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Relevant Information—For You, By You

CUs TO BENEFIT FROM 'COMPLYSIGHT'
updated 06/09/14 04:37 PM
Also, Webinar on Integrated Disclosures
The California and Nevada Credit Union Leagues have launched ComplySight, an exceptional new software solution that tracks, measures, and reports compliance activities from a single web application—providing credit unions valuable assistance to streamline compliance efforts.

In partnership with League InfoSight, ComplySight will help credit unions with:

  • Content—Easy to understand guidance to provide your credit union directions on compliance requirements.
  • Ease of Tracking and Management—ComplySight’s communication and tracking tools make it easy to determine your credit union’s compliance position.
  • Reports—Robust reporting features, overviews and in-depth information on your credit union’s compliance.
  • Regulatory Alerts—When a regulation changes or new guidance is introduced you will be notified and provided customized guidance.
  • Compliance Consulting—Easily pairs with and supports your Association/League Consultant activities to provide complete compliance management.
  • Support—League InfoSight provides your credit union with comprehensive guidance and support.

To visit the ComplySight webpage, click here. Learn more by clicking here for a helpful video. For a list of informational webinars, click here.

Contact Leagues Vice President of Research and Collaboration Rita Fillingane at 909-212-6055 or ritaf@ccul.org to learn more about ComplySight and upcoming consulting packages.

TILA-RESPA Webinar
The Federal Reserve Board of Governors has invited interested credit unions to attend a Consumer Financial Protection Bureau-hosted webinar on integrated disclosure rules from the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA-RESPA).

This session will be the first of a recurring series of webinars to address the new rule as creditors, mortgage brokers, settlement agents, software developers, and other stakeholders work to implement it over the next year.

The first session will provide an overview of the final rule and new disclosures, and address a few basic compliance questions, while subsequent webinars will address specific implementation and interpretive questions about the rule provided to the CFPB.

 
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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.

ANAHEIM DUCKS HONOR RICHARD JOHNSON updated 01/21/16 03:09 PM
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.

ROYCE HELPS FORM COOPERATIVE CAUCUS updated 01/19/16 07:18 AM
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.

CA-NV LEAGUES CELEBRATE ANNIVERSARY updated 01/05/16 10:40 AM
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.

CA LEAGUE HIGHLIGHTS ADVOCACY AGENDA updated 01/05/16 07:28 AM
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).