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Relevant Information—For You, By You

updated 04/04/14 10:42 AM
Avoid Penalty Fees
Attention credit unions! First quarter Call Reports are due to the National Credit Union Administration (NCUA) on April 25. Failure to meet the deadline may result in a civil money penalty.

  • Up to a maximum of $1 million, or 1 percent of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.
  • " rows="5" cols="100" WRAP="physical">Potential penalties for late filers include:
    • Up to a maximum of $2,000 per day for each day a required report is minimally late or contains uncorrected false/misleading information if the late or false/misleading filing is unintentional and the credit union has reasonable procedures in place to avoid such errors.
    • Up to a maximum of $20,000 per day for each day a required report is late or contains false/misleading information if the late or false/misleading filing is not covered by the "unintentional" safe harbor outlined above.
    • Up to a maximum of $1 million, or 1 percent of total assets, whichever is less, per day if a federally insured credit union knowingly or with reckless disregard for accuracy submits a false or misleading report and fails to correct it.

    The size of the fine will take into consideration the size of financial resources and good faith of the credit union, the gravity of the violation, the history of previous violations, and other circumstances.

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    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.

    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.

    BIZ KID$ FINANCIAL GRANTS AVAILABLE updated 01/21/15 12:41 PM
    Application Deadline is March 31
    Promote financial literacy at your credit union and in your community with a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (NCUF). Apply for the grant by March 31, 2015.

    Los Angeles Councilman Speaks
    With President Barack Obama’s recently issued executive order on immigration, something transformative could be in store for credit unions serving immigrant communities—but it’s going to take more knowledge, more action, and a desire to understand the culture and language surrounding this group of individuals.

    NCUA's SECOND RBC PROPOSAL updated 01/15/15 10:32 AM
    New Draft More Favorable
    The Leagues are thoroughly reviewing the National Credit Union Administration’s (NCUA) 450-plus page Risk-Based Capital Proposed Rule in detail to understand its components and potential impact. It seems this second proposed rule is more favorable than its first draft, and that most of our requests were at least partially addressed.

    RBC DISCUSSION VIDEO AVAILABLE updated 01/15/15 03:45 PM
    Captures Revised Plan
    The Credit Union National Association (CUNA) video of today's National Credit Union Administration (NCUA) open board meeting discussion of a new risk-based capital (RBC) plan is now available for viewing.

    NCUA PAYS FOR DATA BREACH updated 01/15/15 02:33 PM
    Palm Springs FCU Receives Up To $50K
    The National Credit Union Administration (NCUA) board has approved payment of up to $50,000 for costs associated with a data breach at Palm Springs FCU late last year.

    CO-OP PROCESSED 3B IN 2014 updated 01/14/15 11:04 AM
    Sets New Record
    CO-OP Financial Services processed more than three billion electronic funds transfer (EFT) and shared branch transactions by credit union members in 2014—an 8 percent increase compared to 2013. This sets a new record for CO-OP.

    CUs MEET WITH NCUA, CFPB OFFICIALS updated 01/13/15 09:44 AM
    2nd RBC Proposal, Overdraft Discussed
    California and Nevada credit union leaders met last week with officials from the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB) to discuss the agencies’ regulatory impact on credit unions.

    CO-OP ANNOUNCES THREE PROMOTIONS updated 01/12/15 12:18 PM
    New CIO, CMO, and SVP
    CO-OP Financial Services has promoted three employees to new positions: Terrence Griffin has been promoted to chief information officer; Samantha Paxson to chief marketing officer; and Connie Trudgeon to SVP of network operations and implementation.

    'GAC' AND 'GRR': TWO POWERFUL EVENTS updated 01/12/15 04:37 PM
    Your Voice is Needed
    The credit union movement needs YOUR voice in Washington, D.C., Sacramento, and Carson City this year as discussions take place on legislative policies that may affect credit unions at the state and federal levels, as well as regulatory issues.

    WCMS PRES. RETIRES AFTER 44 YEARS updated 01/09/15 04:44 PM
    James D. Likens To Serve Through 2015
    Western CUNA Management School (WCMS) officials have announced that Dr. James D. Likens will be retiring from his post as president and CEO of the school at the end of 2015. Likens will continue to direct the school through the end of the year.

    CA/NV CUs CAN VIEW RBC DIALOGUE updated 01/09/15 02:26 PM
    CUNA to Record NCUA Session
    California and Nevada credit unions will have the opportunity view the National Credit Union Administration (NCUA) risk- based capital (RBC) discussion meeting on Jan. 15.

    SEN. BOXER NOT SEEKING RE-ELECTION updated 01/08/15 10:22 AM
    Served Two Decades in U.S. Senate
    In a video announcement earlier this morning, Senator Barbara Boxer (D-CA) stated she will not seek re-election in 2016 when her term expires. Her retirement announcement is not unexpected.

    DYKSTRA TALKS LEADERSHIP updated 01/08/15 09:04 AM
    CUToday.info Interview
    California and Nevada Credit Union Leagues President and CEO Diana Dykstra was recently interviewed by CUToday.info to share her thoughts on leadership and management. In this interview, Dykstra talks about communication, working with board of directors, staying relevant, and more.

    LEAGUES OFFICIALLY LAUNCH 'PLEXCITY' updated 01/06/15 10:13 AM
    Unique Shared-Service Vision
    The California Credit Union League, Maryland and District of Columbia Credit Union Association, and New Jersey Credit Union League officially launched Plexcity on Jan. 2—a new shared-services company that will aggregate accounting and finance, human resources, and information technology departments for trade associations across the nation.

    CUNA ANNOUNCES REORGANIZATION updated 01/06/15 02:06 PM
    Changes to Senior Leadership Team
    The Credit Union National Association (CUNA) has announced the reorganization of its senior leadership team in an effort to streamline and better serve the needs and interests of credit unions.

    114TH CONGRESS BEGINS TODAY updated 01/06/15 01:43 PM
    Leagues Join Aguilar in Swearing-In
    Today is the beginning of the 114th session of Congress and the California and Nevada Credit Union Leagues was there to welcome members.

    JENSEN JOINS LEAGUES' ADVOCACY TEAM updated 01/05/15 11:29 AM
    Will Represent CUs in Sacramento, Carson City
    Courtney Jensen has joined the California and Nevada Credit Union Leagues as legislative advocate, where she will support and promote credit unions at the state level.

    CMN FUNDRAISING REMITTANCE updated 01/05/15 10:51 AM
    Submission Deadline: Jan. 16
    If your credit union raised funds for Children’s Miracle Network (CMN) Hospitals in 2014, please submit your funds on or before Jan. 16 to count toward 2014 fundraising totals. Click here to access the form, which includes mailing instructions, along with your fundraising check.

    CA CUs GAIN CORPORATE REPRESENTATION updated 01/05/15 10:15 AM
    Steve Devan on Catalyst Board
    For the first time since the corporate credit union world experienced enormous regulatory changes, a sizeable number of California credit unions are gaining a voice on the board of directors at a large corporate: Steve Devan, CEO of $90-million-asset Grossmont Schools FCU in El Cajon, CA.

    NCUA'S MCWATTERS CONFIRMED FOR 'GAC' updated 01/05/15 03:31 PM
    Private Session With CU Leaders
    The California and Nevada Credit Union Leagues have confirmed a private session with National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters for California and Nevada leaders during the Credit Union National Association’s (CUNA) 2015 Governmental Affairs Conference (GAC).

    EVENTS YOU DON'T WANT TO MISS updated 01/02/15 09:03 AM
    Top Seven Events of 2015
    We all realize how fast time flies, and 2015 will be no exception. Below are the top seven events designed specifically for you our members in 2015.