|Darren Williams, CEO of Wescom CU|
CEO TESTIFIES IN COMMITTEE HEARING
updated 10/07/13 02:10 PM
CUs Put Members First, He Says
Wescom CU CEO Darren Williams testified as one of several witnesses during a California Senate Banking and Financial Institutions Committee offsite informational hearing in Santa Ana, CA last week—a meeting focused on the Homeowner Bill of Rights' impact on the state's housing market, businesses, and consumers.
Williams' testimony was centered on California credit unions' low foreclosure numbers, high level of service, and emphasis on keeping members in their homes.
Other witnesses also included economists, the California attorney general's appointed mortgage monitor, borrower advocates, and representatives from mortgage servicers, regulators, attorneys, and banks.
In July 2012, the California legislature passed—and Governor Jerry Brown signed—two identical pieces of legislation that collectively came to be known as the California Homeowner Bill of Rights (HBOR). Effective Jan. 1 of this year, HBOR enacted comprehensive mortgage loan servicing reforms, established mortgage loan borrower protections, and modified California's non-judicial foreclosure process.
While credit unions were largely exempted from the law, HBOR prohibited all servicers from dual tracking and robo-signing—practices uncommon in the credit union industry.
The senate banking committee plans on holding another offsite hearing covering HBOR in Northern California in November.
TEENS GET MONEY MANAGEMENT LESSONS updated
12/10/13 03:29 PM
California CU Hosts Bite of Reality Program
A group of 180 freshmen students from Hoover High School in Glendale got a “bite of reality” on Dec. 4 when they attended an interactive financial education simulation designed to teach them how to manage money. The program was hosted by California CU. It was offered by the Richard Myles Johnson Foundation.
SANTA ANA TEENS TAKE BITE OF REALITY updated
12/10/13 03:23 PM
OC CUs Host Interactive Simulation at Century HS
Some 28 teens recently took a "Bite of Reality" and learned the basics of finances and budgeting at Century High School in Santa Ana.
ANOTHER HEARING AND REG RELIEF BILL updated
12/09/13 04:03 PM
This Time, Congress Treats Differently
The Subcommittee on Financial Institutions and Consumer Credit—part of the House Financial Services Committee—met again on Dec. 4 to review legislation aimed at providing regulatory relief for credit unions and community banks.