|L-R: Ron Stratman, Chief Marketing Officer for California CU; Assemblyman Mike Gatto, D-Los Angeles; Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; and Ron McDaniel, CEO of California CU and Chairman of the Leagues' Government Relations Committee|
|Travis CU CEO Patsy Van Ouwerkerk (left) discusses credit union financial literacy efforts with Catherina Nou, capitol director for Assemblywoman Mariko Yamada, D-Solano.|
|California Credit Union League Chairman and San Diego County CU CEO Teresa Halleck (left)—along with Cabrillo CU CEO Robin Lentz (right)—talk with Bridget Kolakosky, legislative director for Assemblywoman Toni Atkins, D-San Diego.|
GRR: FIN. LITERACY MONTH SHOWCASED
updated 04/26/13 01:49 PM
Legislators Experience CU Philosophy
Credit union CEOs, executives, and board directors filled the halls of the California state capitol building during the 2013 California Government Relations Rally (GRR) last week, impressing upon assembly members and senators the successful financial literacy efforts credit unions are accomplishing within their districts.
CU Members, Districts, and Financial Literacy
Almost 80 participants—with fact sheets in hand detailing their respective credit union's outreach to local schools and organizations—discussed with lawmakers and legislative aides how credit unions are making a difference in local communities. Headlining their visit was the fact that April is Financial Literacy Month, giving credit unions an even bigger opportunity to spotlight their conversation with member-owners and non-members alike.
Positive educational programs weren't the only subject in focus, as CEOs also talked about the effort credit unions make to work with members during times of dire financial need, whether it's a car loan, mortgage, or other types of credit.
Several lawmakers and aides were receptive, acknowledging the credit union movement's continuing success on this front. Many said they realized credit unions work under a different philosophy than banks since the movement is built on a cooperative member-owned structure.
CEOs and board directors extended a welcoming hand to lawmakers, inviting them to visit their credit unions in the coming year. New relationships were forged with freshman members of the legislature, and ongoing relationships with incumbents were strengthened.
A New Political Environment
During the morning's briefing, California and Nevada Credit Union Leagues Vice President of State Government Affairs Melissa Ameluxen said there are 39 new assembly members and senators this year—and because of new California legislation passed by voters in 2012, these legislators' terms are 12 years instead of the usual 6 years incumbent lawmakers have been working under. The longer period gives members of both houses more time to craft legislation.
Although a democratic super-majority exists in both houses, it still takes two-thirds of the entire legislature to pass significant pieces of legislation. This new backdrop gives credit unions insight into the possible political challenges ahead as the state prepares to deal with a number of issues, including health care, privacy, the environment, and taxation.
So far this year, there have been 67 bills introduced—some eliminated, some mitigated, and some being watched by the Leagues—which would have impacted, or may still affect, credit unions. They include debt forgiveness, escheatment, university and college contracts, Iran sanctions, taxes on recorded losses, recovery of property, privacy policies, oral disclosures, repayment of California Department of Financial Institution (DFI) loans, and other issues.
The "hot topic" with both republicans and democrats is payday lending, an area some credit unions have used to teach members good habits regarding paying down debt.
Fundraiser for Assemblyman
In between legislative visits, a group of attendees joined the California Credit Union League Political Action Committee (PAC) in the Leagues' Sacramento office just blocks away from the capitol building to raise money for Assemblyman Mike Gatto, D-Los Angeles. Gatto is chairman of the Assembly Appropriations Committee and also serves on the Assembly Banking and Finance Committee.
A proven credit union friend, Gatto said he understands the unique roll credit unions play in their communities.
He was elected to office in a June 2010 special election. He represents Assembly District 43, which includes the cities of Burbank, Pasadena, Glendale, La Canada Flintridge, and parts of Los Angeles.
'Extremely Valuable' Support
Earlier that day, Leagues President and CEO Diana Dykstra and other League staff gave an update on system-wide credit union issues, including foreclosure legislation in several different states, as well as the possibility of Congress discussing the credit union industry's federal income tax exemption in light of ongoing U.S. fiscal budget issues. The Leagues remain committed to the success and survival of the industry, she said.
"Your support on this day is extremely valuable as we build relationships with individuals locally in the state—some of whom may eventually run for Congress and move to Washington, D.C. in the future," Dykstra said. "Your hard work really shows when our state legislators are glad to see us and want to talk with us. Keep up the good work."
GOLF TOURNEY RAISES 68k FOR PAC updated
05/22/15 11:17 AM
Record Amount Contributed to Cause
More than 150 credit union CEOs, executives, professionals, and industry vendors took part in the 2015 Multi-Chapter PAC Golf Tournament in Valencia, CA last week, raising more than $68,000 for the California Credit Union League’s Political Action Committee.
Target/MC Settlement Fails updated
05/22/15 10:16 AM
Target/MC Settlement Fails
Target's $19 million proposed settlement with MasterCard failed to receive the required 90% participation rate from issuers, meaning the settlement will not happen, according to an announcement from MasterCard and one of the attorneys representing five card issuers fighting the settlement.
CU Direct Acquires Intuvo updated
05/22/15 10:02 AM
CU Direct-Intuvo Deal Reaches for 'Holy Grail' of Indirect Lending
The oft-repeated complaint by credit unions that members brought in through indirect auto loans are difficult to make "real" members has been addressed by CU Direct's purchase of Intuvo, a marketing automation software company.
CUES Next Top CU Exec Challenge updated
05/20/15 09:45 AM
Nominate a Standout Future Leader for the 2015 CUES Next Top Credit Union Exec Challenge
The industry’s first competition recognizing the incredible young credit union leaders is back for year number six! The search is on for the 2015 CUES Next Top Credit Union Exec. This program for the industry’s future leaders is powered by Currency and in partnership with DDJ Myers.
LEAGUES AND CONGRESS SEEK CLARITY updated
05/19/15 09:17 AM
Identifying Merchants After a Breach
California and Nevada Credit Union Leagues President and CEO Diana Dykstra has written to the general counsels of Visa and MasterCard seeking official guidance as to whether credit unions can identify a merchant responsible for a data breach.
WHAT LENDING GROWTH REVEALS ABOUT CA updated
05/19/15 07:48 AM
'Millennials' and The New Car Market
So what’s driving credit union lending in California? For starters, try those shiny new sedans and pick-up trucks cruising the streets by the likes of young adults in their late teenage years, 20s, and early 30s.
Toolkit to Address Medical Debt updated
05/18/15 12:08 PM
The National Credit Union Foundation Releases Medical Debt Toolkit for Members
Credit unions looking for information and tools to help members with medical debt now have an added aid, a Medical Debt Toolkit, recently released from the National Credit Union Foundation (the Foundation).
CMG, AACUL AGREEMENT REACHED updated
05/14/15 11:26 AM
Agreement Balances Strong Financial Support for Leagues While Enabling Insurer to Invest for Policyholder Benefit
CUNA Mutual Group and state credit union leagues, represented by the American Association of Credit Union Leagues (AACUL) Executive Board, have agreed in principle to a new three year $64 million marketing agreement. The agreement, effective Jan. 1, 2016, will help ensure credit unions have a strong local voice to advocate on their behalf.
GROSSE, OPP, ORAM ON CO-OP BOARD updated
05/13/15 11:58 AM
Coast-to-Coast Represented on CO-OP Board
Three new members, located in New York, Idaho and California, were elected to the Board of Directors of CO-OP Financial Services during its Annual Shareholders meeting held on May 7.
CU PROFESSIONALS CUDEs CERTIFIED updated
05/13/15 10:16 AM
Foundation’s CU Philosophy Training
Marina Miller and Shannon Workman of California based SchoolsFirst FCU were two of 47 credit union professionals, one of the largest classes yet, to become Credit Union Development Educators (CUDEs) after being guided by dedicated program facilitators and mentors through the intensive Credit Union Development Education (DE) Training from the National Credit Union Foundation (the Foundation). The Spring 2015 DE graduating class included credit union movement representatives from across the U.S, as well as a representative from Trinidad and Tobago. The Spring DE training was held April 29-May 6, 2015 at the Lowell Center on the University of Wisconsin campus in Madison, WI.
CA CUs RANK HIGH IN RECENT STUDIES updated
05/12/15 08:20 AM
Financial Health, Debt Quality, Performance
When compared to their counterparts across the United States, a handful of California credit unions in all asset categories are gaining notable strength in financial health, debt quality, and performance as 2015 shifts into spring.
LEAGUE SUPPORTS DATA SECURITY BILL updated
05/12/15 08:18 AM
Tougher State Standards on Retailers
The California Credit Union League has announced its support for Assembly Bill 83 (AB 83) by Assemblyman Mike Gatto (D-Glendale), which would require businesses to enhance data security standards to protect consumers’ personal information using “reasonable security procedures and practices.”
CUS MEET WITH SPEAKER ATKINS updated
05/11/15 08:42 AM
Talks Financial Literacy and More
Today, credit union leaders met with Assembly Speaker Toni Atkins (D-San Diego). The first San Diegan to serve as assembly speaker, Atkins represents assembly district 78, which includes the Southern half of coastal San Diego County encompassing Solana Beach, Del Mar, Coronado, and Imperial Beach with 88 percent of the district’s voters residing in the city of San Diego.
THINK 15 RAISES $100K FOR CMN updated
05/08/15 10:39 AM
CMN Receives Large Donation
A total of $100,000 was raised in donations to Children’s Miracle Network Hospitals (CMN) at the THINK 15 Conference held May 5-8 in Colorado Springs, CO., sponsored by CO-OP Financial Services.
CUNA: CUs WANT ADVOCACY, CHOICE updated
05/06/15 11:04 AM
System Structure and Governance Questioned
Preliminary findings of the Credit Union National Association’s (CUNA) System Structure and Governance Task Force show that credit unions want better advocacy and more choice from their trade association.
ROYCE ON MBL: 'FAR FROM OVER' updated
05/04/15 12:38 PM
Asks for Members to Contact Congress
Rep. Ed Royce, R-CA, communicated to credit union leaders on Monday regarding ongoing efforts to raise the member business lending (MBL) cap, as well as his parity legislation to re-categorize non-owner occupied residences as residential real-estate loans (H.R. 1422).
THE MILITARY LENDING ACT AND CUs updated
05/04/15 04:04 PM
Congress Attempts to Assist
Last week the House Armed Services Committee considered and passed the National Defense Authorization Act (NDAA) of 2015. For credit unions, the section pertaining to the Military Lending Act was of considerable importance.
AMENDED COMMON BOND RULE PASSED updated
04/30/15 02:46 PM
NCUA Votes 2-1
Today, the National Credit Union Administration (NCUA) approved a rule that would limit credit unions' use of associational common bonds to add to fields of membership (FOM).
DATA BREACH BILL: CAMPAIGN LAUNCHES updated
04/28/15 09:50 AM
Twitter, Facebook, and Email
More than 30,000 credit union members received an actionable email alert through the California and Nevada Credit Union Leagues’ Connect For The Cause program this week regarding Senate Bill 961, the Data Security Act of 2015.
NCUA AGENDA: ASSOC. COMMON BONDS updated
04/28/15 09:01 AM
RBC2 Comment Letter Update
The National Credit Union Administration (NCUA) board will consider a final rule on field of membership (FOM) and associational common bonds at the upcoming April 30 board meeting.
ELLIOT EISENBERG ADDED TO CONFERENCE updated
04/28/15 03:36 PM
'Accelerating Success' This Week
Interpreting the meaning of variable economic indicators can be difficult, but economist Elliot Eisenberg offers irrefutable proof the economy is improving: In 2014, the tooth fairy left an average of $4.36 per lost tooth, a whopping 25 percent increase over 2013. Eisenberg, who specializes in making the minutia of economics fun, is among the speakers at Catalyst Corporate’s upcoming Accelerating Success Conference, set for April 30-May 1 at Caesars Palace in Las Vegas.
NCUA TESTIFIES ON REG. BURDENS updated
04/24/15 02:31 PM
House Financial Services Committee
National Credit Union Administration (NCUA) Director of the Office of Examination and Insurance Larry Fazio testified yesterday before the House Committee on Financial Services along with other U.S. banking regulators. Topics covered include the 2nd version of the risk-based capital rule and access to industry interactions. In addition there were considerable conversations about how to protect smaller financial institutions from regulation intended for large Wall Street banks.