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DYKSTRA URGES CUs TO TAKE ACTION
updated 08/11/14 03:01 PM
AB 2293 Would Protect Consumers
California and Nevada Credit Union Leagues President and CEO Diana Dykstra called on credit unions last week to encourage their staff to take immediate action on Assembly Bill 2293, which seeks to protect consumers by requiring Transportation Network Companies (TNCs) to provide physical damage coverage.

To take action, click here! Select the take action option under Transportation Network Companies: Uber and Lyft, and follow the steps to submit a letter to your state senator urging support for AB 2293.

The rise of Transportation Network Companies (TNCs), such as Uber and Lyft, has resulted in unintended consequences for credit unions. Although credit unions require insurance for all vehicles they provide loans for, that insurance does not cover all instances when drivers enter their vehicle into TNC services such as Uber and Lyft. When accidents occur while these cars are “in service,” there is no financial backstop to cover vehicle damages.

Ultimately, a credit union can be left with a significant reduction in collateral value.

Currently, Assembly Bill 2293 is pending in the California State Senate. “We need to make sure credit unions are protected by ensuring that damage coverage is also required for vehicles used to provide TNC services,” Dykstra said.

You can also forward the www.ConnectForTheCause.com web link to your credit union colleagues, asking them to take action.

 
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CHAPTER FORUM, RECEPTION ENGAGES CUs updated 10/27/14 06:55 PM
Networking and Awards after 'REACH'
Credit union chapter members from across California and Nevada gathered Oct. 23 at the JW Marriott (L.A. Live) in downtown Los Angeles to attend the 2014 Chapter Forum, which offered a full day of valuable networking and educational sessions for attendees who were eager to share individual stories about the work their chapters are accomplishing.

NEEN JAMES CHALLENGES CUs AT 'REACH' updated 10/27/14 04:17 PM
'Time is the New Currency'
By Wednesday afternoon, nearly 700 credit union CEOs, professionals, industry vendors, and guests had attended REACH 2014, the California and Nevada Credit Union Leagues’ Annual Meeting and Convention from Oct. 20-22 at the JW Marriott (L.A. LIVE) in downtown Los Angeles.

CFPB, FTC HOST DEBT COLLECTION FORUM updated 10/27/14 03:31 PM
Latino Consumers Discussed
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) recently hosted an all-day forum on “Debt Collection and the Latino Community,” which brought together consumer advocates, industry professionals, and regulators to discuss how debt collection issues affect Latino consumers, especially those with limited English proficiency (LEP).

FinCEN: QUARTERLY UPDATE ON 'SARs' updated 10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.