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Dave Gunderson, CEO of CU of Southern California, and Chairman of the California and Nevada Credit Union Leagues’ Regulatory Advocacy Committee

REG CHAIRMAN URGES CUs TO COMMENT
updated 05/21/14 05:20 PM
Risk-Based Capital Deadline Approaching
As the comment deadline approaches on the National Credit Union Administration’s (NCUA) Risk-Based Capital Proposal (RBC), the chairman of the California and Nevada Credit Union Leagues’ Regulatory Advocacy Committee has made a powerful plea to leaders sitting on the committee to participate in the comment process—and encourage others to comment too.

“In my view, this is one of the most important proposals the NCUA has issued over the past couple of decades,” stated Dave Gunderson, committee chairman and CEO of CU of Southern California, in a letter to committee members. “It has the potential to severely harm the credit union industry.”

He said it’s vitally important credit unions comment on critical proposals that will significantly impact their credit union or the credit union movement.

As of last week, only 51 California and Nevada credit unions had written, or promised to write, comment letters on the RBC proposal. The Leagues’ goal is to reach 150 comment letters.

To help achieve this goal, Gunderson challenged his fellow committee members to not only write their own comment letters, but to email or call three or more of their colleagues and encourage them to comment on the proposal.

“Regardless of your asset size or the immediate impact on your credit union from the proposal, there are several issues on which we should all be commenting,” Gunderson stated. These include:

  • Parity with banks
  • Individual Minimum Capital Requirements
  • NCUA is exceeding their authority

Gunderson added: “If we don’t comment, we are essentially communicating to the NCUA that the proposed rule is fine, and its passage is of no concern to us. I recognize we all have time and resource challenges—however, I believe responding to the RBC proposal should be a top priority.”

The comment deadline for NCUA’s proposal is May 28. The Leagues echo Gunderson’s sentiments and strongly encourage credit unions to participate in the comment process, as the proposed rule will have a significant impact on the credit union movement.

Visit PowerComment.org to let your voice be heard today!

 
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NCUF RELEASES ANNUAL REPORT updated 08/29/14 02:44 PM
Activities From Last 12 Months
The National Credit Union Foundation (NCUF) released its 2013-2014 Annual Report, entitled “Improving People’s Financial Lives through Credit Unions.” The report highlights the organization's program and grant activities during the past 12 months.

WEEKLY E-FILING BILL SIGNED INTO LAW updated 08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.

NEW STATE LAWMAKERS SHAPE DIRECTION updated 08/27/14 08:24 PM
California Assembly and Senate
New leadership in California will help form the state’s priorities in the coming years. Here’s what your credit union needs to know:

CFPB ISSUES FINAL 'TILA' ADJUSTMENTS updated 08/24/14 11:35 AM
Rule Reviews Dollar Amounts
The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.