DBO: Reminder to Update Credit Union Information

dbo logo

The California Credit Union Law requires every licensee to notify the Commissioner of any changes to the officers of the licensee (Financial Code, section 457).  A credit union must file a report with the Commissioner listing the names of the credit union’s officers and officials within 30 days after the board of directors’ meeting following the annual meeting of the members (California Code of Regulations, Title 10, section 30.700; Fin. Code, section 14454). 

Licensees must also notify the Commissioner no later than 30 days after a change in the manager or chief executive of the credit union.  Additionally, all state-chartered credit unions are required to report the opening, closing or relocating of a branch office to the Commissioner within 10 days (Financial Code, section 14254.5 (a)).

These requirements may be satisfied by updating or amending the credit union’s profile on the National Credit Union Administration’s CUOnline.  The Commissioner relies on the timeliness and accuracy of this data and licensees are reminded to update and review the CUOnline profile information regularly. 

Source: California Department of Business Oversight Daily Digest Bulletin, February 2019.

Pin It