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L-R: Barbara Bean, CEO of Cal Poly FCU; Eric Bruen, CEO of Desert Valleys FCU; and Pete Meza, CEO of Corrections FCU

CALIFORNIA CUs RECEIVE 'LICU' GRANTS
updated 03/19/14 03:59 PM
Part of National Recipient Group
Three low income-designated credit unions in California—and 124 others nationwide—will be able to offer new products, train the next generation of credit union leadership, and gain access to more resources to help their communities with grants awarded last week from the National Credit Union Administration (NCUA).

In this round, credit unions received approximately $517,000 through the first Community Development Revolving Loan Fund grant round in 2014, with NCUA’s Office of Small Credit Union Initiatives (OSCUI) administering the funds.

Cal Poly FCU, Desert Valleys FCU, and Corrections FCU collectively received $10,500.

Cal Poly FCU
“There’s never a lack of projects we need help on,” said Cal Poly FCU CEO Barbara Bean, whose credit union received $4,000 to put toward a summer internship. The credit union will most likely hire at least one Cal Poly Pomona student. “We have a number of opportunities, whether it’s providing financial literacy to incoming students, helping us develop a home banking app, creating a new member rewards program, or assisting with our social media expansion,” she said.

Bean is grateful for the grant funds, which are “extremely limited,” she said. Cal Poly FCU continually applies for several grants but is oftentimes turned down. Demand is high among credit unions. “We get expertise that we could not otherwise afford, and interns receive money for working during the summer,” Bean said. “Our members will be served with new products and services they want—so it’s a win for everyone involved.”

Desert Valleys FCU
Desert Valleys FCU received a $2,500 technical assistance grant—money that’s going toward hiring a consultation company to assist the credit union in securing a Community Development Financial Institution (CDFI) certification from the U.S. Treasury Department. “CDFI programs provide substantial grant opportunities to introduce small business lending programs and Individual Development Accounts (IDA), both of which we see as opportunities for our credit union,” said CEO Eric Bruen.

He said grants such as these are important. “They provide a way for small credit unions to explore new avenues and opportunities to serve their existing members, and potentially new members,” Bruen said. “The real key to all of these programs is strategic planning and understanding how they enhance your mission or help your credit union grow, either in membership or services.”

If the credit union received CDFI certification, it will be in a unique position. “We’ll be the only CDFI-certified institution within several hundred miles of the communities we serve,” Bruen said. “This gives us a chance to offer something different and that’s a powerful competitive edge in today’s market.”

Corrections FCU
Corrections FCU received $4,000 to hire a student accounting intern—an important position at this stage of the credit union’s operations. “We’re looking at implementing a new core data processor and a fixed-asset software program,” said CEO Pete Meza. “Whoever is hired for the internship will be completing due diligence for this.”

The credit union will be holding interviews with students from four local colleges. At $10 per hour, Corrections FCU will benefit from 400 hours of internship work. “The grant is going to help us out a lot,” Meza said. “We’re very grateful.”

Since 2001, NCUA has received more than $12.8 million in grant funding for credit unions serving low-income communities. The revolving grant and loan fund was established by Congress. In this current round, 320 credit unions submitted grant applications to NCUA, with more than $2.3 million in funding requests. Click here for more information.

 
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CUs TESTIFY ON FIN. LITERACY updated 02/25/15 10:50 AM
Nat'l. CU Foundation Speaks at FLEC
Gigi Hyland, executive director of the National Credit Union Foundation toured the movement's dedication to youth financial literacy today in a presentation to the U.S. Treasury's Financial Literacy Education Commission (FLEC).

WINE AUCTION RAISES RECORD AMOUNT updated 02/24/15 10:27 AM
More Than $1 Million for Children’s Hospitals
More than $1 million was raised for 11 Children’s Miracle Network Hospitals in California and Nevada during the annual Credit Unions for Kids Wine Auction last Friday night—a record amount in the event’s 10-year history.

REACH INNOVATION GROUP KICKS OFF updated 02/23/15 03:15 PM
Two-Day Discovery Experience
The California and Nevada Credit Union Leagues’ REACH Innovation Group officially launched last week with a two-day experiential learning session, immersing the 17 participants in the Filene Method of Innovation.

CONGRESSMEN VISIT CA, NV CU LEADERS updated 02/23/15 01:53 PM
Plus, Nevada HOA Super Lien Update
Two members of Congress visited credit unions in California and Nevada last week during the President’s Day district work period.

NCUA APPROVES 'SMALL CU' PROPOSAL updated 02/20/15 03:17 PM
Plus: Reg Burden Examples Needed
A proposal to amend the Regulatory Flexibility Act (RFA) definition of “small entity” was approved during last week’s National Credit Union Administration (NCUA) board meeting, which would increase the asset threshold definition of “small” federally-insured credit unions from $50 million to $100 million.

CUNA PLEDGES $1M TO MUSEUM updated 02/18/15 04:23 PM
Sponsors ‘Legacy Campaign’
The Credit Union National Association (CUNA) has pledged $1 million toward America’s Credit Union Museum Legacy Capital Campaign to help ensure the rich history of the credit union system is preserved.

LONGTIME CU LEADER PASSES updated 02/17/15 10:41 AM
Larry Sharp—Advocate and Volunteer
Longtime credit union advocate and former Arrowhead Credit Union CEO Larry Sharp passed away on Monday morning, leaving a 45-year legacy of volunteerism and leadership within the California credit union movement and the local Inland Empire community. He was 72.

CO-OP TO BUY COVERA SOLUTIONS, INC. updated 02/13/15 02:11 PM
Enters Agreement with NY CU Assoc.
California-based CO-OP Financial Services has signed a letter of intent with the New York Credit Union Association (NYCUA) to purchase the association's subsidiary, Covera Solutions, Inc. The purchase is expected to be completed by the end of the first quarter. Covera provides 248 credit unions with credit, debit, ATM, and prepaid cards solutions.

NEVADA CHAIRMAN ADDRESSES COMMITTEE updated 02/12/15 10:44 AM
Urges Reducing Reg., Leg. Burden
During a hearing in front of the Senate Banking Committee last week, Nevada Credit Union League Chairman and Greater Nevada CU CEO Wally Murray addressed 191 regulatory changes handed down to financial institutions from three dozen federal agencies since January 2008.

CO-OP RE-LAUNCHES MOBILE BANKING APP updated 02/11/15 09:09 AM
P2P Payments, Remote Check Deposit
CO-OP Financial Services is re-launching CO-OP Mobile, its mobile banking application, which now features optional real-time, person-to-person payments, and remote check deposit.

CUs POST IMPRESSIVE GAINS IN 2014 updated 02/09/15 10:20 AM
Membership, Loan Portfolios Up
In 2014, the credit union industry experienced impressive membership and operational success, suggesting Americans are starting to recognize the value proposition of credit unions and are utilizing their products and services.

CEO TO TESTIFY ON BANKING COMMITTEE updated 02/09/15 02:06 PM
Regulatory Relief, MBL, Supplemental Capital
Wally Murray—chairman of the Nevada Credit Union League and CEO of Greater Nevada CU—will be testifying at a hearing before the U.S. Senate Banking Committee on regulatory relief for credit unions this coming Thursday morning.

NV LEADERS MEET WITH STATE LAWMAKERS updated 02/09/15 01:33 PM
HOA Lien Foreclosures Discussed
Delegates from credit unions throughout Nevada descended upon the state capitol in Carson City on Feb. 4 for the Nevada Credit Union League’s 2015 Government Relations Rally.

CATALYST: PARTICIPATIONS CLEAR 100M updated 02/06/15 11:55 AM
California CUs Included in Deals
Since launching earlier in 2014, the Catalyst Corporate FCU loan participation program has helped 41 credit unions buy and sell more than $100 million in loans, closing five deals in less than one year.

LEAGUE OVERDRAFT SURVEY POSTED updated 02/05/15 11:38 AM
View Results and Final Report
During CEO roundtable discussions last summer, it was decided the California and Nevada Credit Union Leagues must take a proactive approach regarding likely rulemaking by the Consumer Financial Protection Bureau (CFPB) on overdraft programs.

OIL'S DECLINE PUTS CUs ON THE ALERT updated 02/04/15 02:09 PM
California Members Face Varying Impact
Credit unions headquartered in the heart of California’s largest oil-producing counties are bracing for members in need of financial assistance as the recent spill in oil prices puts a dent in local commerce and employment.

RMJ CREATES NEW ADVISORY COMMITTEE updated 02/03/15 09:19 AM
Plus, Designation of Excellence for CUs
The Richard Myles Johnson (RMJ) Foundation has a new advisory committee that will provide advice, guidance, and active support of the Foundation’s initiatives, including Bite of Reality—a hands-on simulation program that teaches budgeting skills to young people.

WORLD COUNCIL YOUNG CU PEOPLE updated 02/02/15 03:25 PM
Nominate a Professional Today
The World Council of Credit Unions is now accepting nominations for the World Council Young Credit Union People (WYCUP) scholarship program, an international networking and educational opportunity for promising credit union leaders.

CLARK COUNTY CU CEO TO RETIRE updated 01/29/15 10:54 AM
Wayne Tew Served 29 Years at CU
Clark County CU President/CEO and former Chairman of the Nevada Credit Union League Wayne Tew plans to retire this summer after 29 years with the credit union.

RATE HIKE UNLIKELY BEFORE MID-2015 updated 01/29/15 08:38 AM
Fed Watching Economic Developments
California and Nevada credit unions are cautiously keeping an eye on 2015 interest rates, and some are expecting short-term rates to increase this summer. Economists suspect the Fed is waiting to see how inflation and the global economy respond to recent shaky periods before making a decision.

'APPLE PAY' EXPANDS IN CALIFORNIA updated 01/28/15 10:07 AM
CU Leaders Discuss Member Adoption
Apple Pay will soon be in the hands of more California credit union members—this time at KeyPoint Credit Union in Santa Clara, CA.

ACCEPTING APPS: CU ADVISORY COUNCIL updated 01/27/15 11:00 AM
Eight Seats Vacant in Fall 2015
The Consumer Financial Protection Bureau (CFPB) is accepting applications for membership on its Credit Union Advisory Council and inviting individuals who can provide the bureau with guidance as it carries out its work.

CONGRESSMAN VISITS TRAVIS CU LEADERS updated 01/27/15 10:39 AM
DeSaulnier Makes it a Top Priority
As first reported on the California and Nevada Credit Union Leagues’ Advocacy Blog, newly sworn-in Rep. Mark DeSaulnier, D-CA, attended a district meeting at Travis CU on Jan. 23.

CLARK COUNTY CU AWARDS DIVIDENDS updated 01/22/15 02:07 PM
$2.7 Million to 34,000 Members
For Clark County CU, 2014 was a successful year as the credit union closed out with a healthy net worth ratio of 11.77 percent and recorded an annualized net income of nearly $12.3 million. This afforded the credit union to award a whopping $2.7 million in bonus dividends to nearly 34,000 members. Each bonus averages $79 per member, with the highest single bonus totaling just more than $10,000.