dedicated to supporting credit union efforts in spreading the financial literacy message to young people.

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Diana Dykstra, President and CEO of the California and Nevada Credit Union Leauges

Last Week in 'Women's History Month' Spotlight: Diana Dykstra

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this past March by wrapping up its spotlight series on one final amazing leader who has played a vital role in the history of American women and our movement. This week we would like to recognize Diana Dykstra, president and CEO of the Leagues in Ontario, CA!

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State Recap: CA Stimulus Plan; NV Senator Co-Hosts Job Fair

The California Credit Union League has notified credit unions of the next step in California’s “Golden State Stimulus Payments” plan. Some important provisions have been secured within committee in the current Assembly Bill 88 (the legislative package carried over from Senate Bill 88 in February).

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Analysis: Latest PPP, Eviction Updates, PCA Relief Request

As not-for-profit entities, credit unions ARE NOT eligible to apply for Paycheck Protection Program (PPP) loans from the U.S. Small Business Administration (SBA) even though the program received expanded eligibility within the recently passed American Rescue Plan Act, according to an alert published by the California and Nevada Credit Union Leagues.

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Servicer Homeowner Assistance; Rescinding COVID Guidance

The Consumer Financial Protection Bureau (CFPB) is warning mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall.

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FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement

The Financial Crimes Enforcement Network (FinCEN) has issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). 

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Todd Harper

Todd Harper Named FFIEC Chair; CUSO Comments; Use of A.I.

National Credit Union Administration (NCUA) Board Chairman Todd M. Harper has been named chairman of the Federal Financial Institutions Examination Council (FFIEC). His two-year term runs from April 1, 2021, through March 31, 2023.

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2020 HMDA Data on Mortgage Lending Now Available

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2020 were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers.  The published data contain loan-level information filed by financial institutions, modified to protect privacy.

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Tom wolfe

Enforcement of a Defaulted Loan Secured by a Mobilehome

Recently, our firm has noticed an uptick in requests for an explanation of the process of enforcing a defaulted loan secured by a mobilehome being used as a residence, including how to take possession of the mobilehome to dispose of it.  That process is intricate and involves an interface between multiple California codes as well as coordination with the mobilehome park. The result is a labyrinthine route to the credit union’s end goal of simply collecting on a nonperforming loan.  An overview with some practical considerations is outlined below.

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Text Messaging and DocuSign Work Together To Improve Engagement

Text Messaging is ubiquitous, not only in our personal communications, but in our business correspondence as well. 

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LA Financial CU Signs with Maple Street

LA Financial CU was in search of a modernized solution to manage its vendors, and the Los Angeles-based credit union wanted more than a product that simply inherited information, but enhanced its vendor management program for its team members to utilize.

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Building pillars

NV Sen. Hosts Job Fair; PPP Bill Heads to President's Desk

This week, Sen. Catherine Cortez Masto (D-NV) co-hosted Nevada’s Virtual Job Fair to help get local workers back to work. The senator hosted the event with Rep. Susie Lee (D-NV), Washoe County Commissioner Alexis Hill, Clark County Commissioner Justin Jones, and leaders from local employment training and workforce connection departments and organizations.

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Keys in front door

Rent Relief Opens; Gov. Signs New Paid Sick Leave into Law

Californians who have experienced a financial hardship because of the COVID-19 pandemic and are most at-risk of eviction can now apply for the CA COVID-19 Rent Relief program to help pay past due rent. Both renters and landlords can check eligibility and apply by visiting HousingIsKey.com or by calling 833-430-2122 (seven days a week).

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Restaurant worker

CA Sees Jobs & Labor Force Rise; NV Continues Slow Recovery

California not only added a noticeable amount of jobs in February, it also saw an uptick in individuals reentering the labor force (the pool of individuals willing and able to work). Meanwhile, Nevada’s job market continued reversing course — yet very slowly.

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Patsy Van Ouwerkerk, former CEO of Travis CU
Patsy Van Ouwerkerk, former CEO of Travis CU

This Week in ‘Women’s History Month’: Patsy Van Ouwerkerk

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this March by spotlighting some amazing leaders who have played vital roles in the history of American women and our movement. This week we would like to recognize Patsy Van Ouwerkerk, former CEO of Travis CU in Vacaville, CA!

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(L-R): Sierra Central CU CEO John Cassidy, CO-OP Financial Services President and CEO Todd Clark, and CU Direct President and CEO Tony Boutelle
(L-R): Sierra Central CU CEO John Cassidy, CO-OP Financial Services President and CEO Todd Clark, and CU Direct President and CEO Tony Boutelle

'CUs for Kids' Wine Auction: More Than $1M Raised for 7th Year

The 16th annual California and Nevada "Credit Unions for Kids" Wine Auction event raised $1.17 million for the 11 Children’s Miracle Network Hospitals (CMN) in both states. One of the largest single fundraising events for Credit Unions for Kids, this is the seventh consecutive year that the wine auction has raised more than $1 million for these hospitals, bringing the total raised since 2006 to more than $11 million.

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CA and NV’s Record Savings to Bolster Economic Growth

A surge in record-high savings deposits at local credit unions across California and Nevada will play an integral part in economic growth and consumer spending as the second quarter of 2021 kicks into gear, with experts saying the economy is poised to outperform original expectations.

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CUs to NCUA: Provide PCA Relief from Stimulus Deposit Pressure

In a joint letter with other state credit union leagues and the Credit Union National Association (CUNA), the California and Nevada Credit Union Leagues petitioned the National Credit Union Administration (NCUA) to uniformly act to provide additional relief to credit unions facing prompt corrective action (PCA) challenges caused by congressional stimulus funds as a part of the American Rescue Plan Act.

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Oscar Porras Named Senior Consultant, Diversity, Equity and Inclusion at Humanidei & O’Rourke

Humanidei + O’Rourke, a human capital strategies firm serving the credit union industry, is proud to announce that Oscar Porras will join the company as Senior Consultant: Diversity, Equity, and Inclusion.

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Dixie Abramian
Firefighters First FCU CEO Dixie Abramian

COVID-19 Impact: Balancing Patronage Dividends And Loan Loss Reserves

EDITOR'S NOTE: Below is an excerpt from an article in CreditUnions.com featuring an interview with Firefighters First CU CEO Dixie Abramian discussing how the credit union handled patronage dividends and rebates this year.

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Agile Neobanks are on the Rise and CUs Must Respond

Digital banks—often referred to as neobanks—are on the rise. These “challenger banks,” only accessible via their online platforms, have streamlined business models, and attractively simple services that are pulling customers away from long-established banks and credit unions.  

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Additional CCPA Regulations Approved: Four Sections Affected

California’s Office of Administrative Law (OAL) has approved additional California Consumer Privacy Act (CCPA) regulations, which were effective as of March 15.

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Capitol Hill

Reintroduced: 'SAFE Banking Act' and Federal Maturities Bill

On Thursday, Rep. Ed Perlmutter (D-CO) reintroduced his landmark legislation to reform federal cannabis laws. The bipartisan Secure and Fair Enforcement (SAFE) Banking Act of 2021 (supported by the California and Nevada Credit Union Leagues and co-sponsored by more than 100 members of Congress) would allow marijuana-related businesses in states with some form of legalized marijuana and strict regulatory structures to access the banking system.

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Latest on Gov. Affairs, Special Elections, Regulatory Advocacy

In the California Credit Union League’s latest Advocacy Newsletter, credit union leaders will find updates on California state government affairs, special elections, federal government affairs, and regulatory advocacy:

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Board Recap: CLF; Large CU Asset Thresholds; NGN Program

The following is a recap of the National Credit Union Administration's (NCUA) board meeting from this morning:

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Marla Shepard, former CEO of California Coast CU
Marla Shepard, former CEO of California Coast CU

This Week’s ‘Women’s History Month’ Spotlight: Marla Shepard

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this March by spotlighting some amazing leaders who have played vital roles in the history of American women and our movement. This week we would like to recognize Marla Shepard, former CEO of California Coast CU in San Diego, CA!

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Apply for the 2021 Global Women's Leadership Scholarship

The Global Women’s Leadership Network (GWLN) is calling on the worldwide credit union movement to advocate that “we can all choose to seek out and celebrate women's achievements” by encouraging industry women to apply for a 2021 GWLN Scholarship!

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CFPB to FIs and Debt-Collectors: Allow Stimulus Payments Reach Consumers

Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment (EIP) funds distributed through the American Rescue Plan:

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Maximize Your Members' Auto Buying Experience

Since 1971, Autoland LLC has been delivering new and pre-owned vehicles to credit union members. With a focus on convenience, Autoland is committed to a simplified and personally tailored auto buying experience for today’s value driven consumer.

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CFPB Rescinds Abusiveness Statement; Discusses Stimulus

The Consumer Financial Protection Bureau (CFPB) announced it is rescinding its Jan. 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress. The CFPB has made these changes to better protect consumers and the marketplace from abusive acts or practices, and to enforce the law as Congress wrote it.

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Sue Longson, Advocacy Specialist for Boulder Dam CU
Sue Longson, Advocacy Specialist for Boulder Dam CU

This Week’s ‘Women’s History Month’ Spotlight: Sue Longson

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this March by spotlighting some amazing leaders who have played vital roles in the history of American women and our movement. This week we would like to recognize Sue Longson, advocacy specialist for Boulder Dam CU in Boulder City, NV!

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Job applicant

CA and NV Jobs Data: Slow Winter Poised to Turn Up in Spring

Both California and Nevada’s job markets continued reversing course in January as they were slowly recovering. Individuals have been leaving the labor force (pool of candidates willing and able to work) for many weeks.

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Cash

Stimulus Update: Inactive Deposit Accounts and Garnishment

A third round of Economic Impact Payments (EIP) will be issued soon due to this week's congressional stimulus-and-relief package signed into law by President Joe Biden. However, some credit union members’ accounts on file with the IRS from the first and second rounds of stimulus in 2020 are no longer active for a variety of reasons.

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Charter Modernization Passes Committee; Sen. Min Meets CUs

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

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Private Flood Insurance Comments; Harper on Equity and Justice

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Higher-Priced Escrow Accounts Exempt; Clarification on ECOA

On Feb. 17, 2021, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a final rule implementing a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions, including some insured credit unions, from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

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NCUA Chairman Harper: Focus on Diversity, Equity, Inclusion, and Social Justice

The National Credit Union Administration (NCUA) and federally insured credit unions must do all they can to advance economic equity and justice, NCUA Chairman Todd M. Harper said.

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CFPB: Lenders Cannot Discriminate Based on Sexual Orientation or Gender Identity

The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.

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HR Managers Share Success Stories Dealing With Pandemic’s Impact on Staff

EDITOR'S NOTE: The COVID-19 pandemic turned so many things upside down, including credit unions having to maintain employee engagement and do onboarding of new employees—all within the virtual space. Below are excerpts from two recent articles in CreditUnions.com in which representatives from Santa Clara County FCU and SafeAmerica CU share their success stories on building productive teams and welcoming new hires, respectively.

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Is Your ROA in the Danger Zone?

A recent CUNA forecast predicts credit unions’ ROA will fall over the next two years. The study revealed credit union earnings would remain depressed because of lower interest rates and less non-interest income. Even if the economy improves, CUNA is pessimistic about ROA.

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CULAC Sweepstakes: CA in 1st Place; NV Breaks Record

The 2021 Credit Union Legislative Action Council (CULAC) raised more than $204,000 through its Grand Sweepstakes — with California credit union leaders raising the most funds (first place), Nevada leaders breaking their last record, and both states combined raising 36 percent of total national CULAC contributions, nearly $72,700!

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RMJ Foundation board members
Patelco CU Financial Educator Veronica Dangerfield and PSCU Senior Vice President of Strategic Business Development Chris Gunnare recently joined the RMJ Foundation Board of Directors.

Chris Gunnare, Veronica Dangerfield Join RMJ Foundation Board

PSCU Senior Vice President of Strategic Business Development Chris Gunnare and Patelco CU Financial Educator Veronica Dangerfield recently joined the Richard Myles Johnson (RMJ) Foundation Board of Directors.

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FinCEN Supplemental Advisory Outlines New Human Trafficking Typologies, Red Flags

With the COVID-19 crisis impacting all aspects of daily life, the Financial Crimes Enforcement Network has released a Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity in response to the potential growth in illicit activity during the pandemic.

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Credit union leaders meet with Sen. Catherine Cortez Masto (D-NV), leading member of the Senate Banking Committee and member of the Democratic Senate Caucus Leadership Team.
Credit union leaders meet with Sen. Catherine Cortez Masto (D-NV), leading member of the Senate Banking Committee and member of the Democratic Senate Caucus Leadership Team.

GAC Recap: CU Leaders Speak With One Voice to Lawmakers

Credit union advocates from across the nation educated members of Congress this week about the industry's response to the COVID-19 pandemic, the need for federal charter modernization enhancements, and how “now” is the time to act on a national data security law that protects all consumers.

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Teresa Freeborn, newly appointed Global Women's Leadership Network Volunteer Chair

Teresa Freeborn Appointed New Volunteer Chair of GWLN

More than 500 members and supporters of the Global Women’s Leadership Network (GWLN) from over 30 countries welcomed a new volunteer chair and recognized one of the group’s emerging leaders at its first virtual breakfast celebration held in conjunction with Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC).

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Hauptman and Hood's GAC Remarks; 'NeighborWorks' News

National Credit Union Administration (NCUA) Vice Chairman Kyle S. Hauptman and Board Member Rodney E. Hood spoke during the Credit Union National Association’s Governmental Affairs Conference on March 3. 

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Delay of Mandatory Compliance Date For QM Final Rule Proposed

The Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to Oct. 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need.

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Inclusiv Webinar: Expanding Your Service to the Hispanic Community as a CDFI CU

Inclusiv, in collaboration with Coopera Consulting and Border FCU, will hold its first Juntos Avanzamos Webinar of 202 on March 25: “Expanding Your Service to the Hispanic Community as a CDFI Credit Union.”

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The 2021 California Government Relations Rally (GRR) is Next

This year, California legislators are making up for the reduced number of bills during last year's legislative session due to the COVID-19 pandemic. State lawmakers have introduced nearly 2,400 bills, and there are numerous bills that will impact the credit union movement.

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North Bay:

Return to Normal on Distant Horizon as Economy Recovers

Home to a slice of coastal and inland Northern California — as well as the upper Bay Area — the unique “North Bay” region’s economic recovery continues to come at varying costs (yet new opportunities) to workers, households, and businesses as they return to normal over the next couple of years.

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NCUA Chairman Harper Appoints Hood to NeighborWorks America Board of Directors

National Credit Union Administration (NCUA) Chairman Todd M. Harper has appointed Board Member Rodney E. Hood as the agency’s representative on the Board of Directors of NeighborWorks America, one of the nation’s leading affordable housing and community development organizations.

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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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duane tyler

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.

Nevada state capitol building

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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Lending cash

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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Sacramento capitol dome

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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