|L-R: Lucy Ito, EVP and COO of the California and Nevada Credit Union Leagues; Bob Arnould, SVP of Advocacy for the Leagues; Dave Gunderson, CEO of Credit Union of Southern California; Sharon Lindeman, VP of Regulatory Advocacy for the Leagues; Debbie Matz, Chairman of the National Credit Union Administration; Erin Ewart, Compliance Manager for Redwood CU; Dave Roughton, President of SAFE CU; Keith Sultemeier, CEO of Kinecta FCU; and Steve Glouberman, VP and Legal Counsel for Kinecta FCU|
CA, NV LEADERS MEET WITH REGULATORS
updated 09/09/13 07:21 PM
Burdens, Rules, Regs Discussed
California and Nevada credit union executives met this morning with leaders from the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB) in an effort to foster their relationship with both federal regulators, as well as present an objective picture on how rules and regulations are impacting 9 million credit union members in both states.
The first meeting took place with NCUA Chairman Debbie Matz and other agency representatives, including Chief of Staff Steve Bosack; General Counsel Mike McKenna; Director of the Office of Examination and Insurance Larry Fazio; Senior Strategic Communications and External Relations Advisor Buddy Gill; and Executive Director Mark Treichel.
During the NCUA discussions, some of the top issues included the regulatory burden credit unions face in terms of cost, time, and resources due to the ever-changing regulatory landscape; support of a strong, yet fair, safety-and-soundness supervisory environment, as well as allowing credit unions to manage risk with appropriate autonomy; concerns surrounding a credit union service organization (CUSO) proposal that is overly restrictive; the status and concerns related to the agency's proposed derivatives rule; the need to modernize the Central Liquidity Facility; and anticipated changes to a risk- based capital structure.
The second meeting with the CFPB was held with Assistant Director for the Office of Financial Institutions and Business Liaison Dan Smith; Deputy Assistant Director for the Office of Financial Institutions and Business Liaison Elizabeth Ellis; Deposit Markets Program Manager Gary Stein; Regulations Counsel Eric Goldberg, and others.
Talks with CFPB staff focused on regulatory burdens; the bureau's international remittance transfer rule; the bureau’s concerns about overdrafts, payday loans and deposit advance products, and how credit unions serve their members in these areas; and a discussion about what credit unions can expect to see from the bureau regarding debt collection and prepaid cards.
"We are pleased with the participation and discussions from our meetings, as leaders from both the NCUA and CFPB acknowledged what we had to say," said Sharon Lindeman, vice president of regulatory advocacy. "We appreciate the leadership from both agencies making time in their schedules to meet with us and hear our concerns."
The meetings were part of a larger "Hike the Hill" gathering on Capitol Hill from Monday to Wednesday, where California and Nevada Credit Union League staff and credit union leaders met with legislators to discuss and ask for their support in preserving the credit union tax status and several regulatory relief bills.
TMG, CO-OP: BLOCKCHAIN STUDIES updated
06/22/16 02:45 PM
Help FIs Evaluate Opportunities
Three influential payments industry players–TMG, CO-OP Financial Services and Mercator Advisory Group–are making progress on their collective plan to create much-needed clarity around the potential for blockchain technology in the community financial institution industry.
CUs CONVERGE ON ECONOMY AND STRATEGY updated
06/20/16 03:00 PM
Forecast, Discussion, and Ideas
How can credit unions prepare for 2017 given so many "what if" scenarios on the economy, interest rates, labor force, household demographics, political environment, and consumers?
DIVERSITY: GOOD INVESTMENT FOR CUs updated
06/16/16 02:33 PM
Latest Issue of “The NCUA Report”
In the latest issue of the National Credit Union Administration’s (NCUA) monthly newsletter, an article by the Office of Minority and Women Inclusion outlines how diversity leads to better service, greater innovation and increased membership. These outcomes make credit unions stronger and more sustainable, and ultimately lead to greater strength for the entire credit union system.
CA CUs SURPASS $100B LENDING MARK updated
06/14/16 08:06 AM
Auto Market Under the Microscope
California credit unions just hit a record: they surpassed the $100 billion lending milestone for the first time ever, with used auto loans making a superstar appearance during this historical moment.
FEDERATION AND EQUIFAX PARTNER updated
06/13/16 02:48 PM
Launch Financial Capability Center
The National Federation of Community Development Credit Unions (Federation) and Equifax Inc. announced a partnership to build the Westside Financial Capability Center. The Center will provide the Atlanta Westside community with affordable banking, alternatives to payday loans, affordable home mortgages, and a suite of financial services designed to empower residents to achieve their financial goals. The search for a physical site has narrowed to several options that will allow the Center to function in coordination with Atlanta area credit unions, community stakeholders and service providers. Equifax has committed $450,000 through 2018 in support of the Center which is scheduled to open in early 2017.
TWO LARGE CALIFORNIA CUs TO MERGE updated
06/09/16 02:33 PM
N. Island Financial CU & Calif. CU
Two California credit unions—the $1.24-billion North Island Financial CU and the $1.6-billion California CU—announced plans to merge.
'JUNTOS AVANZAMOS' ADVANCES FORWARD updated
06/02/16 08:09 AM
Kinecta FCU Becomes 6th in CA
Kinecta FCU and its affiliate, NIX Neighborhood Lending, were recently recognized by the National Federation of Community Development Credit Unions and the California Credit Union League with the “Juntos Avanzamos” (Together We Advance) certification—a branding initiative helping credit unions become the preferred financial resource for local organizations serving underserved Hispanic immigrants.
MEETING WITH NCUA REGION V DIRECTOR updated
06/01/16 02:11 PM
Freed Committed to Fair Process
Today in Sacramento, local credit union leaders met with National Credit Union Administration (NCUA) Region V Director, Cherie Freed, who succeeds Liz Whitehead.
DEFENSE CREDIT UNION COUNCIL LIAISON updated
05/27/16 10:21 AM
McWatters Named to Represent NCUA
At the request of NCUA Board Chairman Rick Metsger, Board Member J. Mark McWatters will serve as the National Credit Union Administration’s liaison to the Defense Credit Union Council.The agency is committed to supporting service members and hiring veterans.
RMJ LAUNCHES 'BITE OF REALITY' APP updated
05/26/16 02:40 PM
Modernizes, Streamlines Program
The Richard Myles Johnson Foundation recently rolled out an app for its successful Bite of Reality program. The app— believed to be the first of its kind for a credit union-sponsored reality fair program—modernizes Bite of Reality, making it more relatable to young people.
DECISION ENGINE TECHNOLOGY updated
05/24/16 09:57 AM
Get The Most Out of Your Technology
May is an awkward month. It’s as if it is not sure exactly what it wants to be. Somedays in May are more like April; some are more like June. Perhaps that is where we got the word “May”-be? But, one thing that is certain about May is that it is the month of graduation ceremonies, and much like the month itself, graduates are at that awkward point in life, where the future is not quite certain.
MOUNTAIN WEST JOINS 'PLEXCITY' updated
05/23/16 03:22 PM
CU Association is 6th Shared Owner
Mountain West Credit Union Association is purchasing a shared-ownership stake in Plexcity for information technology, accounting/finance, and human resource solutions, adding to the Ontario, CA-based company’s unique story of growing collaboration between credit union trade associations since January 2015.
CONNECTING WITH MEXICAN IMMIGRANTS updated
05/19/16 10:29 AM
Matrícula Consular Online Seminar June 9
Lack of identification is one of the biggest barriers for Hispanic immigrants to access affordable financial services. RSVP for a Juntos Avanzamos online seminar on using the Matrícula Consular to reach unbanked Mexican immigrants. Learn how to use the Matricula Consular as a safe, effective way to open savings and checking accounts.
SUMMER IMPACT OPPORTUNITY FOR CUs updated
05/19/16 03:30 PM
$21M Toward Jobs For Young People
Federal government leaders are working hand in hand with local stakeholders to craft solutions that harness resources across multiple agencies in response to local needs and priorities. Since 2009, more than fifteen Federal agencies have launched dozens of initiatives and partnerships with over 1,800 rural, tribal and urban communities. Federal leaders are working across agency lines and offering hands-on support to build local capacity, provide expertise, and unlock resources to help community leaders achieve their goals.
'IT WAS THE RIGHT THING TO DO' updated
05/17/16 10:16 AM
CFO Professional of the Year
Most new ideas aren’t necessarily new, according to Susan Gruber. They are old concepts with a new twist, and they can have great potential.
WHY ONE SMALL CU RANKS BIG IN TECH updated
05/09/16 08:48 PM
Behind United Catholics FCU
No one was perhaps more surprised to learn her credit union ranked No. 1 on MagnifyMoney’s most recently published list of “most digitally savvy” U.S. credit unions than Lucy Sloan.
FINANCIAL CAPABILITY COLLOQUIUM updated
05/03/16 11:38 AM
Measuring Credit Unions' Impact
Nearly 30 leaders and professionals came together last week at the first Financial Capability Colloquium to discuss how to collectively and effectively measure the individual financial literacy efforts that their credit unions and organizations routinely implement within their communities, and how to use these measurements to tell a powerful story that will resonate with the public.
METSGER APPOINTED NCUA BOARD CHAIR updated
05/02/16 05:17 PM
Plus, CFPB on Arbitration and TRID
President Barack Obama has appointed National Credit Union Administration (NCUA) Vice Chairman Rick Metsger to be the ninth chairman of the NCUA Board of Directors, succeeding outgoing Board Chairman Debbie Matz, whose service ended April 30.
TV INVESTIGATION SPOTLIGHTS 'PACE' updated
05/02/16 02:39 PM
Protecting Consumers Becomes Crucial
A TV news station in Los Angeles has captured a clear example of consumer protection issues stemming from the “PACE” lending program (Property Assessed Clean Energy) in just one instance of how it is proving financially harmful to homeowners and credit union members across California.
'PACE' PASSES FIRST STATE COMMITTEE updated
04/26/16 08:48 AM
Congressman Sherman Gives Support
In a rare instance of federal and state legislative involvement, Assembly Bill 2693, authored by Assemblyman Matt Dababneh (D-Encino), received two significant boosts yesterday.
INDUSTRY LEADER AND MENTOR PASSES updated
04/25/16 12:43 PM
O'Rourke 'Will be Missed'
Gene O’Rourke—who left a 40-year legacy of helping shape and place leaders in the credit union industry throughout California and the nation—died this past Friday. He was 70.
LEAGUES COMMENT ON OTR, FEE METHODS updated
04/25/16 04:12 PM
Plus, NCUA's 2 New Proposals
The California and Nevada Credit Union Leagues have told the National Credit Union Administration (NCUA) that federally insured state-chartered credit unions (FISCUs) and federally chartered credit unions (FCUs) should be treated equitably in their comment letter on the Overhead Transfer Rate (OTR) and Operating Fee Schedule Methodologies.
REG COMMITTEE RESPONDS TO CORDRAY updated
04/19/16 09:31 AM
CU Leaders Express Opinions
In Consumer Financial Protection Bureau Director (CFPB) Richard Cordrary’s recent response to a congressional letter that calls on him to fully utilize the bureau’s exemption authority for community financial institutions, Cordray cites examples of how the bureau has already used this authority.
NCUA SELECTS NEW REGION V DIRECTOR updated
04/19/16 07:31 AM
Plus: Proposed Rules; Comments Needed
The National Credit Union Administration (NCUA) has selected Cherie Freed as regional director of the agency’s Region V office in Tempe, AZ. She will replace current Regional Director Elizabeth Whitehead, who will retire in May after 28 years of service.