CU Weekly News

(Left to right): Dr. Robert Eyler, labor force and housing market expert, economist and professor, and credit union board member; and Dr. Jay Prag, housing affordability and inflation expert, economist and professor, and 36-year credit union member.
(Left to right): Dr. Robert Eyler, labor force and housing market expert, economist and professor, and credit union board member; and Dr. Jay Prag, housing affordability and inflation expert, economist and professor, and 36-year credit union member.

Strategically Plan for 2023: ‘Your Economy—Your Credit Union’

This year's two-hour online Your Economy — Your Credit Union conference will equip credit unions for navigating the unpredictable economies of California and Nevada in 2023, as well as the housing market and local homeowner affordability:

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CA Job Market Has Recovered 91.5% as NV Reaches 99.5%

More than two years since the COVID-19 pandemic recession devastated the economy, total non-farm employment in California has recovered 91.5 percent of jobs lost in the labor market, and Nevada has crawled back 99.5 percent. However, these recoveries don’t account for lost ground and opportunity costs coming out of the pandemic.

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Inclusiv's Racial Equity Grant Fund

Inclusiv's Racial Equity Grant Fund: App. Deadline is May 31

Inclusiv’s 2022 Racial Equity Grant Fund (previously known as the Inclusiv Resilience Fund) was established to advance racial equity and build a more inclusive economy through credit unions that lead-by and serve communities of color.

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Federal & State Regulatory Board Meetings Coming Next Week

Two credit union industry regulatory board meetings are coming next week on the same day (May 26): one hosted by the National Credit Union Administration (NCUA), and the other hosted by the California Privacy Protection Agency (CPPA).

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Worker at computer screen

Deposits Poised to Drop as Inflation Impacts Workers & Retirees

Record-high banking deposits are poised to finally decline going into summer of 2022 as local households continue drawing down their unprecedented savings to afford today’s price inflation for goods and services. This is according to the latest analysis by the California and Nevada Credit Union Leagues (view 13 local-trend geographies across California and Nevada here).

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Analyzing numbers at the office

1Q 2022: Burst in CU Loan Growth; Deposits Start Plateauing

The U.S. credit union industry’s aggregate balance sheet ended first-quarter 2022 by experiencing a healthy boost in loan growth contrasted by a noticeable downshift in deposit growth compared to the year-ago period — led by first mortgages (home loans), used autos, credit cards, and business/commercial loans.

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NCUA Chairman Comments on Third-Party Vendor Authority Bill

National Credit Union Administration (NCUA) Board Chairman Todd Harper shared his sentiments following the approval of H.R. 7022 (the Strengthening Cybersecurity for the Financial Sector Act of 2022) by the House Financial Services Committee this week.

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Maxine Waters, Chairwoman of the House Financial Services Committee (D-CA)
Maxine Waters, Chairwoman of the House Financial Services Committee (D-CA)

Credit Union Field of Membership Bill Advances in House Committee

On Wednesday, the House Financial Services Committee advanced H.R. 7003, which would allow federally chartered credit unions to serve so-called "banking deserts." Committee Chairwoman Maxine Waters (D-CA) is author of the bill.

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Get to Know Gen Z: The Next Generation of Economic Influencers

Gen Z is the newest “it” generation on the scene, and their economic power is growing rapidly. By 2030, Gen Z’s income is expected to quintuple and will represent at least 27% of total global income.

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Not Reviewing Your Contracts Can Cost You Money

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.  As a part of this series, Maple Street’s pros explore ways your institution could be wasting money and what you can do to fix the problem.

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3 Gift Card Trends That Have Nothing To Do With Gifting

While gift cards remain one of the most popular gifts to share for holidays and other special occasions, the latest trends surrounding gift cards go beyond this original use. The most recent trends focus on self-use, digital/mobile behavior, and employee incentives. Though other traditional payment forms fluctuated in their popularity during the pandemic, gift card use continued going strong with the help of these trends.
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Members View CUs More Favorably than Bank Customers

Results from the Credit Union National Association's (CUNA) 2022 National Voter Poll unambiguously reveals that credit union members view their credit unions much more favorably than non-members view their banks and/or other service providers across every performance metric evaluated.

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1Q: Record Number of CU Loans on CUDL Auto Lending

Origence, a CU Direct brand, has announced it delivered a record amount in credit union loans through its lending platforms in the first quarter of 2022.

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Homes

Mortgage Licensee 'Holden Act Reports' are Due on June 13

Mortgage lending licensees must file their Residential Mortgage Loan Report for calendar year 2021 (Holden Act Report) no later than June 13.

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NCUA Warns CU Cybersecurity Risk is at Highest Levels

Russia's conflict in Ukraine continues to raise concerns about the potential for cyberattacks against the financial services sector in the United States, including credit unions.

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CUs to Receive Up to $10K from Cyber Grant; June 24 App. Deadline Coming

The National Credit Union Administration (NCUA) wants to ensure that eligible low-income designated credit unions maximize cybersecurity and infrastructure grants from the 2022 Community Development Revolving Loan Fund (CDRLF).

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(Left to right): Nevada Attorney General Aaron Ford; Nevada Governor Steve Sisolak
(Left to right): Nevada Attorney General Aaron Ford; Nevada Governor Steve Sisolak

NV League & AG Partner on Scams; State of Emergency to End

The Nevada Credit Union League has announced a partnership with the Nevada Attorney General’s Office and Nevada Bankers Association to combat and prevent imposter banking scams by raising consumer awareness on how Nevadans can protect themselves.

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Serving Underserved Asian American Communities: A Story of Two CUs

The California and Nevada Credit Union Leagues are celebrating Asian American and Pacific Islander Heritage Month by highlighting credit unions that uniquely serve members in these communities. Two of these credit unions are Nikkei CU and Mabuhay CU that under the guidance of President and CEO Jon Hernandez epitomize the credit union philosophy of “people helping people”.  In this feature, Hernandez talks about the history and opportunity of these credit unions.

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(Left to right) Aaron Ford, Attorney General for the State of Nevada; Diana Dykstra, President and CEO of the Nevada Credit Union League; and Phyllis Gurgevich, President and CEO of the Nevada Bankers Association.
(Left to right) Aaron Ford, Attorney General for the State of Nevada; Diana Dykstra, President and CEO of the Nevada Credit Union League; and Phyllis Gurgevich, President and CEO of the Nevada Bankers Association.

Nevada AG and CUs Raise Awareness of Banking Scams

The Nevada Credit Union League has announced a partnership with the Nevada Attorney General’s Office and Nevada Bankers Association to combat and prevent imposter banking scams by raising consumer awareness on how Nevadans can protect themselves.

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Agencies Release Revised Q&As Regarding Flood Insurance

Five federal regulatory agencies jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law in recent years.

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Latest ViClarity Newsletter Now Available

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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Good Pay for Good Work

Unemployment is at pre-pandemic levels, but one in four workers quit their jobs in the last year, according to CNBC. Retaining top talent is going to be more than maintaining the status quo from now on—identifying and rewarding your best performers is key.

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California Assemblymember Lori Wilson (Assembly District 11) with leaders from local credit unions and the California Credit Union League.
California Assemblymember Lori Wilson (Assembly District 11) with leaders from local credit unions and the California Credit Union League.

Assemblymember Wilson Meets with Local Credit Union Leaders

The newly elected California Assemblymember Lori Wilson (Assembly District 11) recently sat down with local credit unions for a meet-and-greet event at Travis CU's headquarters in Vacaville.

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Governor's podium

Governor Issues Order: Regulatory Framework for Blockchain & Crypto

California Gov. Gavin Newsom has signed an executive order for the state to begin the process of creating a regulatory approach for blockchain, cryptocurrency, and web3 technologies to “spur responsible innovation while protecting California consumers.”

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Senate Hearings: Interchange Fees and Overdraft Protection

Wednesday was a busy day for hearings in the Senate on Capitol Hill. The morning started with a hearing in the Senate Judiciary Committee to review interchange fees.

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'CU Awareness' Update Webinar Spotlights Marketplace Strides

The latest Credit Union Awareness update webinar presented the most recent figures on how this unique digital advertising campaign continues making huge strides when it comes to consumer awareness of financial services in the marketplace and how credit unions are different.

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Law and regulatory books

Fed's Latest Issue of 'Consumer Compliance Outlook' Available

The latest edition of Consumer Compliance Outlook from the Federal Reserve Board is now available! This issue includes important topics for credit unions and other financial institutions.

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Why This CU Says AI Can Reduce Lending Bias

With the Consumer Financial Protection Bureau (CFPB) examining artificial-intelligence-based lending for signs of bias, credit unions and banks are under pressure to add transparency to decision-making.

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Reinventing Financial Education

Interested in educating your community on financial wellness? Try Zogo: an award-winning, gamified financial education app, which rewards users with gift cards to popular retailers for completing bite-sized financial education lessons.

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CU FinHealth attendees were able to learn from each other’s efforts, explore strategies for engaging new partners, and leverage technology to improve the financial wellbeing of credit union members, employees, and communities.
CU FinHealth attendees were able to learn from each other’s efforts, explore strategies for engaging new partners, and leverage technology to improve the financial wellbeing of credit union members, employees, and communities.

Leaders Leave CU FinHealth with Actionable Financial Health Strategies

CU FinHealth was successful in bringing together industry leaders to examine how credit unions are measuring financial health, working to strengthen it, and documenting and sharing the results. Conference attendees accomplished this goal and so much more in San Antonio, TX this past week.

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Last year's "CU Rock Star" honorees (L-R, clockwise): Eric Bruen, CEO of Desert Valleys FCU; Anna Lisby, Senior Vice President of Finance for San Diego County CU; Kramer Chan, CFO and Senior Vice President for Kaiperm CU; and Cynthia Negri, Board President of Redwood CU
Last year's "CU Rock Star" honorees (L-R, clockwise): Eric Bruen, CEO of Desert Valleys FCU; Anna Lisby, Senior Vice President of Finance for San Diego County CU; Kramer Chan, CFO and Senior Vice President for Kaiperm CU; and Cynthia Negri, Board President of Redwood CU

Nominate a 'Credit Union Rock Star' for this Fall's CU Magazine

The nomination period for the 2022 Credit Union Rock Star program, sponsored by Fiserv, is officially open. Credit Union Magazine will feature this year’s class of Rock Stars in a special digital edition of the magazine.

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Readopts COVID Prevention Emergency Temporary Standard

The California Division of Occupational Safety and Health (Cal/OSHA) Standards Board recently approved to readopt its COVID-19 prevention emergency temporary standards (ETS).

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CU Awareness Update and What’s Coming Up

The Credit Union Awareness program continues to gain traction. Designed to increase consumer consideration for credit unions via a paid digital advertising campaign, the national program has garnered more than four billion impressions, according to the Credit Union National Association (CUNA). YourMoneyFurther.com—the consumer-facing site that features information to help consumers gain insights on the credit union difference—had more than six million visits in 2021 alone.

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L-R: Colleen Berumen, Executive Director at Vacaville Solano Services Corporation; Nav Khanna, Executive Vice President for Travis CU; and Jennifer Leonard, Assistant Superintendent of Communications, Community Engagement and Emergency Management for the Solano County Office of Education (during a Financial Inclusion Forum).
L-R: Colleen Berumen, Executive Director at Vacaville Solano Services Corporation; Nav Khanna, Executive Vice President for Travis CU; and Jennifer Leonard, Assistant Superintendent of Communications, Community Engagement and Emergency Management for the Solano County Office of Education (during a Financial Inclusion Forum).

Financial Inclusion Forums Provide Financial Access to Locals

In a recently published article, CreditUnions.com featured Damian Alarcon, director of community relations for Travis CU (headquartered in Vacaville, CA):

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Dr. Robert Eyler, economist and keynote speaker for this year’s virtual/online Your Economy — Your Credit Union Conference (July 12, 2022).
Dr. Robert Eyler, economist and keynote speaker for this year’s virtual/online Your Economy — Your Credit Union Conference (July 12, 2022).

Recession by 2023? Here are the ‘Yes’ Versus ‘No’ Arguments

In his most recent video-update for credit union senior management and board directors across California and Nevada, Economist Robert Eyler provides a quick three-minute conversation on what’s happening in the current economy.

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Latest ViClarity Newsletter Now Available

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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The Hackers Are Coming: Member Fears Are Escalating

Over the past few years, the increased risk of identity theft has caused growing fears amongst consumers (your members). In October 2021, a CU Times article was published, revealing data that described the trepidation that members feel about the security of their identities. In addition, it referenced a study conducted on the life events that consumers fear the most, with identity theft being the top concern. The cybersecurity landscape has become even more threatening almost a year later, so it's reasonable to assume that consumers' fears have only intensified.

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FIS Unveils Banking-as-a-Service Hub for CUs

Financial technology leader and California and Nevada Credit Union Leagues business partner FIS® announced its Banking-as-a-Service Hub, enabling credit unions and other financial insitutions and fintechs to build the digital banking and payments ecosystems they need to deliver innovation to merchants and consumers. The FIS Banking-as-a-Service Hub provides a full suite of banking and payments capabilities for institutions of all sizes, allowing for more opportunities to deliver embedded finance solutions for superior customer experiences.

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Greater Nevada CU Transforms Communities Through Fin. Ed.

This week concludes Financial Capability Month. The California and Nevada Credit Union Leagues have been celebrating credit unions and the important role they play in financial literacy. In this feature, Michelle Hale, community outreach supervisor at Greater Nevada CU, discusses the credit union’s financial literacy efforts and her role in driving that mission.

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(Center): California State Assemblymember Tim Grayson (D-Concord) with credit union leaders during a recent meet-and-greet event..
(Center): California State Assemblymember Tim Grayson (D-Concord) with credit union leaders during a recent meet-and-greet event..

CA League Facilitates Candidate Meetings with CU Leaders

The California Credit Union League and member credit unions have been incredibly busy over the past two weeks engaging candidates for office at both the state and federal levels.

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Franchise Tax Board Alerts FIs: Taxpayer Account NSF Activity

The California Franchise Tax Board (FTB) is alerting financial institutions that due to technical issues with the FTB’s online payment application, taxpayers may have made duplicate payments in error, thus possibly causing non-sufficient funds (NSF) activities in taxpayer accounts.

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NCUA sign on wall

NCUA Board Hears Updates on Cybersecurity & DEI Program

This week, the National Credit Union Administration (NCUA) Board received a comprehensive briefing on the latest regarding cybersecurity (including the current threat landscape), as well as the agency's diversity, equity and inclusion (DEI) program.

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Kelly Lay, director of the Office of Examination and Insurance for the National Credit Union Administration (NCUA)
Kelly Lay, director of the Office of Examination and Insurance for the National Credit Union Administration (NCUA)

NCUA Exam Director Explains Priorities to CA & NV Leaders

The California and Nevada Credit Union Leagues hosted an online discussion on Thursday with Kelly Lay, director of the Office of Examination and Insurance for the National Credit Union Administration (NCUA). Lay outlined the agency’s supervisory priorities for 2022 and took questions at the end.

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L-R: SchoolsFirst FCU Vice President of Consumer Loan Originations Tracy Thurber, and Vice President of Branches Ashley Franklin.
L-R: SchoolsFirst FCU Vice President of Consumer Loan Originations Tracy Thurber, and Vice President of Branches Ashley Franklin.

SchoolsFirst FCU: Lending with Head and Heart Philosophy

Effective underwriting plays a critical role in a credit union’s financial wellbeing. But can too much focus on the loan compromise member financial health? According to SchoolsFirst FCU, the answer is “yes.”

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Excite CU Talks Financial Capability and Community Outreach

The California and Nevada Credit Union Leagues continue to celebrate Financial Capability Month! In this video feature, Tena Lozano, executive director at the Richard Myles Johnson Foundation—the Leagues’ exclusive financial education partner—sits down with Excite CU Community Relations Manager Dora Beyer to discuss the credit union’s community outreach efforts, including their Sunday Friends program and the work they do with foster youth and workplace development.

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cdfilogo

CDFI Certification Turns Financial Inclusion Values into Action

While the pandemic shined a bright light on a number of latent societal issues, financial inequity was one of the most pertinent for credit unions. Driving right at the heart of the credit union purpose, the unavoidable fact that financial access in the U.S. is far from equal reenergized financial inclusion efforts across the industry.

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Workplace Satisfaction: Stop Driving Employees Away

The Credit Union Times recently reported on a study from MetLife that found job satisfaction has hit a 20-year low. No one is more dissatisfied than younger workers. These young people thrive and will stay longer when companies support their social and mental well-being and give them interesting, meaningful work to do.

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Kitchen worker

CA Job Market Recovers 90% from COVID; NV Reaches 99%

After two years since the COVID-19 pandemic recession hit the economy, total non-farm employment in California has recovered nearly 90 percent of jobs lost in the labor market, and Nevada has crawled back 99 percent. However, these recoveries don’t account for lost ground and opportunity costs coming out of the pandemic.

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Lamont Black, cryptocurrency and blockchain-ledger technology expert and finance professor at DePaul University.
Lamont Black, cryptocurrency and blockchain-ledger technology expert and finance professor at DePaul University.

Leagues Take Exclusive Deep Dive into CU Crypto Education

To help propel credit unions into the future of financial services, the California and Nevada Credit Union Leagues are uncovering essential principles of cryptocurrency and how they relate to consumers, banking, and operations in 2022 and beyond through an exclusive four-part educational series.

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NCUA sign on wall

NCUA Board Next Week: Cybersecurity & DEI Program Update

The National Credit Union Administration's (NCUA) monthly board meeting will take place on Thursday, April 21 at 7 a.m. (Pacific).

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Seven CA and NV Credit Unions Win 2022 Member XP Award

Seven credit unions in California and Nevada have won MemberXP’s prestigious 2022 Best of the Best Award. The credit unions have demonstrated their strong commitment to providing extraordinary service and have earned both the respect of peers and the loyalty of their members.

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Latest ViClarity Newsletter Now Available

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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CU4Kids Proves Cooperation Counts

Cooperation is a guiding principle for credit unions, so it’s only fitting that credit unions have made philanthropy into a cooperative effort, raising money together to support their local Children’s Miracle Network Hospitals, working through leagues and chapters in their regions for fundraising events and activities, and even serving on boards within Children's Miracle Network (CMN) Hospitals.

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Meet Gen Z on Their Phones

Gen Z is starting to make more money than they ever have before, but they don’t know how to spend, save, or even invest it. So, they turn to their favorite resource: social media.

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Patelco CU Puts Financial Health In-Focus

April is Financial Capability Month—an entire month dedicated to financial health. Credit unions play an important role in financial literacy by encouraging and empowering members and communities about their financial capabilities.

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Risk 101 Webinar Archive Now Available

The California and Nevada Credit Union Leagues and ViClarity yesterday hosted an important webinar on assessing, mitigating, and monitoring risk at your credit union. Member credit unions who were unable to attend this session can view the archived webinar below.

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California State Senator Bill Dodd (center) with credit union leaders in Sacramento during the California Credit Union League's lobby day at this year's Government Relations Rally (GRR).
California State Senator Bill Dodd (center) with credit union leaders in Sacramento during the California Credit Union League's lobby day at this year's Government Relations Rally (GRR).

CU Leaders Have Productive Discussions with Lawmakers at GRR

Nearly 100 credit union leaders from across the state participated in this year’s California Government Relations Rally (GRR), which saw positive meetings and discussions with state legislators and regulatory officials as credit unions navigate the future.

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(Left to right): Michelle Linenberger, Professional Development Nurse Specialist and Nurse Educator at UC Davis Children’s Hospital; John Pamer, Chair of the Credit Union SacTown Run race and CEO of Diablo Valley Federal Credit Union; Tiffany Doty, Senior Vice President of Client Relationships for CO-OP Solutions; and Larry Palochik, Senior Vice President of Member Solutions for the California and Nevada Credit Union Leagues.
(Left to right): Michelle Linenberger, Professional Development Nurse Specialist and Nurse Educator at UC Davis Children’s Hospital; John Pamer, Chair of the Credit Union SacTown Run race and CEO of Diablo Valley Federal Credit Union; Tiffany Doty, Senior Vice President of Client Relationships for CO-OP Solutions; and Larry Palochik, Senior Vice President of Member Solutions for the California and Nevada Credit Union Leagues.

CU SacTown Run Raises $183K for CA and NV CMN Hospitals

The 12th Annual Credit Union SacTown Run, which took place Sunday, April 3 in Sacramento, raised more than $183,000 for 11 local Children’s Miracle Network Hospitals (CMN) across California and Nevada.

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FHFA: Foreclosure Suspension for Borrowers Applying for Relief Through HAF

The Federal Housing Finance Agency (FHFA) announced on April 6 that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that a borrower has applied for assistance under the Department of the Treasury’s Homeowner Assistance Fund (HAF).  

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NCUA to Begin Phase Two of Resuming Onsite Operations

The National Credit Union Administration (NCUA) announced the implementation of Phase Two of its phased approach to returning to onsite operations. Based on new guidance from the Centers for Disease Control and Prevention (CDC) and the Safer Federal Workforce Task Force, the agency will enter the second phase (Phase Two) of resuming its onsite operations on April 11, 2022.

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Why Your CU Should Join the FinHealth Fund

According to the Bureau of Economic Analysis (BEA) the U.S. economy grew by 5.7 percent in 2021. This represents the strongest calendar-year growth since 1984. GDP is a strong indicator of America’s overall economic health. With such strong growth, one might assume Americans are also benefiting from this economic revival.

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Ending Forced Arbitration of Sexual Assault and Harassment

On March 3, 2022, President Biden signed the “Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021” (the “Act”) into law.[1] At its essence, the Act amends the Federal Arbitration Act (the “FAA”) to provide that any predispute arbitration agreement or predispute joint-action waiver in a sexual assault dispute or a sexual harassment dispute filed under federal, tribal or state law is invalid and unenforceable. The person alleging the sexual assault or sexual harassment, or the named representative in a class action, may make this election. While that person may voluntarily choose to proceed with arbitration or proceed as an individual separate from a class or collective action, the law now prevents them from being compelled to do so and renders predispute agreements to that effect unenforceable.

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RMJ Foundation’s Bite of Reality Program Celebrates 10th Anniversary

Bite of Reality®, the Richard Myles Johnson (RMJ) Foundation’s signature program, is celebrating 10 years of providing a fun, interactive opportunity for credit unions to deliver financial education to youth in their communities. Since its inception in 2012, the program has reached more than 110,000 students in California and Nevada and evolved to incorporate technology, which has been shared with credit unions across the country.

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Economist Briefly Breaks Down Volatility and Issues for CUs

In his most recent video-update for credit union senior management across California and Nevada, Economist Robert Eyler breaks down what’s happening in the current economy, geo-political issues, and much more during a quick five-minute update.

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California State Capitol rotunda

CU Leaders Raise Their Voices Going Into Gov. Relations Rally

The California Community Reinvestment Act will not move forward in its current form! It is now important for credit union leaders to keep the advocacy drumbeat strong going into next week’s California Government Relations Rally (GRR) in Sacramento, as there are other issues impacting the industry statewide.

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This Quarter’s ‘Chapter News & Notices’: News, Updates & More

The California and Nevada Credit Union Leagues’ latest Chapter News and Notices (#LEAGUECHAPTERS) has arrived, bringing you quarterly news and information about League Chapters!

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State Labor Markets Hit Milestones; Still Catching Up to U.S.

According to data released this past week, California and Nevada’s respective job markets hit a milestone in February. Total non-farm employment in California has recovered 87 percent of jobs lost during the COVID-19 pandemic recession (in 2020), and Nevada has recovered 98.9 percent of jobs lost.

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Emerging Risk Outlook: Keep Ahead of Trends and Issues

Innovation, employee experience and evolving consumer preferences are changing the financial services landscape. This includes the way financial products and services are delivered. Many credit unions are exploring ways to address the changing landscape, to increase efficiencies, grow their reach and improve competitiveness. No matter what your organization’s approach is, there’s a new level of scrutiny that you need to apply.

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Donna Bland, CEO of Golden 1 CU and newly appointed Board Member of the California Credit Union League
Donna Bland, CEO of Golden 1 CU and newly appointed Board Member of the California Credit Union League

Donna Bland Appointed to California League Board of Directors

Golden 1 CU CEO Donna Bland has been appointed to the board of directors for the California Credit Union League, helping represent the interests of 279 locally headquartered credit unions in California and their nearly 13.3 million members.

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CFPB Extends Public Comment Deadline on 'Junk Fees'

The Consumer Financial Protection Bureau (CFPB) has received a tremendous amount of feedback from its Request for Information on exploitive junk fees. The more than 25,000 comments the bureau has received through mid-March shows the high-level of public interest on this topic, and the number of people affected by exploitative junk fees.

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(Bottom center): Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra
(Bottom center): Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra

CFPB's Rohit Chopra Discusses Issues with Leagues & CUs

Leaders from the California and Nevada Credit Union Leagues and member credit union CEOs were honored to be the first state credit union trade association having a one-hour session with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra yesterday.

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Sacramento capitol

Stop California's CRA Bill: Tell Senators 'NO on SB 1176'

The California Credit Union League activated Connect for the Cause this week to launch a campaign opposing Senate Bill 1176, the California Community Reinvestment Act (CRA).

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Ron Menor, AVP of Branch Sales and Service for Silver State Schools CU (and Chair of the Nevada Credit Union League's Nevada Southern Chapter),
Ron Menor, AVP of Branch Sales and Service for Silver State Schools CU (and Chair of the Nevada Credit Union League's Nevada Southern Chapter),

Ron Menor: 'How Much Advocacy Means' & CU Responsibility

Ron Menor, assistant vice president of branch sales and service for Silver State Schools CU in Nevada (and chair of the Nevada Credit Union League's Nevada Southern Chapter), recently attended the Credit Union National Association's (CUNA) 2022 Governmental Affairs Conference (GAC) as part of the Crashers program. When he returned, we asked him to share some insights from his experience. 

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2021 HMDA Data on Mortgage Lending Now Available

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy.

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Heightened Risk of Social Engineering and Phishing Attacks

In a risk alert to federally insured credit unions, the National Credit Union Administration (NCUA) indicated that the on-going conflict in Ukraine has raised concerns about potential cyberattacks in the U.S., including those against the financial services sector. Therefore, the NCUA is cautioning all credit unions (regardless of size) – as well as vendors serving credit unions – to remain vigilant of potential targets for cyberattacks, like social engineering and phishing attacks. The NCUA further reminds credit unions to reiterate the continued importance of educating credit union employees and members on how to avoid these threats.

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CU4Kids Wine Auction Raises Record $1.5M

The seventeenth annual California and Nevada Credit Unions for Kids Wine Auction raised a record $1.5 million benefitting the eleven Children’s Miracle Network (CMN) Hospitals in California and Nevada. This is the eighth consecutive year that the event has raised more than $1 million for these hospitals.

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Put Time on Your Side During Negotiations

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.

As a part of this series, Maple Street’s pros explore ways your institution could be wasting money and what you can do to fix the problem.

Wasting money mistake #804: Bad timing in closing the deal

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Celebrating Women’s History Month: Q & A with Tonja Wheatley

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

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Simplify Member Auto Buying with Autoland

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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L-R: SAFE CU CEO Dave Roughton, chairman of the California Credit Union League; and and Clark County CU CEO Matt Kershaw, chairman of the Nevada Credit Union League
L-R: SAFE CU CEO Dave Roughton, chairman of the California Credit Union League; and and Clark County CU CEO Matt Kershaw, chairman of the Nevada Credit Union League

CA and NV Leagues Pledge $100K Toward Ukraine Relief Efforts

In the spirit of making a difference during a time of global tragedy, the California and Nevada Credit Union Leagues has pledged $100,000 toward Ukrainian financial relief efforts to help sustain credit union employees and members who are most in need as the current crisis unravels across that country.

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Strategic Plan, Annual Performance, & Corporate Resolution

During the National Credit Union Administration's (NCUA) monthly board meeting this week, the board approved the agency's 2022 – 2026 Strategic Plan, which provides strategic goals and objectives for the next five years.

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Tap Into 'National Credit Union Youth Month' Resources Today

“Save Small — Dream Big” is this year’s theme for April for National Credit Union Youth Month! Credit unions can convey the Youth Month message to younger and future members, encouraging kids to develop good financial habits.

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Ukraine, Cybersecurity, 'CAMEL,' and Student Loan Webinar

Following the rapidly evolving situation in Ukraine and Russia, California Department of Financial Protection and Innovation (DFPI) Commissioner Cloey Hewlett issued guidance to credit unions, banks, money transmitters and others on March 4 reminding financial institutions to follow state and federal regulations and be mindful of elevated cybersecurity risk.

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Thank You for Participating in the League Political Reception

The California and Nevada Credit Union Leagues wants to thank those who participated in last week’s League Political Reception! You can view photos of the event here.

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‘Emerge, Engage, Empower’ at HI League's Annual Convention

As one of the California and Nevada Credit Union Leagues' educational and professional development partners, the Hawaii Credit Union League is extending a special invitation to credit union leaders from California and Nevada to attend its annual convention — Emerge, Engage, Empower — from April 28 – 30 at the Hyatt Regency Maui Resort and Spa.

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Amazon Business: Leagues Members Get 15% Off

All California and Nevada Credit Union Leagues members are eligible for exclusive discounts through Amazon Business. During REACH 2021, the Leagues welcomed Amazon Business as a new business partner. This partnership provides member credit unions access to hundreds of thousands of sellers who offer business-only selection, quantity discounts, and time-saving features that help businesses run better.

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CFPB Targets Unfair Discrimination in Consumer Finance

The Consumer Financial Protection Bureau (CFPB) has made changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. 

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Celebrating Women’s History Month: Q & A with Linda White

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

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High Activity of Skimming Devices

FTSI is seeing a spike in ATM skimming attacks with new types of skimming devices found by FTSI technicians. With an unusually high volume of activities being reported, it is important to have your branch staff inspect the ATMs on a daily basis.

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Giving Reason to the Rhyme: Making Sense of Member Sentiment

Credit unions are renowned for their dedication to member service, but as technology continues to redefine the world, the definition of a positive member experience also evolves. What's more difficult, as remote channels continue to grow in popularity and sophistication, members are using the same words and phrases to mean very different things.

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Rep. Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee
Rep. Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee

CUs Win Victory on Capitol Hill; Press Forward on Other Fronts

The bipartisan spending package bill on Capitol Hill is now headed to President Joe Biden’s desk for signature and includes the Credit Union Governance Modernization Act, an important piece of legislation addressing member expulsions.

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California Credit Unions Donate $22K to Ukraine's CU System

Nearly $22,000 has been contributed by five California credit unions to the Ukrainian Credit Union Displacement Fund, which was recently established to send support to Ukraine's credit union system and help those most in need.

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Annual Data Revisions Show Healthier CA & NV Job Markets

Annual seasonal revisions to each state’s labor force numbers within the job market show California and Nevada recovered lost employees and work positions coming out of the COVID-19 pandemic at a noticeably faster rate than previously thought.

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Strategic Plan, Annual Performance, & Corp. Resolution Update

The National Credit Union Administration's (NCUA) monthly board meeting will take place on Thursday, March 17 at 7 a.m. (Pacific).

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'Emerging Risks Outlook' Launched on Seven Emerging Topics

CUNA Mutual Group has announced a new valuable resource for credit unions — the Emerging Risks Outlook, which addresses seven emerging risk topics (overdraft/NSF fee litigation, ransomware, defective post-repossession notices, ATM smash-and-grabs, Zelle/P2P fraud, slips, trips and falls, and wire fraud/business email compromise).

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ViClarity Leaders Talk Governance, Risk, and Compliance at GAC

More than 2,000 professionals convened at the Governmental Affairs Conference in Washington, D.C. last week, including ViClarity—a California and Nevada Credit Union Leagues company—who sat down with CUBroadcast to discuss recent company activities, as well governance, risk, and compliance (GRC) updates for credit unions.

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Overdraft Protection Programs Webinar on March 23

Overdraft protection programs are important to credit unions and their members. The National Creidt Union Administration (NCUA) is hosting a webinar where credit unions can learn more about these programs and what market changes can mean.

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FinCEN Warns of Potential Russian Sanctions Evasion Efforts

The Financial Crimes Enforcement Network (FinCEN) has issued an alert to financial institutions, warning them of potential for attempts to evade expansive sanctions and other measures implemented in connection with the Russian Federation’s ongoing invasion of Ukraine. The alert provides example red flags to assist in identifying suspected sanctions evasion activity nd reminds financial institutions of their reporting obligations under the Bank Secrecy Act reporting (e.g., suspicious activity report (SAR)) obligations.

All credit unions should carefully review the alert here.

 

 

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NCUA: CAMELS Rule Effective April 1

In a recent letter to credit unions (22-CU-05), the National Credit Union Administration (NCUA) noted its board has approved a final rule that added the Sensitivity to Market Risk, or “S,” component to the existing CAMEL rating system and redefined the Liquidity Risk, or “L,” component. The effective date of the CAMELS final rule is April 1, 2022. Federally insured corporate and natural person credit unions will receive CAMELS component and composite ratings from the NCUA based on the new CAMELS rating system, beginning with examinations and supervision contacts started on or after April 1, 2022.

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Growing Your CU’s Financial Advisor Team in the Age of the Great Resignation

For the last several months, workers have been quitting their jobs at or near record levels. According to the latest Job Openings and Labor Turnover Summary (JOLTS) release from the Bureau of Labor Statistics the quit rate increased to three percent in November of 2021.1 That matches the all-time high last seen in September. Much of this recent trend can be attributed to what is known as the Great Resignation­­. Many experts believe the COVID-19 global pandemic provided workers the opportunity to rethink their careers, long-term goals and work/life balance. This reflection has led to the mass exodus employers are now seeing.

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Celebrating Women’s History Month: Q & A with Marci Francisco

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

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Implementing Recent Changes to California Credit Union Law

As a result of the passage of SB 269, a number of changes to California’s Credit Union Law (Cal. Fin. Code §14000, et seq.) went into effect on Jan. 1, 2022. These changes were designed to modernize and strengthen the state charter. Changes include, but are not limited to:

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CU House Celebrates 20th Anniversary, Elects Dykstra as New Board Director

In celebration of its 20th Anniversary, the Credit Union House Board of Directors held a ceremonial ribbon cutting to kick off their Annual Meeting on Feb. 27. Credit Union House holds its annual meeting in conjunction with the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) each year.

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‘GAC’ Recap: CUs Have Effective Meetings with Regulators

This past week, the California and Nevada Credit Union Leagues and its members joined nealry 2,200 other credit union advocates in Washington, D.C. for the Governmental Affairs Conference (GAC). The Leagues facilitated approximately a dozen in-person meetings with regulators alongside its virtual programming from the preceding week to discuss important topics impacting the system. Additionally, attendees heard from dynamic keynote speakers with a variety of life experiences and viewpoints.

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Origence Delivers Record $57.4 Billion in CU Loans in 2021

Origence, a CU Direct brand and a California and Nevada Credit Union Leagues associate partner, delivered a record amount in credit union loans through its lending platforms in 2021.

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CA Governor Signs Order to Update Workplace Safety Rules

Following the California Department of Public Health’s (CDPH) release of new indoor masking guidance, California Governor Gavin Newsom signed an executive order on Feb. 28 that updates the Division of Occupational Safety and Health (Cal/OSHA) COVID-19 Emergency Temporary Standard (ETS) in keeping with the current guidance. 

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Ukraine Conflict Talking Points for CUs; Displacement Fund

The California and Nevada Credit Union Leagues understand the seriousness of the situation in Ukraine and the security concerns it has raised in our states, across the country, and globally. While we hope the military escalation ends swiftly and peacefully, it is important to reassure your members that their money is safe and secure at the credit union. This is a rapidly evolving situation and helping members through emergencies and crises like these are what credit unions do best. Here are a few key points we recommend communicating with your members:

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CUNA/League-Supported Bipartisan FCU Act Update Introduced

On March 2, Reps. Juan Vargas (D-CA) and Anthony Gonzalez (R-OH) introduced the Credit Union National Association (CUNA)/League-supported Credit Union Board Modernization Act (H.R. 6889) to update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.

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Celebrating Women’s History Month: Q & A with Jennifer Denoo

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

A Q & A with Jennifer Denoo, president and CEO of Great Basic FCU.

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Bob Arnould, Senior Vice President of Advocacy for the California and Nevada Credit Union Leagues
Bob Arnould, Senior Vice President of Advocacy for the California and Nevada Credit Union Leagues

Bob Arnould Honored with Farley League Leadership Award

It is with deep gratitude, profound respect, and much excitement that the California and Nevada Credit Union Leagues joins colleagues nationwide in honoring the celebration of Bob Arnould, who received the 2022 Eugene H. Farley League Leadership Award this past weekend from the American Association of Credit Union Leagues (AACUL) in Washington, D.C.!

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CU Advocacy Update: Sacramento & Washington, D.C. in Focus

So far, more than 2,000 bills have been introduced in the California State Legislature. About 32 percent of these are referred to as “spot bills” or “intent bills," only showing intent to be enacted — that’s all.

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Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University
Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University

Growth Across CA & NV Varies Greatly Coming Out of COVID

An important economic update provided to the California and Nevada Credit Union Leagues this week revealed how various regions within both states are recovering uniquely and in-line with local worker, household, business, and labor market demographic trends.

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California's Mortgage Relief Program Still Accepting Applications

Are your credit union's members behind on their mortgage payments? They may qualify for California Mortgage Relief, a $1 billion mortgage assistance program that could help qualified homeowners get caught up on housing payments.

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CDFI Applications Consolidate Under One Process

The streamlined application process for those credit unions eligible to seek certification as a Community Development Financial Institution (CDFI) is being phased out.

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Equal Credit Opportunity Act Nondiscrimination Requirements

In a recent letter to credit unions, the National Credit Union Administration (NCUA) summarized general nondiscrimination requirements and signal fair lending risk areas related to marital status, age, income consideration, redlining, and indirect lending.

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Celebrating 'Black History Month': CEO Spotlight with Paris Chevalier

February is Black History Month. To celebrate, the California and Nevada Credit Union Leagues are honoring the achievements and contributions of African American credit union leaders and asking them to share some perspectives about their heritage, career, and family.

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Great Resignation Not So Great for You?

The COVID-19 pandemic brought many challenges for credit unions and community banks over the past few years, including the Great Resignation. This ongoing trend of employees voluntarily leaving their jobs in search of more money, flexibility and satisfaction is expected to continue. People are quitting their jobs in droves. By the end of November 2021, there were about 10.56 million job openings in the United States. 

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Interagency Statement on Special Purpose Credit Programs

Five federal financial institutions regulatory agencies, in conjunction with the Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency, and the Department of Justice (hereafter, the agencies) have issued an interagency statement reminding creditors of the ability under the Equal Credit Opportunity Act (ECOA) and Regulation B to establish special purpose credit programs (SPCPs) to meet the credit needs of specified classes of persons. SPCPs are credit assistance programs for economically or socially disadvantaged consumers and commercial enterprises.

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Harold Roundtree, CEO of UNCLE CU
Harold Roundtree, CEO of UNCLE CU

Celebrating 'Black History Month': CEO Spotlight on Harold Roundtree

February is Black History Month. To celebrate, the California and Nevada Credit Union Leagues are honoring the achievements and contributions of African American credit union leaders and asking them to share some perspectives about their heritage, career, and family.

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Discussion on CU Programs Spotlights Current Environment

More than 400 industry leaders and professionals tuned-in to Filene Research Institute’s “So You Want to Talk About Overdraft” webcast yesterday, hosted by the future-forward thinktank to help credit unions navigate the current operational, political, and financial services environment surrounding overdraft protection programs.

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Fed's Latest Issue of 'Consumer Compliance Outlook' Available

The latest issue of Consumer Compliance Outlook from the Federal Reserve Board is now available! This issue includes topics regarding adverse action notices under the Equal Credit Opportunity Act, flood insurance, fair lending, regulatory updates, recent federal court opinions, and an important regulatory calendar. 

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Elizabeth Eurgubian, the new Director of External Affairs and Communications and Policy Advisor for the National Credit Union Administration (NCUA)
Elizabeth Eurgubian, the new Director of External Affairs and Communications and Policy Advisor for the National Credit Union Administration (NCUA)

Agency Renews PCA Relief; Hires CUNA's Elizabeth Eurgubian

During this month's meeting, the National Credit Union Administration (NCUA) board unanimously approved two items: 1) an interim final rule that extends two temporary changes to the prompt corrective action (PCA) regulations; and 2) a notice of proposed rulemaking for assigning certain federally insured credit unions to the appropriate NCUA supervisory office.

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

State CRA Bill Introduced in CA; Congressman Meets with CUs

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

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4Q 2021: Loan Growth Revs Up as Deposit Surge Downshifts

Credit unions are at a pivotal crossroads as 2022 begins. Year-over-year loan growth is finally speeding up as deposit growth starts declining — although outstanding deposits remain at record highs.

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Reg. Alert: 2022 Truth in Lending Act Adjustment to Asset-Size Exemption Threshold

The Consumer Financial Protection Bureau (CFPB) published annual adjustments for asset-size exemption thresholds under the Truth in Lending Act (TILA), as implemented by Regulation Z, which became effective on Jan. 1, 2022. The asset-size thresholds exempt certain credit unions from escrow account requirements for higher-priced mortgage loans and specific qualified mortgages under Regulation Z.

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Four Formidable Forces Shaping the CU Digital Landscape

Financial services continue to see rapid-fire developments that are creating an increasingly competitive environment. While there is seemingly no shortage of areas requiring the critical focus of credit union leadership, there are four common denominators that are together exerting transformational influence on the credit union digital landscape.

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New Tax Services Program—Love My Credit Union Rewards

Attention Leagues members! Love My Credit Union Rewards has launched a new Tax Services Program that now offers credit union member discounts on both Intuit TurboTax® and H&R Block®—providing members with special savings on the most popular tax preparation services.

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California CRA Brewing, PAGA Push, COVID Sick Leave & More

A state-level version of the federal Community Reinvestment Act (CRA) will be introduced in the California State Legislature this year, setting up credit unions for a major battle in Sacramento.

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Celebrating 'Black History Month': CEO Spotlight with Charles R. Wiggington, Sr.

February is Black History Month. To celebrate, the California and Nevada Credit Union Leagues honor the achievements and contributions of African American credit union leaders and asked them to share some perspective about their heritage, career, and family.

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Wacky CA & NV Labor Markets Could Last Until 2023 to 2025

Recent financial and economic trends exhibited by households, workers, and consumers across California and Nevada point to the possibility of today’s historically unusual labor market not reaching some sense of normalcy in either state until sometime between 2023 – 2025.

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Carlyn Roy, Executive Development Partner for Humanidei + O’Rourke
Carlyn Roy, Executive Development Partner for Humanidei + O’Rourke

Carlyn Roy Welcomed as Executive Development Partner

Humanidei + O’Rourke has expanded its executive development practice by welcoming Carlyn Roy as executive development partner!

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Leverage Collaboration, Data, and Technology to Drive Down Healthcare Costs

How can credit unions continue delivering robust and competitive employee benefits when the trajectory of healthcare costs is rising at such a steep pace? Here are three tips to help get us in the right direction. Collaboration. Data. Technology.

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An Engagement Strategy to Grow Your Cardholder Portfolio

As a financial institution, you’re in a position that companies in other industries envy. You offer cardholders a product they use several times in one day or week. Each time they engage with your card, you access new insights that help you better understand your cardholders’ behaviors and preferences. When you apply those insights to encourage the kind of cardholder engagement that deepens relationships and helps build loyalty, you can grow your cardholder portfolio further. Here’s a closer look at how you can build an engagement strategy that unlocks all the unique opportunities within your cardholder portfolio.

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Virtual Prepaid Cards: Better for the Environment and for Business

Virtual or Plastic? It’s a choice that soon all credit unions and card issuers will be asking as the virtual card market continues to grow to a predicted threefold increase by 2025 (PYMNTS.com). While it’s easy to see the environmental benefit of not filling landfills with plastic cards, recognizing the added business benefits of virtual cards can require a closer look. A deeper investigation uncovers the advantages of virtual cards with new tokenized technology.

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New Legislation Impacting Settlement and Severance Agreements

On Jan. 1, 2022, Senate Bill (SB) 331[1] went into effect, continuing California’s trend in recent years of restricting the use of confidentiality provisions in settlement agreements involving claims of sexual assault, sexual harassment, and sex discrimination.

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Registration Open: NCUA Capital Adequacy Framework Webinar on Feb. 23

Final Risk-Based Capital (RBC) rule effective for January 2022 and a final rule approved by the Board at the December 2021 meeting for the Complex Credit Union Leverage Ratio (CCULR) will transform the regulatory capital framework for the credit union industry. The implementation of RBC and CCULR will require complex credit unions to understand how to evaluate regulatory capital, Risk-Based Capital standards, and how the new Subordinated Debt rule intersects with the Capital standards.  Credit Unions will also be trained on the Call Reporting requirements for both the RBC and CCULR forms and instructions. 

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League & CUs Focused on ADU Financing Hearing in Sacramento

The California Assembly Banking and Finance Committee and the Assembly Housing and Community Development Committee will hold a joint informational hearing to learn more about Accessory Dwelling Unit (ADU) construction financing on Feb. 7 at 9:30 a.m.

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Register for 'CUNA GAC On-Air,' a Unique Virtual Option

The Credit Union National Association (CUNA) opened registration this week for “CUNA GAC On-Air,” a limited-content, virtual option to attend the 2022 Governmental Affairs Conference (GAC).

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Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University
Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University

CUs and Members: Variants vs. Volatility in First Quarter 2022

Credit union economist and labor market expert Robert Eyler recently provided his outlook on the jobs market, interest rates, household incomes, the housing market, and other demographics throughout California and Nevada to help credit unions plan for this year and assist their members in a volatile marketplace.

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FASB Denies Delaying CECL, but TDR Dropped if CUs Adopt It

The Financial Accounting Standards Board (FASB) met on Feb. 2 and voted to deny the requests for deferring the adoption of the current expected credit loss (CECL) accounting model for nonpublic entities, which includes credit unions.

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HMDA News: 2021 and 2022 Data Collection and Submission Requirements

The National Credit Union Administration (NCUA) issued two separate regulatory alerts pertaining to Home Mortgage Disclosure Act (HMDA) data collection and submission requirements for 2021 and 2022.

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Making AI Accessible to Credit Unions of all Sizes

Check out a recent podcast with Zest's CTO Jay Budzik on how it's getting easier for smaller financial institutions to implement AI in their legacy systems.

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Current Geopolitical Events Increase Likelihood of Cyberattacks

The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has recently issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.

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State & Federal Legislative and Regulatory Updates to Note

While the California State Legislature’s bill introduction deadline is Feb. 18, the California Credit Union League will have a better idea on what to expect in the coming year by this date.

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Succession Planning, Sup. Priorities, & CLF Enhanced Authority

The National Credit Union Administration (NCUA) board held its first open meeting of 2022 and approved a proposed rule on succession planning. Additionally, the NCUA board was briefed on the agency's 2022 supervisory priorities and the status of the Central Liquidity Facility (CLF) following the statutory expiration of its enhanced authority.  Here are key takeaways:

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Dave Gunderson, CEO of CU of Southern California
Dave Gunderson, CEO of CU of Southern California

CU SoCal Doubles Up on Employee Bonuses Amid Pandemic

CU of Southern California ended 2021 by giving out a pair of bonuses to every employee, issuing a holiday bonus on Nov. 19 and an inflation bonus on Dec. 17.

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January ViClarity Newsletter Now Available

The January edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union League members-only password.

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Too Busy to Save Your Members Money

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.

As a part of this series, Maple Street’s pros explore ways your institution could be wasting money and what you can do to fix the problem.

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Greg Glawson, Chief Information Officer for UNIFY Financial CU
Greg Glawson, Chief Information Officer for UNIFY Financial CU

CU Launches ‘Bitcoin’ Support; Offers Buy, Sell, & Hold Services

In a recently published article, CreditUnions.com featured Greg Glawson, the chief information officer at UNIFY Financial CU (headquartered in Torrance, CA):

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Job Market Drag Continues as Labor Issues & Mismatch Persists

Continued slow growth in each state’s labor force within the California and Nevada job markets continues to be the main culprit rearing its head out of a confluence of worker and employee trends transpiring over the past 12 months — a trend not expected to change course until mid to late-2022.

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Member Tax Discounts Now Available

Give your members a helping hand this tax season with CU Solutions Group's (CUSG) Love My Credit Union Rewards Tax Services Program, which is now offering member discounts with both Intuit TurboTax and H&R Block—giving credit union members more choices and more ways to save this tax season.

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Operating Fee Schedule Adjusted for 2022

In December 2021, the National Credit Union Administration (NCUA) Board unanimously approved a new budget. As a result of that decision and other factors, federal credit union operating fees will decrease by an average of 23.7 percent in 2022.

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Four Important Items on Next Week's Board Meeting Agenda

The National Credit Union Administration (NCUA) Board of Directors will host its January meeting next week on Thursday, Jan. 27, at 7 a.m. (Pacific).

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Dave Roughton of SAFE CU was named “Most Admired CEO” this week by the Sacramento Business Journal.
Dave Roughton of SAFE CU was named “Most Admired CEO” this week by the Sacramento Business Journal.

‘Most Admired CEO’ Praises Team for CU’s Success During COVID

SAFE CU’s Dave Roughton was named “Most Admired CEO” this week by the Sacramento Business Journal for his exemplary leadership displayed during the immense challenges posed by the COVID-19 pandemic — a remarkable characteristic portrayed by many credit union leaders over the past two years.

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CFPB Alert on Discrimination Involving Religion

The Consumer Financial Protection Bureau (CFPB) recently posted a blog article concerning recent findings that some lenders had violated fair lending law by inquiring about small business applicants' religious affiliation and by consider an applicant's affiliation in the credit decision.

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NCUA’s 2022 Supervisory Priorities and Exam Program Updates

In a recent letter to credit unions, the National Credit Union Administration (NCUA) details its supervisory priorities for 2022. The NCUA remains committed to focusing its examination activities on the areas that pose the highest risk to credit unions, credit union members, and the National Credit Union Share Insurance Fund.

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See What Makes POPi/o the Premiere Digital Platform

In their latest webinar, POPi/o unveiled major enhancements and demonstrated some of their platform’s most useful features. See how Digital Member Engagement could become your credit union’s greatest asset.

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How Credit Unions Can Build Successful Fintech Partnerships

I can’t think of a more exciting time to be part of financial services and the credit union movement specifically. The industry is undergoing one of the greatest revolutions in our history. It is a time of monumental change, and along with it, incredible opportunity.

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DFPI Releases Final California CU Code of Regulations Proposal

The California Department of Financial Protection and Innovation (DFPI) has released the final version of the proposed amendments to the California Credit Union regulations (California Code of Regulations, Title 10 sections 30.102, 30.200, 30.300, and 30.803, and the repeal of section 30.101.5).

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CU Diversity Self-Assessment Deadline Extended to Jan. 31

To allow federally insured credit unions more time to complete and submit the voluntary Credit Union Diversity Self-Assessment, the National Credit Union Administration (NCUA) has extended the deadline from Jan. 15 to Jan. 31, 2022.

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NCUA Revises Call Report, Form 5300

Following the National Credit Union Administration's (NCUA) Board’s approval of a final rule that simplifies the risk-based capital requirements for eligible, complex credit unions, and as part of its Call Report Modernization Initiative, the NCUA has modified the Call Report, Form 5300, beginning with the March 2022 reporting cycle.

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(L-R clockwise): Political Advocacy Manager Angelica Pappalardo; Vice President of Education and Professional Development Jeff Boian; Vice President of Regulatory Advocacy and Compliance Lisa Quaranta; and Vice President of Social Impact Daniel West
(L-R clockwise): Political Advocacy Manager Angelica Pappalardo; Vice President of Education and Professional Development Jeff Boian; Vice President of Regulatory Advocacy and Compliance Lisa Quaranta; and Vice President of Social Impact Daniel West

New League Staff and Changes are Pivotal Going Into 2022

The California and Nevada Credit Union Leagues recently made some important staff additions and role changes to further its aim of changing credit union members’ lives! That’s because supporting credit unions’ operations, awareness, guidance, and strategy remain pivotal going into 2022.

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California's legislative district lines can viewed on the “We Draw the Lines CA” Map Viewer webpage.
California's legislative district lines can viewed on the “We Draw the Lines CA” Map Viewer webpage.

CA Legislature, Redistricting, Victories, and NV Senator Reid

This week, California state legislators returned to Sacramento as the 2022 legislative session begins. Legislators are eager to get back to work, especially on bills that stalled in 2021, and committee hearings are already being scheduled for the weeks ahead.

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Congressional Meeting Access and Details on Capitol Hill

The Credit Union National Association’s Governmental Affairs Conference (GAC) in Washington, D.C. returns live from Feb. 27 – March 3! The event brings credit union advocates back to our nation’s capital with a few changes, especially around Capitol Hill.

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2022 COVID Health Guidance, Mortgage Program, & Reg. Relief

On Dec. 30, 2021, the California Department of Public Health (CDPH) issued guidance interpreting the Centers for Disease Control and Prevention’s (CDC) Dec. 27 update to isolation and quarantine guidelines. 

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NCUA Clarification: 3rd Parties Providing Digital Asset Services

The National Credit Union Administration (NCUA) has provided clarity about the already existing authority of federally insured credit unions (FICUs) to establish relationships with third-party providers that offer digital asset services to the credit unions’ members, provided certain conditions are met.

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Welcome to the New Quarterly ‘Chapter News & Notices’

The California and Nevada Credit Union Leagues have re-launched Chapter News and Notices (#LEAGUECHAPTERS), bringing quarterly news and information about League Chapters to your inbox!

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CO-OP Financial Services Celebrates 40th Anniversary

CO-OP Financial Services celebrated its 40th anniversary in 2021 with numerous achievements that signal its continued leadership in building a modern financial services experience.

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This Loan is Changing the Game. For Good.

A loan is a loan is a loan, right? Well, not so much since the Kasasa Loan has come into the picture. In fact, many of the preconceived notions around loans have been turned on their ear. Why? Because the Kasasa Loan is the only auto and personal loan that gives borrowers the flexibility and control of Take-Backs™—where consumers can pay ahead to reduce debt, and still access those extra funds if they need them. It also offers the transparency they crave through an award-winning dashboard that allows them to better understand and manage their debt in real time.

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NCUA Extends COVID-19 Regulatory Relief Through 2022

The National Credit Union Administration (NCUA) recently announced that the board further extended its temporary final rule, which modified certain regulatory requirements to help ensure that federally insured credit unions (FICUs) remain operational and can address economic conditions caused by the COVID-19 pandemic.

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Labor Markets Continue Slog as Worker Supply Problems Persist

The California and Nevada job markets’ slow labor force growth is a common month-to-month trend nowadays, and it seems to have entrenched itself for now. The pool of individuals who are “willing and able” to work — as well as job-jumpers from one occupation to another — is making for one of the most difficult job market situations in modern history as employers trudge forward.

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IRS Releases Standard Mileage Rates for 2022

The Internal Revenue Service (IRS) released its 2022 Standard Mileage Rates.  As of Jan. 1, 2022, the standard mileage rates for business use of a car (including vans, pickups, or panel trucks) will be 58.5 cents per mile, up 2.5 cents from the rate for 2021.

Click here to read the IRS notice on 2022 standard mileage rates. 

Todd Clark, President and CEO of CO-OP Financial Services
Todd Clark, President and CEO of CO-OP Financial Services

A Year of Market Momentum: Innovation & Client Satisfaction

CO-OP Financial Services, the market-leading financial technology platform for the credit union movement, celebrated its 40th anniversary this year with numerous achievements that signal its continued leadership in building a modern financial services experience.

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Cloey Hewlett, Commissioner of the California Department of Financial Protection and Innovation (DFPI)
Cloey Hewlett, Commissioner of the California Department of Financial Protection and Innovation (DFPI)

CA's DFPI CU Advisory Committee Meets with Commissioner

The California Department of Financial Protection and Innovation (DFPI) held its quarterly California Credit Union Advisory Committee meeting this past week, where attendees got to meet newly appointed Commissioner Cloey Hewlett.

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NOL, Budget, Leverage Ratio, Mortgage Servicing, & Sub. Debt

During this week’s National Credit Union Administration (NCUA) board meeting, the board approved setting the National Credit Union Share Insurance Fund’s (NCUSIF) normal operating level (NOL) at 1.33 percent in 2022, adopted its 2022 - 2023 budget, and approved three final rules. Here the key takeaways:

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NCUA Letter: Automated Cybersecurity Evaluation Toolbox

The National Credit Union Administration (NCUA) issued a letter to federally insured credit unions discussing the Automated Cybersecurity Evaluation Toolbox (Toolbox) application that was released in October in an effort to help credit unions understand their level of cybersecurity preparedness.

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6 California CUs Awarded Long-Term Secondary Capital Loans

Vice President Kamala Harris and Treasury Secretary Janet Yellen announced $8.7 billion of capital provided to community development financial institutions (CFDIs) from the U.S. Treasury Department’s Emergency Capital Investment Program (ECIP) this week — benefitting Episcopal Community FCU, Financial Partners CU, MERCO CU, Northeast Community FCU, Orange County’s CU, and USC CU.

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WCMS Alumni Association Announces ‘Frogcast’ Podcast Series

The Western CUNA Management School (WCMS) Alumni Association has launched “Frogcast,” an innovative podcast created, maintained, and updated by WCMS alumni to foster innovative discussions, education and insights from the credit union movement.

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The Dangers of Maverick Contracting

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.

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Jose Luis Pacheco, Board Member of Santa Clara County FCU and Board Member-Elect of the California Public Employees Retirement System (CalPERS) Board of Administration — to be sworn in on Jan. 16, 2022.
Jose Luis Pacheco, Board Member of Santa Clara County FCU and Board Member-Elect of the California Public Employees Retirement System (CalPERS) Board of Administration — to be sworn in on Jan. 16, 2022.

‘A Public Calling’: CU Board Member in 2 Worlds Shares Thoughts

You won’t find many — if any — credit union board directors who double as board administrators of their state’s pension fund. Jose Luis Pacheco, a nearly four-year board member of $1 billion-asset Santa Clara County FCU, is that leader.

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Complete the Volunteer CU Diversity Self-Assessment by Jan. 15

Federally insured credit unions are invited to complete the Voluntary Credit Union Diversity Self-Assessment before Jan. 15, 2022. The self-assessment is a valuable tool for credit unions that want to commit to the principles of diversity, equity, inclusion, and belonging.

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Learning from Top-Performing CUs: Strategic Do’s and Don’ts

In 2008, the bottom fell out of the economy. The Great Recession devastated world financial markets, the banking industry and real estate. During this time of great economic upheaval, CUNA Mutual Group launched what would become a series of informational presentations to raise thought-provoking questions and share strategic insights to help inform credit unions' strategies for surviving the recession and thriving beyond. Some of the topics explored included “Why the Credit Union System is Needed Now More Than Ever” and “Battle for the American Consumer”. As a member of the team that produced and delivered these early thought leadership presentations, I conducted much of the secondary research on these topics and helped create this content. 

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Attendees at the American Association of Credit Union Leagues' (AACUL) 2021 Winter Conference.
Attendees at the American Association of Credit Union Leagues' (AACUL) 2021 Winter Conference.

State Leagues Focus on Strengthening CU System & Members

The California and Nevada Credit Union Leagues and fellow state leagues recently came together in Arizona for the American Association of Credit Union Leagues’ (AACUL) winter conference — a yearly gathering focused on advancing the movement and collaborating in support of credit unions and their members nationwide.

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Vince Salinas, Vice President of Home Loans at Patelco CU
Vince Salinas, Vice President of Home Loans at Patelco CU

Robots to the Rescue: Revving Up the Mortgage Flow Process

In a recently published article, CreditUnions.com featured Vince Salinas, vice president of home loans at Patelco CU (headquartered in Dublin, CA):

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GAC "Crashers" in Washington, D.C.
GAC "Crashers" in Washington, D.C.

'Crash the GAC' 2022 Deadline is This Coming Sunday

Applications close this Sunday, Dec. 12, for Crash the GAC 2022! A “crasher” from your credit union can apply here.

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Insurance Fund, Leverage Ratio, Mortgage Servicing, & More

The National Credit Union Administration (NCUA) Board will have its meeting next week on Thursday, Dec. 16, at 7 a.m. (Pacific). Here is what to expect:

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L-R: SAFE CU CEO Dave Roughton and CIO Michael McCarthy
L-R: SAFE CU CEO Dave Roughton and CIO Michael McCarthy

‘Ransomware Rollercoaster’: What’s Your Level of Confidence?

SAFE CU CEO Dave Roughton and CIO Michael McCarthy recently delivered a relevant presentation on a ransomware attack at their credit union, fostering discussion and questions among credit union CEOs on the invaluable lessons learned.

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Make Compliance Your New Year’s Resolution

Now is the time to reflect on your credit union’s compliance performance and set new goals for 2022. As a California and Nevada Credit Union Leagues member, you have access to exclusive compliance expertise and resources—at no additional cost. 

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CO-OP Launches Industry-First Machine Learning Fraud Scoring Model

CO-OP Financial Services has added a new tool to its expanding suite of COOPER-branded machine learning fraud detection and prevention solutions. COOPER Fraud Score is a credit union-focused, real-time scoring tool designed to accurately detect more fraud, helping credit unions react quickly to emerging trends, ultimately building member confidence in their credit union-issued cards.

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CFPB Issues Final Rule to Facilitate Transition from LIBOR

The Consumer Financial Protection Bureau (CFPB) finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022. No new financial contracts may reference LIBOR as the relevant index after the end of 2021. Starting in June 2023, LIBOR can no longer be used for existing financial contracts. 

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Retroactive Termination of the Employee Retention Credit

The Internal Revenue Service (IRS) recently issued guidance to employers regarding the retroactive termination of the employee retention credit (ERC).

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L-R: Joan Opp, CEO of Stanford FCU; and Marangal “Marito” Domingo, Chief Credit Officer and CFO of First Tech CU
L-R: Joan Opp, CEO of Stanford FCU; and Marangal “Marito” Domingo, Chief Credit Officer and CFO of First Tech CU

CUs Retain Representation on FHLB San Francisco Board

Credit unions have made their voice heard! Joan Opp (CEO of Stanford FCU) and Marangal “Marito” Domingo (Chief Credit Officer and CFO of First Tech CU) were voted in as Member Directors to the Federal Home Loan Bank of San Francisco Board of Directors during last month’s 2021 election.

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IRS Proposal in Senate: Please Reengage Your CU's Members

The fight is not over. Credit union advocates are still being encouraged to engage their members in grassroots advocacy following the House of Representatives’ passage of H.R. 5376, the Build Back Better Act.

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The Latest CUs Should Know from CFPB, NCUA, and FFIEC

This week, credit unions received a handful of important regulatory news alerts from the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Federal Financial Institutions Examination Council (FFIEC):

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Congresswoman Maxine Waters (center) with team members of Kinecta FCU.
Congresswoman Maxine Waters (center) with team members of Kinecta FCU.

Kinecta & Congresswoman Waters Provide Cheer to Families

Kinecta FCU recently hosted its 48th Annual Holiday Food Drive at Jesse Owens Park in Los Angeles, joined by Rep. Maxine Waters (D-CA), Parents of Watts Founder Alice Harris, and LA Galaxy Forward-player Cameron Dunbar.

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See How CA & NV Credit Unions Continue Building Upon Victories

Major victories on behalf of credit unions have continued building over the past few years, with the California and Nevada Credit Union Leagues’ Impact Report serving as a profound reminder of this fact. League successes and operations positively impact ALL credit unions across both states each year.

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NV League and Credit Unions Keep Focus on Their Members

The Nevada Credit Union League’s mission has been magnified as it continues focusing on helping Nevada credit unions change people’s lives by supporting staff, volunteers, operations, awareness, guidance, strategy and philosophy.

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Credit Unions & CA League Continue Building Upon Victories

The California Credit Union League’s mission has been magnified as it continues focusing on helping California credit unions change people’s lives by supporting staff, volunteers, operations, awareness, guidance, strategy and philosophy.

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Leveraging Collaboration, Data, and Technology to Drive Down Health Care Costs

How can credit unions continue delivering robust and competitive employee benefits when the trajectory of healthcare costs is rising at such a steep pace? Here are three tips to help get us in the right direction. Collaboration. Data. Technology.

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A New Approach to Vendor Selection, Contracting, and Management

Maple Street has been negotiating with your vendors for over 18 years. We negotiated great results but wanted to see where we could improve, so we took the time to evaluate past negotiation projects to determine if our clients were getting the results vendors promised. 

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