|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 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.
DATA BREACH BILL: CAMPAIGN LAUNCHES updated
04/28/15 09:50 AM
Twitter, Facebook, and Email
More than 30,000 credit union members received an actionable email alert through the California and Nevada Credit Union Leagues’ Connect For The Cause program this week regarding Senate Bill 961, the Data Security Act of 2015.
NCUA AGENDA: ASSOC. COMMON BONDS updated
04/28/15 09:01 AM
RBC2 Comment Letter Update
The National Credit Union Administration (NCUA) board will consider a final rule on field of membership (FOM) and associational common bonds at the upcoming April 30 board meeting.
ELLIOT EISENBERG ADDED TO CONFERENCE updated
04/28/15 03:36 PM
'Accelerating Success' This Week
Interpreting the meaning of variable economic indicators can be difficult, but economist Elliot Eisenberg offers irrefutable proof the economy is improving: In 2014, the tooth fairy left an average of $4.36 per lost tooth, a whopping 25 percent increase over 2013. Eisenberg, who specializes in making the minutia of economics fun, is among the speakers at Catalyst Corporate’s upcoming Accelerating Success Conference, set for April 30-May 1 at Caesars Palace in Las Vegas.
NCUA TESTIFIES ON REG. BURDENS updated
04/24/15 02:31 PM
House Financial Services Committee
National Credit Union Administration (NCUA) Director of the Office of Examination and Insurance Larry Fazio testified yesterday before the House Committee on Financial Services along with other U.S. banking regulators. Topics covered include the 2nd version of the risk-based capital rule and access to industry interactions. In addition there were considerable conversations about how to protect smaller financial institutions from regulation intended for large Wall Street banks.
SAN GABRIEL VALLEY ECON. OUTLOOK updated
04/22/15 02:33 PM
What You Missed
The California Credit Union League attended the San Gabriel Valley Economic Outlook event on April 21 and share gained insights with its members.
CUNA JOINS HOME DEPOT LAWSUIT updated
04/16/15 03:30 PM
Association Rallies with CUs
The Credit Union National Association (CUNA) has joined forces with the California and Nevada Credit Union Leagues, credit unions, and other financial institutions as a plaintiff in a class action lawsuit against the Home Depot.
SUCCESS AT ‘SACTOWN’ AND GRR updated
04/16/15 02:46 PM
April 12-14 in Sacramento
The annual Credit Union SacTown Ten-Mile Run and the California Government Relations Rally (GRR) were huge successes. Hundreds of credit union leaders, professionals, and volunteers convened in Sacramento to participate in these consecutive events on April 12-14. Collectively, our efforts will help change lives and make a positive impact on the movement.
SOCIAL MEDIA TIPS FOR TAX DAY updated
04/15/15 12:06 PM
CU Members Paid $1.2T in Taxes in 2014
Today is tax day! Nearly 102 million credit union member owners paid $1.2 trillion in taxes in 2014. In California alone, 9.9 million members paid $127 billion in taxes, while in Nevada 330,000 members paid $3.9 billion in taxes.
‘SACTOWN 10’ TROPHY AWARDED updated
04/15/15 01:32 PM
Rep. Ken Cooley Claims Prize
Following a legislative meeting during the California Government Relations Rally on April 14, League members presented Assemblyman Ken Cooley (D-Rancho Cordova) with this year's Legislative Team Traveling trophy. The trophy is awarded to the legislative team with the best combined run time in the Credit Union SacTown Ten-Mile Run’s five-mile team run.
JAN OWEN: STATE CUs STRONG, GROWING updated
04/14/15 10:29 AM
Mentions Joint Exams, Advisory Board Seat
The health of state-chartered credit unions in California is strong, with the average net worth ratio at 11.2 percent, according to Jan Owen, commissioner for the California Department of Business Oversight (DBO). She spoke at the California Credit Union League’s 2015 Government Relations Rally (GRR) on Tuesday morning.
POLITICAL ARENA SHAPES CU ADVOCACY updated
04/14/15 09:48 AM
Jim Brulte Addresses GRR Attendees
California Republican Party Chairman Jim Brulte helped kick off the California Credit Union League's 2015 Government Relations Rally on Monday afternoon, giving attendees a taste of how the state and federal political environments have evolved over the past few decades, and what it means for credit union leaders when they visit state legislators.
CFPB—WHAT DID YOU SAY? updated
04/14/15 02:17 PM
Consumers To Share Complaint Stories
In July 2014, the Consumer Financial Protection Bureau (CFPB) proposed a policy that would allow consumers to publicly share their stories when they submit complaints to the bureau. Recently, the CFPB has now finalized its consumer narrative policy.
'SACTOWN' RAISES NEARLY 200K FOR CMN updated
04/13/15 04:59 PM
Benefits Children’s Hospitals in CA, NV
The fourth annual Credit Union SacTown Ten-Mile Run—which took place Sunday in downtown Sacramento—raised more than $195,000 for Children’s Miracle Network Hospitals (CMN) in California and Nevada.
PRIVATELY-INSURED CUS JOIN FHLB updated
04/13/15 03:21 PM
House Passes H.R. 299
The House passed the Capital Access for Community Financial Institutions Act of 2015 (H.R. 299), a bill that would allow privately-insured credit unions to join the Federal Home Loan Bank (FHLB) program. According to Rep. Steve Stivers (R-Ohio), the bill would give 1.2 million credit union members greater access to credit.
‘SACTOWN 10’ RAISES $200K SO FAR updated
04/10/15 11:23 AM
Race is April 12, 2015
The credit union community will be out in force for the first of four events that represent the Credit Union Miracle Day Family of Races benefitting Children’s Miracle Network Hospitals: the Credit Union SacTown Ten-Mile Run in Sacramento, CA and Credit Union Cherry Blossom Ten-Mile Run in Washington, D.C.—both happening on April 12.
CA ECONOMY: MAJOR GROWTH PREDICTED updated
04/09/15 08:15 AM
Two Forecasts Talk Jobs, Wages, More
Stop calling it a “recovery”—the California economy is in expansion mode, and it won’t taper for the foreseeable future.
NCUA UPDATES SECONDARY CAPITAL updated
04/09/15 01:44 PM
Federation Applauds Efforts
The National Credit Union Administration (NCUA) has announced major improvements to secondary capital, which will spur greater investment into the credit union system. The NCUA's Supervisory Policy Manual revisions will provide clear steps for Low Income Designated (LID) credit unions to apply and be approved for pre-payment of secondary capital. The National Federation of Community Development Credit Unions (Federation) is pleased with the NCUA’s action.
CO-OP DECLARES $29.2M DIVIDENDS updated
04/08/15 02:10 PM
Has Nearly 1,200 Shareholding CUs
CO-OP Financial Services announced a shareholder dividend pool of $29.2 million for 2014, bringing its total shareholder patronage amount to $314.1 million since 1996. Additionally, the year was marked with new records, partnerships, and products for the CUSO.
CUs, LEAGUES, AND NCUA MEET updated
04/06/15 11:18 AM
Exam Survey and IRR Discussed
Representatives from the California and Nevada Credit Union Leagues joined other state league and credit union leaders in meeting with National Credit Union Administration (NCUA) Region V Director Liz Whitehead and her staff last Friday in Arizona.
REGISTER NOW FOR NEXT WEEK'S GRR updated
04/06/15 03:04 PM
Highly Anticipated Event This Year
The most important state advocacy event of the year for credit unions takes place NEXT WEEK—the California Government Relations Rally (GRR) in Sacramento.
APRIL: FINANCIAL LITERACY MONTH updated
04/02/15 02:39 PM
CUNA and NCUF Celebrate
April is dubbed National Financial Literacy Month and National Credit Union Youth Month. It signifies a time for credit unions and organizations to engage with their members—particularly youth—about the importance of financial literacy.
LATEST ‘MEMBERS FIRST IN ACTION’ updated
04/01/15 12:47 PM
Q4 Activities from the Leagues
In this Members First In Action update, we recap the first quarter and year-to-date benefits extended to your credit union as a valued member of the California and Nevada Credit Union Leagues and Credit Union National Association (CUNA).
‘SACTOWN’ FEATURED ON TODAY SHOW updated
04/01/15 03:35 PM
Local Race Part of National Effort
The annual Credit Union SacTown Ten-Mile Run has been selected as a flagship race by the TODAY Show as part of its health-focused national #RunforTODAY program. In partnership with local NBC-affiliates, the program is aimed at empowering women across the country to get fit this spring.