League Urges Final Push on AB 2501; Vote Scheduled Monday

Sacramento state capitol building

A vote on Assembly Bill 2501 has been postponed until this coming Monday in the California State Assembly. This gives the bill’s author and proponents the entire weekend to persuade assemblymembers who are on the fence about the bill.

It is imperative that credit unions keep up the pressure by sending messages to assemblymembers through Connect For The Cause stating the industry’s opposition to AB 2501 because of the enormous financial threat it poses to credit unions.

The California Credit Union League is requesting credit union staff and anyone they work with in the California credit union industry to take one minute and participate in the “NO on AB 2501” campaign. They can also be directed to the www.ConnectForTheCause.com webpage to sign up for future alerts.

Each day credit unions get closer to the League’s goal of 10,000 messages — a powerful impact. As of Friday morning, more than 8,000 messages had been sent from individuals working at 205 credit unions and 44 system partners across California.

The League is committed to defeating AB 2501 and needs one final push from credit unions and their employees if they have not acted. Thank you to those who have responded so far.

Escheatment: Unclaimed Property Report and Remittance Due Date Extended
The California State Controller's Unclaimed Property Division has published its Spring 2020 "Newsletter for Holders". Credit unions should take note of this article extending the final Remit Report and remittance due date from June 15, 2020 to Aug. 15, 2020 due to the COVID-19 crisis.

AICPA Issues Accounting Guidance: Forgivable PPP Loans
The Journal of Accountancy has published an article that is helpful for credit unions as they manage forgivable Paycheck Protection Program (PPP) loans by the U.S. Small Business Administration and Treasury Department. The article provides a technical questions and answers fact sheet and addresses accounting for nongovernmental entities, which include business entities and not-for-profit entities.

Weekly Update: CA and NV Credit Union COVID-19 Relief
According to weekly survey data collected by the California and Nevada Credit Union Leagues from late March to early June, credit unions in both states have accomplished the following for their members:

  • Nearly 560,000 members have been provided financial relief.
  • Over 563,000 extensions made on nearly $15.1 billion in member loans.
  • Almost $74 million provided in emergency loans to members.
  • More than 2.8 million fees waived for members.
  • $1.3 billion employee/business loans made via the Paycheck Protection Program (PPP) loans from the Small Business Administration and Treasury Department’s federal relief program.

While credit union data in both states is still being gathered every week, the Leagues' ongoing COVID-19 Impact Survey continues to track how credit unions are assisting consumers during the economic fallout from the Coronavirus pandemic and which ones are participating in the SBA’s PPP funding efforts.

The data represents a great majority of credit unions in California and Nevada, but not all. The Leagues are encouraging credit unions at the beginning of each week to complete the survey by sending CEOs a link. The numbers continue helping the Leagues tell a powerful, compelling story about the impact credit unions are making in their communities.

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