|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."
FIELD OF MEMBERSHIP (FOM) RULE updated
02/04/16 09:12 AM
More Congressional Action
As reported yesterday in the California and Nevada Credit Union League's Advocacy Blog, Rep. Doug LaMalfa (R-Chico) has sent the attached support letter to the NCUA for their Field of Membership rule.
ONLY 7 DAYS TO COMMENT ON PROPOSAL updated
02/02/16 07:04 AM
NCUA's Field-of-Membership Rule
The countdown is on as the Feb. 8 (Monday) deadline approaches for federal and state chartered credit union leaders to submit comments supporting the National Credit Union Administration’s (NCUA) Field-of-Membership (FOM) proposal.
CEOs SOUND OFF ON NCUA'S PROPOSAL updated
02/01/16 03:36 PM
Urge Peers to Comment on FOM
California credit union CEOs are sounding off as the deadline approaches (Feb. 8) to comment on the National Credit Union Administration’s Field-of-Membership (FOM) proposal—one that will update rules to reflect marketplace changes and give the industry a broader menu of flexible options for remaining competitive.
UNCLAIMED PROPERTY AND 'PACE' REFORM updated
02/01/16 01:47 PM
Rounding Out CA Legislative Goals
Threats to credit unions are already being spotted on the horizon by the California Credit Union League’s advocacy team as the state legislature’s Feb. 19 deadline to introduce new legislation looms.
ANNUAL PRIVACY NOTICES updated
01/29/16 11:47 AM
As reported in the League's Advocacy Blog, after the release of the NCUA Letter to Credit Unions, #16-CU-03, about privacy notices, the California and Nevada Credit Union Leagues took action to clarify applicability to state laws. The NCUA letter addressed the recent federal law change on annual privacy notices related to Gramm-Leach-Bliley that states that when a financial institution meets certain statutory requirements, it no longer must send annual privacy notices.
CU LEADERS MEET WITH LEGISLATOR updated
01/29/16 05:09 PM
Asm. Kim Tours Credit Union
As reported earlier today in the California and Nevada Credit Union League's Advocacy Blog, Southern California credit union leaders met with Assemblywoman Young Kim (R-Fullerton).
CU LEADERS MEET WITH ASSEMBLY MEMBER updated
01/28/16 01:47 PM
Portantino Running for Senate
As recently reported in the Leagues Advocacy Blog, credit union leaders met with former member of the Assembly, Anthony Portantino, who served from 2006 until being termed out in 2012. Prior to his time in office, he spent many years working in film and television production and is currently is a Visiting Fellow teaching Values Based Political Leadership at USC.
COMMENTS NEEDED: NCUA'S FOM PROPOSAL updated
01/26/16 10:06 AM
Deadline is February 8
With less than two weeks until the comment deadline of Feb. 8, it is crucial the National Credit Union Administration (NCUA) hear from credit unions in support of the proposed chartering and field-of-membership (FOM) amendments.
LEAGUE'S 2016 CA LEGISLATIVE AGENDA updated
01/26/16 09:10 AM
Charter Modernization, CUSOs, LICU
The final year of the two-year state legislative session (2015-2016) in California is here, and the California Credit Union League’s advocacy team is primed to roll out a robust legislative package.
ANAHEIM DUCKS HONOR RICHARD JOHNSON updated
01/21/16 03:09 PM
Recognized For Military Career
Before Richard Myles Johnson was a credit union industry icon, he was a Marine. He joined the U.S. Marine Corps in 1941. He ended his military career as a colonel in 1972. Along the way, he amassed a vast number of ranks, honors, and awards, including the Bronze Star and Purple Heart.
FINANCIAL OPPORTUNITY: TWO TALES updated
01/19/16 10:40 AM
CUs Can Take Pulse of Econ. Mobility
As financial “opportunity” for low and middle-income Americans is debated leading up to a national election this November, many within the credit union industry can take a pulse of their members’ financial health and how economic changes are shaping that opportunity.
ROYCE HELPS FORM COOPERATIVE CAUCUS updated
01/19/16 07:18 AM
Business CO-OP: Focus on Legislation
Last week Rep. Ed Royce, R-CA (Brea), joined Rep. Mark Pocan, D-WI, to found the Congressional Cooperative Business Caucus. With Royce’s dedication and expertise in credit unions, it comes as no surprise he is chairing a new caucus to focus on legislation that impacts cooperative businesses.
FIELD OF MEMBERSHIP RULE updated
01/13/16 10:53 AM
CA Congressman Gives Support
California Congressman Ted Lieu (D-El Segundo) has just sent the NCUA a support letter in favor of their Field of Membership Rule. In his letter, Rep. Lieu endorses for several of the provisions in the rule (letter linked below).The League has been working with our congressional delegation to ensure there is overwhelming support for this rule.
RMJ TO BE HONORED AT HOCKEY GAME updated
01/13/16 01:59 PM
Recognized as Armed Services Vet
Richard Myles Johnson— who joined the credit union movement after finishing a 30-year career in the United States Marine Corps, where he retired as a colonel—is scheduled to be recognized as the honored armed services veteran by the Anaheim Ducks hockey team at its home game Wednesday, Jan. 20.
FHLB MEMBERSHIP updated
01/12/16 12:51 PM
Final Rule Issued
Today the Federal Housing Finance Agency (FHFA) issued their final rule on Federal Home Loan Bank (FHLB) membership. After receiving over 1,300 comment letters—an unprecedented amount, with most in opposition—the FHFA’s final rule does not include two provisions for which the Leagues strongly opposed. That is, the final rule does not require financial institutions to hold one percent of their assets in home mortgage loans and 10% of assets in residential mortgage loans (RML) on an ongoing basis.
TARGET SETTLEMENT DETAILS updated
01/12/16 10:34 AM
Available on New Website
Credit unions have begun receiving email and paper mail directing them to a dedicated website that offers information on the Target data breach litigation, including settlement terms, important dates, frequently asked questions, information on filing a claim, directions for opting out, court and settlement documents, and contact information.
CO-OP CEO STAN HOLLEN TO RETIRE updated
01/12/16 09:39 AM
More Than 10 Years at CUSO
In a landmark moment for the nation’s largest credit union service organization, CO-OP Financial Services (based in Rancho Cucamonga, CA) announced this morning that President and CEO Stan Hollen will retire on May 31, 2016.
MATZ TO MEET CA-NV LEADERS AT 'GAC' updated
01/12/16 08:05 AM
Plus, Upcoming Regulatory Webinar
California and Nevada credit union leaders will have the opportunity to engage with National Credit Union Administration (NCUA) Board Chairman Debbie Matz during an exclusive meeting arranged by the California and Nevada Credit Union Leagues at the upcoming 2016 Governmental Affairs Conference (GAC).
CA CONGRESSMAN PREPARES TAX REFORM updated
01/11/16 02:59 PM
Credit Union Tax Status Honored
As first reported on the California and Nevada Credit Union Leagues’ Advocacy Blog last week, Rep. Devin Nunes, R-CA (Tulare), has been drafting a comprehensive tax reform package which will honor the credit union tax status.
CUs4KIDS 20 YEAR CMN PARTNERSHIP updated
01/08/16 01:40 PM
Raised $150M in Donations
This year, Credit Unions for Kids celebrates 20 years of fundraising for Children’s Miracle Network Hospitals (CMN Hospitals), a collaboration that has yielded more than $150 million in donations.
CA-NV LEAGUES CELEBRATE ANNIVERSARY updated
01/05/16 10:40 AM
Successful Partnership of 20 Years
A strategic partnership beginning Jan. 1, 1996 is still proving to be a “win win” for credit unions in Nevada and California as the collaboration’s anniversary was recognized this past Friday.
FinCEN RULE COULD COST CUs MORE updated
01/05/16 07:55 AM
Submit Comment Letters by Jan. 25
In 2014, the Financial Crimes Enforcement Network (FinCEN) issued a proposed rule to “clarify and strengthen customer (member) due diligence (CDD) obligations” of financial institutions, including credit unions.
CA LEAGUE HIGHLIGHTS ADVOCACY AGENDA updated
01/05/16 07:28 AM
State Charter Modernization Legislation
As both houses of the California Legislature reconvened for the first session of the new year after a three-month recess, the California Credit Union League’s legislative agenda for 2016 is being centered around a state credit union charter modernization bill package.
CREDIT UNIONS EXEMPTED FROM TAX BILL updated
01/05/16 02:46 PM
Rep. Nunes Updates Legislation
California Congressman Devin Nunes (R-Tulare), a senior Member of the Ways & Means Committee which governs federal taxes is scheduled to introduce legislation updating the nation's tax policy. As a matter of offsets, he has included a financial institutions transaction tax. After speaking with CUNA and the CA/NV Leagues, Rep. Nunes has updated his draft legislation to specifically exempt credit unions from the bill (pictured).