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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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ENTER THE 'WE OWN OUR BANK' CONTEST updated 08/31/14 03:36 PM
Submit your favorite summer photo
Don’t miss out on the chance to participate in the "We Own Our Bank" summer photo contest and win an iPad Mini!

ASI: NO SPECIAL ASSESSMENT FOR 2014 updated 08/29/14 08:40 AM
Performance Offsets Charge
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SAN MATEO CU CEO TO RETIRE updated 08/29/14 04:49 PM
Barry Jolette Served 27 Years
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NCUF RELEASES ANNUAL REPORT updated 08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.