|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.
THE HOME EQUITY OPPORTUNITY IS BACK updated
09/29/14 11:10 AM
However, 1st Mortgage Originations Drop
Even as total real estate loans for California credit unions in the second quarter of this year matched the all-time high in late 2008, it’s a different story for the “other real estate loans” category—primarily home equity loans, which are off by 38 percent.
2014 CU STAFF COMPENSATION SURVEY updated
09/29/14 10:16 AM
Now Available—Order Yours Today
As the economy continues to push forward, credit unions need a trusted employee compensation rulebook they can consult.
PROACTIVE WAYS TO BUILD CU CHAMPIONS updated
09/29/14 10:02 AM
Building Relationships is Vital
Credit union leaders passionate about political advocacy recently met with candidates throughout California and Nevada to show the industry’s support of their campaigns, including Rep. Tony Cardenas, D-CA, Brian Sandoval, governor of Nevada, and Pat Bates, candidate for California State Senate District 36 and current fifth district county supervisor for Orange County.