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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.

                           
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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.