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CUs READY TO HELP DURING SHUTDOWN
updated 10/08/13 09:15 AM
Variety of Assistance Offered
While the complete fallout of the federal government's "shutdown" is yet to be determined, California credit unions serving affected federal employees stand ready to help their members in a variety of ways, including zero-percent interest loans.

Among those offering assistance are First California CU in Fresno, Members 1st CU in Redding, Pacific Marine CU in San Diego, Redwood CU in Santa Rosa, and Travis CU in Vacaville.

First California CU—which serves federal civil service employees, retired employees of the federal government living or working in Fresno County, and current or retired members of the U. S. Armed Forces living or working in Fresno County—will provide individual assistance as needed for any member affected, including possible payment arrangements and extensions.

Members 1st CU is offering financial assistance to all federal government employees who live, work, or worship in Shasta and Tehama Counties regardless of whether they are members of the credit union or not. It will provide zero-percent interest payroll assistance loans up to $3,000 for 12 months fee free, and personal loan options with different rate options for 24-36 month terms. Members with existing loans will have additional flexibility with modified payments or skip payments. And federal employees will receive expedited review and approval for line increases or new credit lines on their Members 1st credit card.

Pacific Marine CU, which is open to residents living in San Diego, San Bernardino, and Riverside counties, was planning to process Oct. 1 direct deposits normally, and if needed, it would post Oct. 15 government employee payrolls for members with direct deposit. For those without direct deposit, the credit union will work on an individual basis to provide assistance in the best manner possible.

Redwood CU has let its members know the credit union is there to support them, and is placing information on its website. Some of the services it could provide to affected members include: payroll replacement/advance assistance, deferred payments on loans and lines of credit, early withdrawal of funds from share certificates without penalties, and money management and budgeting information and tools.

Travis CU is offering zero-percent interest loans. For the first 90 days, the member will not accrue interest, or for 30 days after a federal budget is in place, whichever occurs first. And the amount financed will not exceed 100 percent of the member’s net pay.

In addition, Travis—which is open to those living or working in Solano, Yolo, Sacramento, Placer, San Joaquin, Stanislaus, Napa, Contra Costa, Alameda, Sonoma, Colusa, and Merced counties—will cover the Oct. 15 payroll for active-duty and federal employees who are members that have direct-deposit if Congress and President Barack Obama don’t agree on a spending budget by that date.

“Credit unions are always ready to assist their members and support them, whether through an individual tough financial time or a challenging crisis situation such as a government shutdown,” said Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues. “Members are welcome to visit their credit unions to deal with any financial difficulties they may face as a result of this shutdown. Consumers can go to www.asmarterchoice.org for help in finding a credit union they might be eligible to join.”

 
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MCWATTERS DISSENTS ON BUDGET VOTE updated 11/22/14 06:37 AM
Also, Revised RBC Rule Coming
National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters was the only one to vote “no” on the board’s 2015 proposed budget, which will increase 4.2 percent over last year. The vote was 2 to 1.

ANNUAL FED WEBINAR ON REGS, GUIDANCE updated 11/21/14 10:32 AM
Also, FinCEN Issues Advisories
Senior staff at the Federal Reserve will host an annual webinar to provide a recap of recent regulatory changes and highlight various inter-agency guidance. The webinar will also discuss current hot topics in the financial services industry and give a glimpse of future regulatory changes.

NEW EMPLOYMENT LAWS FOR 2015 updated 11/21/14 04:33 PM
Also, TIPs Bulletin Posted
The California Chamber of Commerce has released a list of new employment laws scheduled to take effect in 2015 or earlier that will have an impact on businesses in California.

DIANA DYKSTRA RECEIVES 'EAGLE AWARD' updated 11/20/14 10:41 AM
Outstanding Record of Achievement
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues, was presented with the American Association of Credit Union Leagues’ highest honor—the Eagle Award—this week during AACUL’s winter meeting in Hawaii.