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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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    FIELD OF MEMBERSHIP (FOM) RULE updated 02/04/16 09:12 AM
    More Congressional Action
    As reported yesterday in the California and Nevada Credit Union League's Advocacy Blog, Rep. Doug LaMalfa (R-Chico) has sent the attached support letter to the NCUA for their Field of Membership rule.

    ONLY 7 DAYS TO COMMENT ON PROPOSAL updated 02/02/16 07:04 AM
    NCUA's Field-of-Membership Rule
    The countdown is on as the Feb. 8 (Monday) deadline approaches for federal and state chartered credit union leaders to submit comments supporting the National Credit Union Administration’s (NCUA) Field-of-Membership (FOM) proposal.

    CEOs SOUND OFF ON NCUA'S PROPOSAL updated 02/01/16 03:36 PM
    Urge Peers to Comment on FOM
    California credit union CEOs are sounding off as the deadline approaches (Feb. 8) to comment on the National Credit Union Administration’s Field-of-Membership (FOM) proposal—one that will update rules to reflect marketplace changes and give the industry a broader menu of flexible options for remaining competitive.

    UNCLAIMED PROPERTY AND 'PACE' REFORM updated 02/01/16 01:47 PM
    Rounding Out CA Legislative Goals
    Threats to credit unions are already being spotted on the horizon by the California Credit Union League’s advocacy team as the state legislature’s Feb. 19 deadline to introduce new legislation looms.

    ANNUAL PRIVACY NOTICES updated 01/29/16 11:47 AM
    Federal-No; State-Maybe
    As reported in the League's Advocacy Blog, after the release of the NCUA Letter to Credit Unions, #16-CU-03, about privacy notices, the California and Nevada Credit Union Leagues took action to clarify applicability to state laws. The NCUA letter addressed the recent federal law change on annual privacy notices related to Gramm-Leach-Bliley that states that when a financial institution meets certain statutory requirements, it no longer must send annual privacy notices.

    CU LEADERS MEET WITH LEGISLATOR updated 01/29/16 05:09 PM
    Asm. Kim Tours Credit Union
    As reported earlier today in the California and Nevada Credit Union League's Advocacy Blog, Southern California credit union leaders met with Assemblywoman Young Kim (R-Fullerton).

    CU LEADERS MEET WITH ASSEMBLY MEMBER updated 01/28/16 01:47 PM
    Portantino Running for Senate
    As recently reported in the Leagues Advocacy Blog, credit union leaders met with former member of the Assembly, Anthony Portantino, who served from 2006 until being termed out in 2012. Prior to his time in office, he spent many years working in film and television production and is currently is a Visiting Fellow teaching Values Based Political Leadership at USC.

    COMMENTS NEEDED: NCUA'S FOM PROPOSAL updated 01/26/16 10:06 AM
    Deadline is February 8
    With less than two weeks until the comment deadline of Feb. 8, it is crucial the National Credit Union Administration (NCUA) hear from credit unions in support of the proposed chartering and field-of-membership (FOM) amendments.

    LEAGUE'S 2016 CA LEGISLATIVE AGENDA updated 01/26/16 09:10 AM
    Charter Modernization, CUSOs, LICU
    The final year of the two-year state legislative session (2015-2016) in California is here, and the California Credit Union League’s advocacy team is primed to roll out a robust legislative package.

    Recognized For Military Career
    Before Richard Myles Johnson was a credit union industry icon, he was a Marine. He joined the U.S. Marine Corps in 1941. He ended his military career as a colonel in 1972. Along the way, he amassed a vast number of ranks, honors, and awards, including the Bronze Star and Purple Heart.

    FINANCIAL OPPORTUNITY: TWO TALES updated 01/19/16 10:40 AM
    CUs Can Take Pulse of Econ. Mobility
    As financial “opportunity” for low and middle-income Americans is debated leading up to a national election this November, many within the credit union industry can take a pulse of their members’ financial health and how economic changes are shaping that opportunity.

    Business CO-OP: Focus on Legislation
    Last week Rep. Ed Royce, R-CA (Brea), joined Rep. Mark Pocan, D-WI, to found the Congressional Cooperative Business Caucus. With Royce’s dedication and expertise in credit unions, it comes as no surprise he is chairing a new caucus to focus on legislation that impacts cooperative businesses.

    FIELD OF MEMBERSHIP RULE updated 01/13/16 10:53 AM
    CA Congressman Gives Support
    California Congressman Ted Lieu (D-El Segundo) has just sent the NCUA a support letter in favor of their Field of Membership Rule. In his letter, Rep. Lieu endorses for several of the provisions in the rule (letter linked below).The League has been working with our congressional delegation to ensure there is overwhelming support for this rule.

    RMJ TO BE HONORED AT HOCKEY GAME updated 01/13/16 01:59 PM
    Recognized as Armed Services Vet
    Richard Myles Johnson— who joined the credit union movement after finishing a 30-year career in the United States Marine Corps, where he retired as a colonel—is scheduled to be recognized as the honored armed services veteran by the Anaheim Ducks hockey team at its home game Wednesday, Jan. 20.

    FHLB MEMBERSHIP updated 01/12/16 12:51 PM
    Final Rule Issued
    Today the Federal Housing Finance Agency (FHFA) issued their final rule on Federal Home Loan Bank (FHLB) membership. After receiving over 1,300 comment letters—an unprecedented amount, with most in opposition—the FHFA’s final rule does not include two provisions for which the Leagues strongly opposed. That is, the final rule does not require financial institutions to hold one percent of their assets in home mortgage loans and 10% of assets in residential mortgage loans (RML) on an ongoing basis.

    TARGET SETTLEMENT DETAILS updated 01/12/16 10:34 AM
    Available on New Website
    Credit unions have begun receiving email and paper mail directing them to a dedicated website that offers information on the Target data breach litigation, including settlement terms, important dates, frequently asked questions, information on filing a claim, directions for opting out, court and settlement documents, and contact information.

    CO-OP CEO STAN HOLLEN TO RETIRE updated 01/12/16 09:39 AM
    More Than 10 Years at CUSO
    In a landmark moment for the nation’s largest credit union service organization, CO-OP Financial Services (based in Rancho Cucamonga, CA) announced this morning that President and CEO Stan Hollen will retire on May 31, 2016.

    MATZ TO MEET CA-NV LEADERS AT 'GAC' updated 01/12/16 08:05 AM
    Plus, Upcoming Regulatory Webinar
    California and Nevada credit union leaders will have the opportunity to engage with National Credit Union Administration (NCUA) Board Chairman Debbie Matz during an exclusive meeting arranged by the California and Nevada Credit Union Leagues at the upcoming 2016 Governmental Affairs Conference (GAC).

    CA CONGRESSMAN PREPARES TAX REFORM updated 01/11/16 02:59 PM
    Credit Union Tax Status Honored
    As first reported on the California and Nevada Credit Union Leagues’ Advocacy Blog last week, Rep. Devin Nunes, R-CA (Tulare), has been drafting a comprehensive tax reform package which will honor the credit union tax status.

    CUs4KIDS 20 YEAR CMN PARTNERSHIP updated 01/08/16 01:40 PM
    Raised $150M in Donations
    This year, Credit Unions for Kids celebrates 20 years of fundraising for Children’s Miracle Network Hospitals (CMN Hospitals), a collaboration that has yielded more than $150 million in donations.

    Successful Partnership of 20 Years
    A strategic partnership beginning Jan. 1, 1996 is still proving to be a “win win” for credit unions in Nevada and California as the collaboration’s anniversary was recognized this past Friday.

    FinCEN RULE COULD COST CUs MORE updated 01/05/16 07:55 AM
    Submit Comment Letters by Jan. 25
    In 2014, the Financial Crimes Enforcement Network (FinCEN) issued a proposed rule to “clarify and strengthen customer (member) due diligence (CDD) obligations” of financial institutions, including credit unions.

    State Charter Modernization Legislation
    As both houses of the California Legislature reconvened for the first session of the new year after a three-month recess, the California Credit Union League’s legislative agenda for 2016 is being centered around a state credit union charter modernization bill package.

    CREDIT UNIONS EXEMPTED FROM TAX BILL updated 01/05/16 02:46 PM
    Rep. Nunes Updates Legislation
    California Congressman Devin Nunes (R-Tulare), a senior Member of the Ways & Means Committee which governs federal taxes is scheduled to introduce legislation updating the nation's tax policy. As a matter of offsets, he has included a financial institutions transaction tax. After speaking with CUNA and the CA/NV Leagues, Rep. Nunes has updated his draft legislation to specifically exempt credit unions from the bill (pictured).