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CUs MAKE DIFFERENCE IN COMMUNITIES
updated 08/31/14 03:16 PM
Volunteerism, Contributions, and More
Scroll down to view the latest on how credit unions and industry affiliates across California and Nevada are donating time and money to help the communities they serve, implementing new operational strategies for members, and advocating for the credit union movement!

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From the Editors of CU Weekly

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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