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Relevant Information—For You, By You
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.

 
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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.

NCUA'S REVIEW: YOUR VOICE MATTERS updated 05/19/15 07:59 AM
Comments on Regulations Needed
Do you want to change a credit union regulation? Then let your voice be heard.

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.”

CEO: CUs AND THRIVING IN 'THE SHIFT' updated 05/12/15 02:06 PM
Discusses Industry's Preparation for Change
Can credit unions distinguish between a “temporary disruption” and “fundamental change?”

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.