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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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LEADERS ENGAGE WITH STATE LAWMAKERS updated 04/15/14 09:44 AM
Card Security a Hot Topic
Credit union professionals and volunteers took a stand for their members in Sacramento from April 7-8 during the California Credit Union League’s 2014 Government Relations Rally (GRR)—an event that attracted more than 75 attendees and helped build relationships with state legislators.

CO-OP ANNOUNCES SHAREHOLDER DIVIDEND updated 04/14/14 01:37 PM
Patronage Pool of $30.5 Million
CO-OP Financial Services has announced a shareholder dividend pool of $30.5 million for 2013—a 17 percent increase from 2012. Since becoming a credit union-owned cooperative in 1996, CO-OP’s total shareholder patronage has been $284.8 million.

DBO REPS ADDRESS 'CUOLI' INVESTMENTS updated 04/14/14 01:05 PM
State CU Update Given
California Department of Business Oversight (DBO) Commissioner Jan Owen and Deputy Commissioner of Credit Unions Erick Orellana gave attendees an overview of the department during the California Credit Union League’s 2014 Government Relations Rally (GRR) last week in Sacramento and welcomed questions from attendees.

CONGRESSMEN CONCERNED OVER RBC RULES updated 04/09/14 01:18 PM
Questions Arise During Hearing
Reps. Ed Royce, R-CA, and Brad Sherman, D-CA, questioned National Credit Union Administration (NCUA) General Counsel Mike McKenna on the effectiveness of the NCUA's proposed risk-based capital rule during a House Financial Services Committee hearing last week.