CU Weekly News

Diablo Valley FCU CEO John Pamer (center) with volunteers and participants of the Concord Turkey Trot.
Diablo Valley FCU CEO John Pamer (center) with volunteers and participants of the Concord Turkey Trot.

'Concord Turkey Trot' Raises $10K for the Needy During Holidays

The return of the Concord Turkey Trot saw an at-capacity crowd of more than 1,000 participants and volunteers at Newhall Park in Concord, CA on Thanksgiving, with Diablo Valley FCU honored to be the presenting sponsor of the event.

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Bill Birnie, president/CEO of Frontwave Credit Union, served 25 years in the Marine Corps.
Bill Birnie, president/CEO of Frontwave Credit Union, served 25 years in the Marine Corps.

Marine Corps Service Made Bill Birnie the Leader He is Today

A self-proclaimed “substandard” high school student, Bill Birnie knew college wasn’t within his reach and opted instead to explore military service.

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Financial Counselor Academy logo

CU Financial Counselor Course Registration Deadline: Dec. 15

The deadline to register for the Financial Counselor Academy is Dec. 15. This 13-week course, hosted by the California and Nevada Credit Union Leagues and the Richard Myles Johnson Foundation, will help you become a certified credit union financial counselor so you can help your members throughout their financial journey.

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Federal Reserve Board seal

CUs Assess Impact of ‘Reg II’ Interchange Rule & Start Planning

Credit unions need to prepare as the Federal Reserve’s final rule in the Durbin Interchange Amendment (Regulation II) was announced this past October. It goes into effect July 1, 2023 and will require all debit cards to have two unaffiliated networks enabled for card-not-present (CNP) or online transactions.

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(L-R): The individual California Credit Union League and Nevada Credit Union League boards of directors during this year’s REACH 2022 annual conference in early November (not all are present in photos). Both boards’ annual business meetings took place online/virtually later in the month.
(L-R): The individual California Credit Union League and Nevada Credit Union League boards of directors during this year’s REACH 2022 annual conference in early November (not all are present in photos). Both boards’ annual business meetings took place online/virtually later in the month.

CA & NV Boards Chosen as Annual Meetings Look to 2023

During their individual online/virtual annual business meetings in mid-November, leaders from the California and Nevada Credit Union Leagues' respective boards of directors thanked industry professionals for their enduring advocacy and support in 2022 — a year where the movement continued spotlighting its unique “member owned” model and financial wellbeing philosophy to local communities.

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Searching by phone

Dec. 6 Update, New Creatives, Case Study, & Preparing for 2023

Join fellow credit union marketers and others for the next Credit Union Awareness National Program Update on Dec. 6 at 11:00 a.m. (Pacific). This important webinar will cover YourMoneyFurther.com consumer engagement activities, search insights, consumer consideration research results, media performance, and insights you can use in your own marketing.

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cdfi logo

CDFI Application and Target Market Verification Comments Coming Due

In November, the Office of Management and Budget (OMB) provided notice in the Federal Register that it was soliciting a final round of comments to the revised Community Development Financial Institution (CDFI) Certification Application. Comments must be submitted by Dec. 5, 2022. 

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Occupation collage

CA Jobs Finally Recover from 2020; NV Hits New Record

In October, for the first time since a societal fallout from the COVID-19 pandemic recession, California finally regained the 2.76 million non-farm payroll jobs its economy lost in spring of 2020 — although its labor force is approximately -100,000 smaller today. Meanwhile, Nevada’s job market continues hitting new record highs after fully recovering this past summer.

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Offer Your Members Business Services

Newtek Business Services offers solutions for businesses of all sizes. From payroll services, and merchant processing to data storage and website design and hosting, Newtek’s services create operational efficiencies for your business members.

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Cryptocurrency Fraud Scams: Protect Your CU and Members

According to a sobering new report by the Federal Trade Commission, since the start of 2021 more than 46,000 people have collectively reported more than $1 billion in losses to crypto-related scams, with an average loss of $2,600 per person. The reported 2021 losses were almost 60 times greater than reported losses in 2018.

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California DFPI logo

NSF & Overdraft Reporting on Jan. 1; NMLS License Renewal

With the California Department of Financial Protection and Innovation (DFPI) recently publishing its November Monthly Bulletin, the California Credit Union League wants to remind credit unions of the following:

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NCUA Chair Testifies, CFPB Complaint, & Compliance Outlook

The following is the latest regulatory issues and announcements relevant to California and Nevada credit unions from the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Federal Reserve.

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Board room meeting.

Deposit & Loan Growth Finally Slowing in Sync and to Continue

As slowing credit union deposit growth continued during third-quarter 2022 and lending growth finally joined in that trend, the industry’s rapid quarter-over-quarter loan origination throughout 2022 is showing clear signs of a slowdown in the upcoming months ahead according to the latest U.S. industry analysis.

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Detailed Summary of SB 1311: Synopsis & Applicability to CUs

As of Jan. 1, 2023, Senate Bill 1311 will go into effect in California — and credit unions should be prepared to comply. Please read the League’s detailed summary (by Moore, Brewer & Wolfe — A Professional Corporation).

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Top: (left) House Speaker Nancy Pelosi (D-CA) with Leagues President and CEO Diana Dykstra; (bottom) Rep. Kevin McCarthy (R-CA) talking with local credit union leaders.
Top: (left) House Speaker Nancy Pelosi (D-CA) with Leagues President and CEO Diana Dykstra; (bottom) Rep. Kevin McCarthy (R-CA) talking with local credit union leaders.

Next Steps After Pelosi’s Announcement; Padilla Letter on CLF

This week, U.S. House of Representatives Speaker Nancy Pelosi (D-CA) announced she will not stand for the leadership post in the 118th Congress. Pelosi will remain in her position as the representative from her district, and she will allow the next generation of party leaders to emerge.

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Signs for both credit unions

Meriwest CU and Patelco CU Honored with Prestigious CUNA Awards

The California Credit Union League would like to congratulate Patelco CU and Meriwest CU for being announced as honorees of two prestigious Credit Union National Association (CUNA) awards!

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California State Legislature dome

A Powerful Impact in 2022 as Leagues & CUs Build Upon Victories

In 2022, credit unions across California and Nevada benefitted from 20 state legislative victories, 15 regulatory accomplishments, 11 major wins in Congress, numerous initiatives, meetings, urgent alerts, and robust grassroots advocacy-in-action that crafted better policies for a positive impact on operations and members.

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NCUA Chairman Testifies Before Committee on Financial Services

National Credit Union Administration (NCUA) Chairman Todd M. Harper, along with other financial regulatory agency principals, testified at a hearing before the U.S. House Committee on Financial Services in Nov. 16, 2022. 

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Managing Vendors with the Performance Addendum

For nearly two decades, Maple Street has been empowering credit unions and community banks to thrive. Our team is constantly looking for ways to solve the problems our clients face.

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2022 Fair Lending Interagency Webinar on Dec. 6

Credit unions are invited to attend the 2022 Fair Lending Interagency webinar on Dec. 6. 

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Do You Know Why You Pay Your Employees What You Do?

Do you know why you pay your employees what you do? Just as important, do your employees know why you pay them what you do? And do they know what they can do to earn more?

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Talent Management and Culture in Uncertain Times

Credit unions and other employers are competing for talent in one of the tightest labor markets in U.S. history. While the labor market has cooled a bit, the Bureau of Labor Statistics recently reported that August job openings and the quit rate remained well above historical averages. Job openings, which peaked at 11.9 million in March, stood at 10.1 million in August - well above the historical average range of 5-6 million. The total non-farm quit rate stood at 2.7% in August, which was also much higher than its long-term average of 2.0%. With numbers like this, it’s no surprise that Cornerstone Advisors found the percentage of credit union executives who stated they are concerned about their ability to attract qualified talent rose from 19% in 2021 to 63% in 2022. 

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The Future is Now...What’s a Branch to Do?

It’s not the “Branch of the Future” anymore, it’s the “Branch of NOW”.  What was already underway, branch-wise, jumped into warp speed during the pandemic, and branches have undergone a dramatic makeover as credit unions work toward balancing retail delivery services and process efficiencies.

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A CUSO’s Healthcare Solution for Small Credit Unions

Small credit unions and their employees continue to pay more for health insurance while the carriers continue to profit. Big insurance brokers struggle to scale down and deliver competitive products to small credit unions. Small insurance brokers often-times deliver un-tailored products that don’t fit the needs of small employers.

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Checkmark

California Compliance Analyses: Coerced Debt & DFPI Overdraft Reports

On Sept. 30, 2022, California Gov. Gavin Newsom signed Senate Bill 975 into law, which creates a non-judicial process for addressing a debt incurred in the name of a debtor through duress, intimidation, threat, force, or fraud of the debtor’s resources or personal information for personal gain.

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(L-R, clockwise) Jeremy Gutsche, CEO of Trend Hunter; Jessica Kriegel, Chief Scientist of Workplace Culture at Culture Partners; Elissa McCarter LaBorde, President of World Council of Credit Unions; and Andrew Davis, CEO of Monumental Shift Inc.
(L-R, clockwise) Jeremy Gutsche, CEO of Trend Hunter; Jessica Kriegel, Chief Scientist of Workplace Culture at Culture Partners; Elissa McCarter LaBorde, President of World Council of Credit Unions; and Andrew Davis, CEO of Monumental Shift Inc.

Speakers & Personalities Inspire Credit Union Leaders at REACH

REACH 2022 is finished, but the spirit of cooperation and innovation among California and Nevada credit union leaders is moving forward as they set their sights on 2023 and everything the world of technology and disruption has to offer.

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Financial Counselor Academy

Financial Counselor Academy Information Session: Nov. 15

Thinking about becoming a certified credit union financial counselor at your credit union or sending someone from your team?

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CA & NV Loan Growth Cooling as Rates Rise and Deposits Slow

From San Diego to far Northern California, and Reno-Sparks to Las Vegas, loans to consumers and businesses across California and Nevada have been accelerating for most of 2022 at high year-over-year rates in many localities while deposit growth noticeably declined. However, this recent rapid loan growth is quickly slowing down going into late 2022 and early 2023.

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Andrew Davis, author and CEO of Monumental Shift Inc.
Andrew Davis, author and CEO of Monumental Shift Inc.

Davis at REACH: ‘Use Constraints to Come Up with Solutions’

“The cube of creativity” was in focus during REACH 2022 in Palm Desert, CA as Andrew Davis — author and CEO of Monumental Shift Inc. — discussed “inside the box” thinking and “embracing constraints” strategy on the last day of the California and Nevada Credit Union Leagues’ annual conference.

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Jessica Kriegel, author and chief scientist of workplace culture at Culture Partners.
Jessica Kriegel, author and chief scientist of workplace culture at Culture Partners.

Kriegel at REACH: ‘Culture is the Nature of Workplace Humanity’

“Intentional culture” took center stage during REACH 2022 in Palm Desert, CA as Jessica Kriegel — author and chief scientist of workplace culture at Culture Partners — discussed what workplace and corporate culture really means in today’s world on the last morning of the California and Nevada Credit Union Leagues’ annual conference.

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Inclusiv Program Director of Community Development Financial Institutions Chriselle Martinez (right) facilitating a Juntos Avanzamos Roundtable at REACH.
Inclusiv Program Director of Community Development Financial Institutions Chriselle Martinez (right) facilitating a Juntos Avanzamos Roundtable at REACH.

Leagues Launch 1st ‘Juntos Avanzamos’ Regional Chapter During REACH

During two social-impact roundtables at the California and Nevada Credit Union Leagues’ REACH 2022 conference in Palm Desert, CA, Inclusiv Program Director of Community Development Financial Institutions (CDFI) Chriselle Martinez took a deep-dive into Juntos Avanzamos (“Together We Advance”) — a network of credit unions committed to serving and empowering Hispanic and Latino communities.

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SCE FCU Director of Branches Javier Velasquez (center) with his $10,000 check and stakeholders that hosted and participated in “The Pitch,” including Champions (judges), Visionaries (fellow credit union participants), and others.
SCE FCU Director of Branches Javier Velasquez (center) with his $10,000 check and stakeholders that hosted and participated in “The Pitch,” including Champions (judges), Visionaries (fellow credit union participants), and others.

SCE FCU’s Javier Velasquez Wins 1st Place in ‘The Pitch’ at REACH

The Pitch — a first-ever Shark Tank-like game show during the California and Nevada Credit Union Leagues’ annual REACH conference — spotlighted SCE FCU Director of Branches Javier Velasquez as first-place winner of $10,000 after he and “Visionary” contestants from other credit unions pitched their mission-driven ideas to a panel of “Champion” judges in front of a live audience.

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The PAC Awards Reception (L-R): Brett Martinez, CEO of Redwood CU; Angelica Pappalardo, Political Advocacy Manager for the Leagues; Diana Dykstra, President and CEO of the Leagues; and Rick Schmidt, CEO of WestStar CU.
The PAC Awards Reception (L-R): Brett Martinez, CEO of Redwood CU; Angelica Pappalardo, Political Advocacy Manager for the Leagues; Diana Dykstra, President and CEO of the Leagues; and Rick Schmidt, CEO of WestStar CU.

2022 PAC Reception Celebrates Advocacy Contributors & Leaders

The credit union movement wouldn’t be where it is today without advocates who devoted their time and resources to fighting on behalf of their credit union’s members through 2022. This was the key theme of the PAC Contributors Reception on Thursday during the California and Nevada Credit Union Leagues’ REACH 2022 conference in Palm Desert, CA.

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The “Future of Financial Services” panel.
The “Future of Financial Services” panel.

‘Future of Financial Services’ Panel Explores Curious Questions

Over the next decade, technological innovations will influence consumer behavior and expectations, changing how financial services operate to meet new demands. That was the topic during Thursday morning’s general session during REACH 2022 in Palm Desert, CA, which brought together four experts on a Future of Financial Services panel.

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World Council of Credit Unions President and CEO Elissa McCarter LaBorde.
World Council of Credit Unions President and CEO Elissa McCarter LaBorde.

McCarter LaBorde: ‘Be Part of Our Global Learning Journey’

World Council of Credit Unions President and CEO Elissa McCarter LaBorde opened the general session at REACH 2022 on Thursday in Palm Desert, CA, reminding industry leaders and attendees they are part of a global system of 393 credit union members across 118 countries.

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Breakout session

Innovative Pathways Discovered: ‘REACHtalks’ & ‘REACH Deep’ Breakouts

Impactful REACHtalks and REACH Deep breakout sessions took place on Thursday during the California and Nevada Credit Union Leagues’ REACH 2022 conference in Palm Desert, CA, challenging credit union leaders to try something NEW at their organizations.

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Jeremy Gutsche, opening keynote speaker at REACH 2022 and founder-CEO of Trend Hunter, one of the world’s top trend firm and innovation consultancies.
Jeremy Gutsche, opening keynote speaker at REACH 2022 and founder-CEO of Trend Hunter, one of the world’s top trend firm and innovation consultancies.

Gutsche: ‘What Opportunity Lies So Close Within Your Grasp?’

“Innovation is not fluffy — it’s science,” said Jeremy Gutsche, opening keynote speaker during REACH 2022 in Palm Desert, CA on Wednesday afternoon, and founder-CEO of Trend Hunter, one of the world’s top trend firm and innovation consultancies.

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California and Nevada Credit Union Leagues President and CEO Diana Dykstra addresses attendees of REACH 2022 during the opening general session on Wednesday.
California and Nevada Credit Union Leagues President and CEO Diana Dykstra addresses attendees of REACH 2022 during the opening general session on Wednesday.

CA & NV League Leaders Address REACH Audience with Optimism

“Our credit unions continue to serve their members and communities in 2022 as new products and services are developed — and the Leagues continue to work tirelessly on your behalf to make it all happen,” said Diana Dykstra at the opening general session of REACH 2022 on Wednesday.

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Clutch CEO, WithClutch Developer and winner of the "Fintech Showcase" Nicholas Hinrichsen (right) with California and Nevada Credit Union Leagues Executive Vice President Larry Palochik (left).
Clutch CEO, WithClutch Developer and winner of the "Fintech Showcase" Nicholas Hinrichsen (right) with California and Nevada Credit Union Leagues Executive Vice President Larry Palochik (left).

Fintech Showcase, REACHtalks, & REACH Deep Breakouts

The Fintech Showcase at REACH 2022 on Wednesday featured several seven-minute, fast-paced, highly informative presentations about the latest innovative solutions to move credit unions forward — where a Best of Show Award was awarded to WithClutch.

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Leo H. Shapiro Lifetime Achievement Award recipient Jeff Napper (middle-right), who is President and CEO of LBS Financial CU — with Nevada Credit Union League Board Chairman Matt Kershaw (left), California and Nevada Credit Union Leagues President and CEO Diana Dykstra (left-middle), and California Credit Union League Board Vice Chair Geri LaChance.
Leo H. Shapiro Lifetime Achievement Award recipient Jeff Napper (middle-right), who is President and CEO of LBS Financial CU — with Nevada Credit Union League Board Chairman Matt Kershaw (left), California and Nevada Credit Union Leagues President and CEO Diana Dykstra (left-middle), and California Credit Union League Board Vice Chair Geri LaChance.

League Awards Ceremony Honors CU Leaders for Amazing Contributions

During the League Awards Ceremony on the second day of REACH 2022, credit unions, organizations, volunteers and leaders — including Leo H. Shapiro Lifetime Achievement Award recipient Jeff Napper — were recognized in front of their peers!

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Amistad High School students got a “bite of reality” when they attended an interactive financial education simulation designed to teach them how to manage money.
Amistad High School students got a “bite of reality” when they attended an interactive financial education simulation designed to teach them how to manage money.

High Schoolers Get ‘Bite of Reality’ During REACH 2022

Students from Amistad High School got a “bite of reality” when they attended an interactive financial education simulation designed to teach them how to manage money in the morning hours before the California and Nevada Credit Union Leagues’ annual REACH 2022 conference kicked off its opening general session.

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Credit union leaders and guests at the 2022 Richard Myles Johnson Foundation (RMJ) Donor Appreciation Gala.
Credit union leaders and guests at the 2022 Richard Myles Johnson Foundation (RMJ) Donor Appreciation Gala.

RMJ Donor Gala Celebrates Supporters, Onsite 'Bite of Reality'

Dozens of credit union leaders and guests attended the 2022 Richard Myles Johnson Foundation (RMJ) Donor Appreciation Gala on Tuesday night of REACH 2022, a yearly favorite of conference attendees dedicated to the funding and support of financial education in schools across California and Nevada.

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REACH golfers pose for a fun photo out on the green.
REACH golfers pose for a fun photo out on the green.

Collaboration & Friendship: Leaders Network During REACH Golf

The California and Nevada Credit Union Leagues’ annual REACH 2022 Golf Tournament gave those who started their week’s adventure on Tuesday an early taste of the annual convention — a week full of networking, fostering collaboration, friendship, innovative thought leadership, strengthening ties, and a bit of fun.

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Financial coaching diagram

Become a Certified CU Financial Counselor in 13 Weeks

The California and Nevada Credit Union Leagues and the Richard Myles Johnson Foundation are excited to launch the Financial Counselor Academy in January 2023! In addition, the Leagues' Shapiro Group will provide four grants for Shapiro-size credit unions to participate.

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Financial Counselor Academy logo

In 13 Weeks, Become a Certified CU Financial Counselor

The California and Nevada Credit Union Leagues and the Richard Myles Johnson Foundation are excited to launch the Financial Counselor Academy in January 2023! In addition, the Leagues' Shapiro Group will provide four grants for Shapiro-size credit unions to participate.

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Five elements make up digital adoption, says Jim Phillips, executive vice president and CIO at SchoolsFirst FCU.
Five elements make up digital adoption, says Jim Phillips, executive vice president and CIO at SchoolsFirst FCU.

Digital Transformation: Know the ‘Why’ Behind Advancements

Improving digital capabilities is the top investment priority for financial services company leaders, according to Gartner research consulting firm, and the percentage of consumers using digital services will reach 80.4 percent by 2025 (up from 75.4 percent in 2021), eMarketer reports.

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Newspaper

CA Job Market Recovery Hits 99.1%; NV’s New Record Remains

Total non-farm payroll employment in California has recovered 99.1 percent of jobs lost in the labor market two-and-a-half years since the COVID-19 pandemic recession devastated the economy. Meanwhile, Nevada’s job market remains well within new-record territory after recovering this past summer from its 2020 pandemic-era losses.

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CUs Can Access Important Fee Litigation On-Demand Webinar

California and Nevada credit union leaders have access to a valuable new resource as discussion and regulatory scrutiny on overdraft and non-sufficient funds (NSF) litigation fees continues circulating with legislators and regulators in Washington, D.C.

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Car damage

League Summarizes Steps Required for GAP Waiver Purchases in CA

With Assembly Bill 2311 going into effect in California this coming Jan. 1, the California Credit Union League has developed a detailed summary to assist credit unions in complying with the law's implementation.

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CFPB logo

Fees & Their Relation to TILA, EFTA, Reg Z, Reg E, & UDAAP

The Consumer Financial Protection Bureau (CFPB) has issued a circular that addresses overdraft fees, particularly those that are unanticipated by consumers. The circular explains that overdraft fees, as described in the circular, can constitute unfair acts or practices.

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Latest ViClarity Newsletter Now Available - Oct. 25

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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Modern Branch and ATM Security Solutions: Are You Protected?

The safety of staff and consumers is a top priority for any financial institution. As in-person experiences for banks and credit unions change and evolve, so must security solutions. 

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No-Stress Way to Upgrade Your Digital Platforms

A recent Credit Union Times article reported that, according to a new Mobiquity research study, the largest number of respondents said they preferred to conduct business with a large, national bank.

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Recap on Cybersecurity, CLF, and Risk Appetite Statement

The National Credit Union Administration (NCUA) board met for its October board meeting this week, with key takeaways addressed herein.

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Car Buying Service for Credit Union Members

During these unprecedented times, finding the car of your dreams with good value is more difficult than ever. Spending hours searching and going to the dealership isn’t exactly easy. A lot of online retailers and other buying services promise a hassle-free process, but ultimately with lower inventory levels than ever seen before credit union members may need to consider other models, expand their search criteria or order from the factory.

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Business workshop

Strengthen Skills for Meeting with State & Federal Legislators

The California and Nevada Credit Union Leagues are hosting an exclusive one-day Advocacy Workshop for those seeking to amplify their credit union’s advocacy program!

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AI Underwriting Model for Shapiro Credit Unions

The California and Nevada Credit Union Leagues and Zest AI have been working on something very special for Shapiro credit unions: the Select Model. The Select Model is an AI underwriting model built specifically for smaller credit unions and we invite you to learn more over virtual lunch! 

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In one of several “Acts Of Kindness” campaign events, a Frontwave CU staff member supports a local military servicemember by pumping gas. Over 40 U.S. marines, sailors, and civilians were served during this activity.
In one of several “Acts Of Kindness” campaign events, a Frontwave CU staff member supports a local military servicemember by pumping gas. Over 40 U.S. marines, sailors, and civilians were served during this activity.

‘Acts of Kindness’ Showcases Positive Force in Communities

In celebration of its 70th anniversary, Frontwave CU hosted a series of “Acts Of Kindness” activities from June – October, which was showcased throughout the Southern California communities it serves. Frontwave was able to give back in a big way by orchestrating a handful of thoughtful and “surprise” events during the entire campaign.

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Golden 1 Credit Union branch

CUNA Files Brief Supporting CU's Use of Arbitration Agreement

The Credit Union National Association (CUNA) filed an amicus brief on behalf of Golden 1 CU in a lawsuit (Burgardt v. The Golden 1 Credit Union), where the issue is whether the credit union can compel the plaintiff (Dwaine Burgardt) to arbitrate his claims.

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Nevada capital building

Mark Your Calendars for the NV Government Relations Rally

Nevada credit union leaders can mark their calendars to join fellow industry advocates from across the state for the 2023 Nevada Government Relations Rally (GRR) — held this coming Feb. 15, 2023 in Carson City, NV!

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Online meeting screen

CCUL and NCUL Online Notice, Information, & Delegate Info

To ensure the annual business meetings of the California Credit Union League and the Nevada Credit Union League remain inclusive to League members (held Monday, Nov. 14), these meetings will take place online/virtually (via Zoom) at 10 a.m. for the Nevada League’s 53rd Annual Meeting, and at 11 a.m. for the California League’s 87th Annual Meeting.

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Reading on computer screen

Simplified Current Expected Credit Loss Tool is Updated

The National Credit Union Administration (NCUA) has released the first update of the Simplified CECL Tool (Current Expected Credit Loss), which enables credit unions to test and calibrate the tool to estimate the allowance for credit losses on loans and leases as of Sept. 30, 2022

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Updates to Automated Cybersecurity Evaluation Toolbox

The National Credit Union Administration (NCUA) has released an update to its Automated Cybersecurity Evaluation Toolbox or ACET, which credit unions will want to review..

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Sacramento capitol building

California Legislative Recap: Wins, Victories, & Engaged Bills

The California Credit Union League’s 2022 State Legislative Recap is live, where you can view the latest wins, victories, and League-engaged bills on behalf of all credit unions across the state and their members!

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ViClarity logo

Pay Transparency, Holder Notice, Beneficial Ownership & More

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs.

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NCUA logo

NCUA Meeting Agenda: Budget, Cybersecurity, CLF, and Risk

The National Credit Union Administration (NCUA) Board will have the following two meetings next week on Wednesday (Oct. 19) and Thursday (Oct. 20):

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The California Association of  Realtors' 2023 housing market forecast.
The California Association of Realtors' 2023 housing market forecast.

Home Sales & Prices to Decline in 2023 as Affordability Drops

A modest recession caused by an ongoing battle against consumer inflation will keep mortgage interest rates elevated, suppressing buyer demand and contributing to a weaker housing market in 2023 according to the California Association of Realtors' housing and economic forecast released this week (see forecast table/image below).

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The webinar brought together thought leaders from across the credit union industry to discuss advancing safe, fair, and affordable financial access for Hispanic consumers, as well as empowering them — particularly the unbanked and underserved communities.
The webinar brought together thought leaders from across the credit union industry to discuss advancing safe, fair, and affordable financial access for Hispanic consumers, as well as empowering them — particularly the unbanked and underserved communities.

‘How CUs Empower Hispanic Communities’ Webinar Recap

Damian Alarcon-Young, corporate relations manager for Travis CU (Vacaville, CA), was one of six panelists on a "How Credit Unions Serve and Empower Hispanic Consumers and Communities" webinar recently in recognition of National Hispanic Heritage Month (Sept. 15 – Oct. 15).

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Give Your Members the Website They Deserve

CU Solutions Group's team of experts focuses only on the credit union industry and provides expertise in website design and hosting for nearly 400 credit union and CUSO clients. When you put your credit union's website in the hands of our talented design and development, we will provide a clean, responsive, modern design that is customized to your needs and complies with the Americans with Disabilities Act (ADA) accessibility requirements.

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Excite CU Vice President of Community Relations John Hogan
Excite CU Vice President of Community Relations John Hogan

Stepping it Up: How One Foundation Tackles Two Mandates

In a recently published article, CreditUnions.com featured Excite CU Vice President of Community Relations John Hogan (headquartered in San Jose, CA): Like many cooperatives, Excite CU ($708 million in assets) has an established reputation for giving back to the communities it serves.

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What Makes Prepaid Cards Excellent Traveling Companions for Members?

Even with our current global challenges, consumers are still ramping up their travel plans. Expedia is calling 2022 the year of the GOAT, or the “Greatest of All Trips.” This is an opportunity for credit unions to reach out and serve their members with a financial tool designed to meet their travel needs—the reloadable prepaid debit card.

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CUs Can Simplify Life Insurance to Shrink the Need Gap

The gap between those who say they need life insurance and those who say they have it is growing. In fact, it’s more than doubled since 2011.

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(L-R) Valley Strong CU CEO Nick Ambrosini and Vice President of Culture and Communication Jim Lawitz.
(L-R) Valley Strong CU CEO Nick Ambrosini and Vice President of Culture and Communication Jim Lawitz.

The Power Behind A ‘Strong’ Rebrand & Growth-Oriented Future

In a recently published article, CreditUnions.com featured Valley Strong CU CEO Nick Ambrosini, as well as Vice President of Culture and Communication Jim Lawitz (headquartered in Bakersfield, CA): Just three years ago, Kern Schools FCU had 15 branches, $1.7 billion in assets, and 160,000 members.

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Sacramento capitol building

League Prepares Compliance Resources for CA’s New GAP Policies

California Gov. Gavin Newsom recently signed Assembly Bill 2311 and Senate Bill 1311, which set new policies related to guaranteed asset protection (GAP) coverage. Both bills take effect Jan. 1, 2023.

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(Clockwise): ‘Fintech Credit Union Connection’ event speakers Dave Roughton (SAFE CU), Mark Crager (Next Stage Partners), Doug Leighton (Tahoma Advisors), Cloey Hewlett (California DFPI), and Mark Broome (Greater Sacramento Economic Council).
(Clockwise): ‘Fintech Credit Union Connection’ event speakers Dave Roughton (SAFE CU), Mark Crager (Next Stage Partners), Doug Leighton (Tahoma Advisors), Cloey Hewlett (California DFPI), and Mark Broome (Greater Sacramento Economic Council).

‘Fintech Credit Union Connection’ on Nov. 17 in Sacramento

Register today for FinTech Credit Union Connection 2022, held this coming Nov. 17 at SAFE Credit Union Convention Center in downtown Sacramento! Additionally, a special visit will be made by Cloey Hewlett, commissioner of the California Department of Financial Protection and Innovation (DFPI).

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Wescom CU CEO Darren Williams on "The Balancing Act" television show.
Wescom CU CEO Darren Williams on "The Balancing Act" television show.

TV Show Spotlights Wescom CU’s Mission, Values, & History

Wescom CU was recently featured on The Balancing Act, a Lifetime Television morning show for Southern Californians offering sensible solutions and essential information in a fun and entertaining format to “help people do life better” — featuring legendary TV host Montel Williams and other personalities.

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Program Prepares for ‘Epic’ Year with CA & NV Credit Unions

As 2023 funding pledges begin rolling in to the Credit Union Awareness program, participating credit unions are reminded they can measure online traffic from YourMoneyFurther.com directly to their own websites, as well as target and engage consumers who click-through from the locator/matcher tool.

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Subscribe to NCUA Updates on Call Report and Cybersecurity

The National Credit Union Administration (NCUA) invites credit unions to sign up for information on topics related to Call Reports and cybersecurity.

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California CU Partners with ViClarity to Automate Compliance Management

California CU has implemented ViClarity's compliance management solution to allow their team to easily manage all of their compliance obligations in one centralized place. The platform will allow users at California CU to benefit from a more consistent and efficient compliance monitoring program, led by the automation of compliance tasks and the availability of real-time reporting. ViClarity is a proud company of the California and Nevada Credit Union Leagues. 

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CA & NV Credit Union Voter Guide for November Elections

As election day (Nov. 8) looms around the corner, the California and Nevada Credit Union Leagues’ 2022 Candidate Slates for California and Nevada have been posted! This interactive credit union voter guide is designed to help you make decisions on which candidates to support in the upcoming general election.

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Credit card payment

Senators Pivot Interchange Bill into National Defense Package

The California and Nevada Credit Union Leagues continue keeping industry leaders informed of an attempt by a pair of U.S. senators to interrupt the credit card payments system. Recently, not only have those senators found colleagues in the House to introduce their bill, they are now trying to add their measure to a bill dealing with national defense.

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SchoolsFirst FCU CEO Bill Cheney is one of four honorees of this year’s Herb Wegner Memorial Award, the U.S. credit union movement’s highest national honor.
SchoolsFirst FCU CEO Bill Cheney is one of four honorees of this year’s Herb Wegner Memorial Award, the U.S. credit union movement’s highest national honor.

Bill Cheney to be Honored with Herb Wegner Memorial Award

SchoolsFirst FCU CEO and long-time credit union leader Bill Cheney is one of four honorees of this year’s Herb Wegner Memorial Award announced this week by the National Credit Union Foundation — the U.S. credit union movement’s highest national honor!

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(L-R): Nader Moghaddam, CEO of Financial Partners CU and emcee of the credit union's 6th Annual Economic Forum; Chris Thornberg, Founder of Beacon Economics.
(L-R): Nader Moghaddam, CEO of Financial Partners CU and emcee of the credit union's 6th Annual Economic Forum; Chris Thornberg, Founder of Beacon Economics.

No Chance of Recession Unless Fed Continues Policy in 2023

Financial Partners CU hosted its 6th Annual Economic Forum this week, spotlighting a forecast, presentation, and expert commentary on whether the economy is entering a recession, the potential cure for inflation, and other hot topics on the minds of senior management teams at credit unions and local businesses.

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Rep. Juan Vargas (D-Chula Vista, CA), author of the Credit Union Board Modernization Act.
Rep. Juan Vargas (D-Chula Vista, CA), author of the Credit Union Board Modernization Act.

Board Modernization, CDFI Cure, & State Lawmaker Meetings

On Thursday, the House of Representatives passed H.R. 6889, the Credit Union Board Modernization Act — a bill providing parity with state-chartered credit unions by allowing federally chartered credit unions to remove the monthly board meeting requirement and move to one per quarter (and no fewer than six per year).

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Loan document

CUs to Leverage Tools & Funding from FHA, Treasury, & CDFI

Credit unions in California and Nevada that are driving social impact lending and safe-banking efforts for their members and local communities received good news this week from the Federal Housing Administration, U.S. Treasury Department, and the Community Development Financial Institutions (CDFI) Fund!

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CU Aid logo

CUAid Available to Financially Assist During & After Disasters

As hurricanes leave Florida and Puerto Rico devastated by flooding — and as regions across California and Nevada recover from summer’s devastating wildfires — CUAid is available to financially assist communities and members that local credit unions serve.

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Latest ViClarity Newsletter Now Available

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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Diana Dykstra (second from bottom-left), President and CEO of the California and Nevada Credit Union Leagues, with fellow "Herstory" inductees and others representing past credit union leaders at America's Credit Union Museum in Manchester, N.H.
Diana Dykstra (second from bottom-left), President and CEO of the California and Nevada Credit Union Leagues, with fellow "Herstory" inductees and others representing past credit union leaders at America's Credit Union Museum in Manchester, N.H.

Leagues Congratulate Diana Dykstra’s Induction Into ‘Herstory’

The California and Nevada Credit Union Leagues would like to congratulate Leagues President and CEO Diana Dykstra for her induction into the Herstory exhibit on Thursday morning in Manchester, N.H.!

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How the Metaverse Can Help with Financial Education

The metaverse is a 3D integrated network of virtual worlds that is increasingly attracting the attention of major corporations looking to make a digital appearance in front of billions. Through augmented reality and virtual reality (AR users can create their own digital avatars to interact with each other in different worlds without leaving their homes. These worlds can immerse users in anything from gaming to social networking and beyond.

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Enhanced Credit Union Diversity Self-Assessment Improves Use Experience

To increase the accessibility and functionality of the Credit Union Diversity Self-Assessment, the National Credit Union Administration (NCUA) has introduced several process improvements. These enhancements include additional details for submitting surveys, improved navigation, prepopulation of certain fields, and compliance with the 21st Century Integrated Digital Experience Act. The modernization also upgrades security and ensures data integrity and confidentiality.

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Hundred dollar bills

CUs Can Prepare for CA's 'Middle Class Tax Refund' Payments

The California Franchise Tax Board (FTB) has indicated the first wave of California’s Middle Class Tax Refund (MCTR) payments will soon be processed and disbursed to qualified taxpayers as early as Oct. 7.

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Board room with people

Gender, Race, Lending, & Financial Performance Spotlighted

A new report quantifies the current state of women’s and minority representation on credit union boards, spotlighting the extent to which there are (or aren’t) links between those two demographics and key measurements of member-centric performance and financial performance.

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Dr. Robert Eyler, Economist presenting the on-demand webinar “Credit Unions & Members: Threading the Recession Needle.”
Dr. Robert Eyler, Economist presenting the on-demand webinar “Credit Unions & Members: Threading the Recession Needle.”

CUs, Members & Economy: Threading the Recession Needle

Whether the economy enters a recession sooner versus later, it’s important for credit union leaders to watch their members’ reactions to current interest rates, inflation, and assumptions about future rates and inflation. The latest FREE league-member webinar — Credit Unions & Members: Threading the Recession Needle — addresses those issues and more.

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California & Nevada Credit Union Staff Salary Report Available

The California and Nevada Credit Union Leagues’ 2022 Credit Union Staff Salary Survey report — produced once every two years — is now available!

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CDFI Fund logo

Leagues & CUNA Press Congressional Banking Committees

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) are doubling-down their efforts toward the Community Development Financial Institutions (CDFI)-certification cure period that looms over credit unions involved in this annual funding.

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FCU Member Expulsion, Subordinated Debt, & SIF Update

The National Credit Union Administration (NCUA) Board met for its September board meeting this week, the first in-person open board meeting since the COVID-19 pandemic began.

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(L-R): California State Treasurer Fiona Ma; Gov. Gavin Newsom.
(L-R): California State Treasurer Fiona Ma; Gov. Gavin Newsom.

Newsom & Ma Announce $1.18B for CA Small Businesses

This week, California Gov. Gavin Newsom and State Treasurer Fiona Ma announced more than $1.1 billion in funding to support the state’s small businesses (see open enrollment lender information down below). The funding comes from the U.S. Treasury Department’s State Small Business Credit Initiative 2.0 (SSBCI 2.0) and is intended to leverage-up to an additional $18 billion more in capital.

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Clark County CU Implements New GRC Platform

Clark County CU has selected ViClarity’s governance, risk, and compliance (GRC) platform to automate risk and compliance management processes within the organization. ViClarity—a California and Nevada Credit Union Leagues company—is providing the perfect blend of technology and consulting solutions to help the team at Clark County CU stay on top risk and compliance obligations while reducing the time spent on manual tasks. The new journey will enable them to automate all components of their risk framework, including risk registers, risk controls, key risk indicators, and risk events, along with all compliance processes on one central platform.

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Nevada state flag

SSBCI 2.0 Program: $13.6M for Economically Disadvantaged

Thanks to recent approval from the Nevada Legislature’s Interim Finance Committee, small businesses across Nevada could receive a $35 million boost over the next three years from the first tranche of the State Small Business Credit Initiative (also known as SSBCI 2.0).

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Logo for Your Money Further

‘Your Money Further’ CUs in CA & NV See Membership Growth

Credit Union Awareness, which leads the industry’s only national and state-level consumer marketing program, recently announced increases in credit union membership in states where the YourMoneyFurther.com program has been launched — and the numbers for California and Nevada are significant.

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Sen. Alex Padilla (D-CA)
Sen. Alex Padilla (D-CA)

Senate FOM Bill Introduced to Help CUs Serve the Underserved

Sen. Alex Padilla (D-CA) has introduced the Senate companion bill to H.R. 7003, the Expanding Financial Access for Underserved Communities Act. The House version — authored by House Financial Services Committee Chairwoman Maxine Waters (D-CA) — was included in H.R. 2543, which passed the House floor earlier this year.

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GAC "Crashers" in Washington, D.C.
GAC "Crashers" in Washington, D.C.

Apply this Fall to ‘Crash the GAC’ in Washington, D.C.

Take a deep-dive into the world of advocacy with more than 50 other GAC Crashers at the biggest credit union industry event of the year in Washington, D.C. — the 2023 CUNA Governmental Affairs Conference (GAC)!

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NCUA to Begin Phase 3 of Resuming Onsite Operations

In July 2021, the National Credit Union Administration (NCUA) announced the implementation of Phase 1 of its phased approach to returning to onsite operations. In April 2022, the NCUA entered Phase 2. The agency will enter the third phase (Phase 3) of resuming its onsite operations on Oct. 17, 2022 as outlined in its Letter to Credit Unions (22-CU-11).

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2022 Recovery Trends

As we’ve seen, natural disasters and climate-related interruptions are on the rise nationwide. However, at Agility, we’ve noticed a shift in our customers needing our assistance in the last quarter that we wanted to share. Connect with a business continuity specialist to learn more about how the ever-changing landscape of business continuity could impact your credit union.

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To Keep Your Best Employees, Give Them a Way to Advance

The Great Resignation is not ending any time soon. According to a survey in Joblist’s 2022 Market Report, three out of four full-time employees are planning to quit their jobs this year. This sobering news comes on top of the 47.4 million Americans who left their jobs voluntarily in 2021. There are many reasons credit union employees choose to leave their job. Historically, “bad managers” has most often been cited as the key reason employees decide to jump ship. “Job burnout”—mental exhaustion due to unrelenting pressure, lack of respect/resources, or simple boredom, is another common justification. Also, COVID-19 restrictions forced many employees, commonly women, to leave the workforce to tend to children who could no longer go to daycare or had to be supervised at home during remote schooling. But things may be changing.

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In Memory: Pay Tribute to Those We Have Lost

The California and Nevada Credit Union Leagues will once again honor and remember those who had a significant impact on their credit union, credit union community, or credit union organization and who passed away in the last year.

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Newspaper jobs report

CA Job Market Recovery Hits 98.3%; NV Tapers at New Record

Total non-farm payroll employment in California has recovered 98.3 percent of jobs lost in the labor market two-and-a-half years since the COVID-19 pandemic recession devastated the economy. Meanwhile, Nevada’s job market has plateaued at new record highs after more than recovering from its pandemic-era losses this past summer.

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California and Nevada credit union leaders during this year's Hike The Hill with members of Congress in Washington, D.C.
California and Nevada credit union leaders during this year's Hike The Hill with members of Congress in Washington, D.C.

CA & NV Leaders Have Meaningful Discussions with Congress, Regulators

California and Nevada credit union leaders returned to Washington D.C. this week for Hike The Hill, bringing their agenda to members of Congress and regulators, and fostering meaningful discussions on the credit union movement’s philosophy and purpose in local communities.

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Illustration of report analysis

Financial Performance Indicators Report Pegs Key CU Trends

As deposit growth and loan growth at U.S. credit unions started taking very different paths in the second quarter of 2022, some additional interesting findings have been released on the industry’s operating return on assets (ROA), net-revenue growth, economy-of-scale ratio, relationship per member, product mix, and excess reserves.

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ViClarity Database Clean-up on Your League-Member Benefit

Recently, the California and Nevada Credit Union Leagues and ViClarity performed a database cleanup to ViClarity’s member-only site. This robust online resource features a number of compliance materials such as newsletters, bulletins, frequently asked questions, state resources, and more — all available to you as a League-member benefit.

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Latest ViClarity Newsletter Now Available

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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Nav Khanna, the new President and CEO of First City CU.
Nav Khanna, the new President and CEO of First City CU.

CEO Nav Khanna Discusses Leading with Emotional Intelligence

Nav Khanna joined $932 million-asset First City CU on June 1 as its new president and CEO, coming from Travis CU where he served as executive vice president and COO. Khanna offered his thoughts on executive leadership in a recent question-and-answer interview with Credit Union Magazine.

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Simplified CECL Tool for Small Credit Unions

In a Letter to Credit Unions (22-CU-10), the National Credit Union Administration (NCUA) is providing a tool to assist small credit unions with determining their allowance for credit losses (ACL) on loans and leases as required under Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses, commonly referred to as Current Expected Credit Loss (CECL). The Simplified CECL Tool is designed for credit unions with less than $100 million in assets.The CECL Tool and its supporting documentation are available on the CECL Resources page at NCUA.gov.

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Maple Street Introduces the Performance Addendum

Maple Street, Inc., the leader in vendor management for credit unions and community banks, and a business partner of the California and Nevada Creidt Union Leagues, is taking client and vendor relationships to a new level with its Performance Addendum.  

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Another Opportune Time for Credit Unions

As we approach the month of October, recognized as National Cybersecurity Awareness Month, it is important also to acknowledge another milestone worth remembering. This September marks the fifth anniversary of the now famous Equifax data breach that impacted hundreds of millions of Americans (your members) and forever increased their level of risk against criminal attacks. 

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CDFI logo

FAQs Regarding CDFI Certification 'Cure Period' Published

The Community Development Financial Institutions (CDFI) Fund has released its CDFI Certification Cure-Related Frequently Asked Questions (FAQs) that it had been promising.

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‘Chapter News & Notices’: This Quarter's Updates & News

The California and Nevada Credit Union Leagues’ latest Chapter News and Notices (#LEAGUECHAPTERS) has arrived, bringing you quarterly news and information about League Chapters!

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(Clockwise): Donna Bland, Rob Greaff, Jill Meznarich, Jennifer Oliver, and Geri LaChance
(Clockwise): Donna Bland, Rob Greaff, Jill Meznarich, Jennifer Oliver, and Geri LaChance

CCUL Board of Directors and Audit Committee Election Results

Nominations for the California Credit Union League’s 2022 - 2023 Board of Directors and Audit Committee elections opened on July 1, 2022. This year's open positions included one Asset Group B Director, one Asset Group D Director, two At-Large Directors, and one Audit Committee Member.

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(Top Photo) Dr. Jasmeet Bains (center), candidate for California's 35th Assembly District; (Bottom Photo) Long Beach Mayor Robert Garcia, candidate for Congressional District 42.
(Top Photo) Dr. Jasmeet Bains (center), candidate for California's 35th Assembly District; (Bottom Photo) Long Beach Mayor Robert Garcia, candidate for Congressional District 42.

CU Leaders Meet with State and Congressional Candidates

This week, the California Credit Union League and local credit union leaders held two important events for state and congressional candidates running for office.

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Married couple looking at burnt property

CUs Impacted by Wildfires can Reach Out to CUAid Immediately

As wildfires devastate parts of California and Nevada, CUAid is available to financially assist the communities and members that local credit unions serve. This action-response program harnesses the generosity of the credit union movement to provide grant assistance for disaster relief.

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Angela Harden, Facilities Assistant Manager for Bay FCU.
Angela Harden, Facilities Assistant Manager for Bay FCU.

Bay FCU Employee is Finalist in Emerging Leader Program

Angela Harden, facilities assistant manager with Bay FCU, has been named one of the five finalists in the 2022 CUES Emerge program (Credit Union Executives Society). CUES Emerge applicants are young credit union leaders and professionals from all over the nation.

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A look inside Patelco CU's shared branch with Sprinkles bakery, dislaying the cupcake shop and a teller pod.
A look inside Patelco CU's shared branch with Sprinkles bakery, dislaying the cupcake shop and a teller pod.

For One Credit Union, Growth is The Icing on The Cupcake

In a recently published article, CreditUnions.com featured Ameet Seth, senior vice president and head of delivery channels, investments, and membership development for Patelco CU (headquartered in Dublin, CA): Visitors to the Patelco CU branch in San Ramon, CA can now have their cake and eat it, too, thanks to a unique partnership that has brought the credit union and the famed Sprinkles bakery under the same roof.

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NCUA Releases Updated Interest Rate Risk Guidance

The National Credit Union Administration (NCUA) released updated guidance this week for addressing interest rate risk (IRR). The agency will also be hosting a webinar outlining these updates.

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California state capitol dome

CUs Count Victories as California Legislative Session Ends

State legislators made up for lost time as the California Legislative Session drew nearer all month long, finally closing out at midnight on Aug. 31. Lawmakers introduced over 2,000 bills during the session, many of which impacted credit unions.

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Card payment terminal

'Economist' Interchange Article Demonstrates Why CUs Have the Most to Lose

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) have been battling legislation to regulate credit card interchange fees. Much has been written — and will continue to be — regarding the issue.

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Supporting Financial Inclusion in the Fintech Space

What percentage of venture capital (VC) funding goes to Black, Latinx and female entrepreneurs?

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NCUA Grants Help 90 Low-Income CUs Expand Service, Build Capacity

The National Credit Union Administration (NCUA) has awarded more than $1.5 million in Community Development Revolving Loan Fund (CDRLF) grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.

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Jeff Napper, President and CEO of LBS Financial CU, is this year's Leo H. Shapiro Lifetime Achievement Award recipient.
Jeff Napper, President and CEO of LBS Financial CU, is this year's Leo H. Shapiro Lifetime Achievement Award recipient.

26 Leaders & Organizations Honored for Credit Union Contributions

Leaders, volunteers, credit unions, and organizations — including Leo H. Shapiro Lifetime Achievement Award recipient Jeff Napper — will be recognized during REACH 2022 in Palm Desert, CA this November as the California and Nevada Credit Union Leagues bestow this year's League Awards, Advocacy Awards, and Chapter Awards.

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Digital banking

2Q CU Loan Market is Hot as Deposits Continue Tapering Off

Annual deposit growth versus loan growth were taking very divergent paths as the U.S. credit union industry ended second-quarter 2022 (June 30, 2022). Lending to consumers and businesses accelerated at its highest year-over-year rate (16 percent) in nearly two decades, while deposit growth started slowing even more going into mid-year.

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Construction of house

Report Spotlights Federal Lands in Housing Constrained States

A new report published by the U.S. Joint Economic Committee says Nevada’s housing shortage could be completely remedied and California’s shortage significantly aided if the U.S. government authorized the sale of certain federal lands to state and local governments for home development projects.

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League Submits Comments on Proposed Regulatory Changes

Credit union regulatory and compliance professionals who have been following the California Privacy Protection Agency’s (CPPA) latest proposed changes to the California Consumer Privacy Act (CCPA), as implemented by the California Privacy Rights Act (CPRA), can click here to view the official comment letter recently submitted.

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(Top to bottom): California Rep. Nannette Barragan with leaders from Kinecta FCU, Wescom CU, SchoolsFirst FCU, South Bay CU, and California CU; (middle) Nevada Sen. Jacky Rosen with leaders from WestStar CU, Boulder Dam CU, and Silver State Schools CU; and California Rep. Linda Sanchez with leaders from CU of Southern California, Wescom CU, Comunidad Latina FCU, Kinecta FCU, LBS Financial CU, and SchoolsFirst FCU.
(Top to bottom): California Rep. Nannette Barragan with leaders from Kinecta FCU, Wescom CU, SchoolsFirst FCU, South Bay CU, and California CU; (middle) Nevada Sen. Jacky Rosen with leaders from WestStar CU, Boulder Dam CU, and Silver State Schools CU; and California Rep. Linda Sanchez with leaders from CU of Southern California, Wescom CU, Comunidad Latina FCU, Kinecta FCU, LBS Financial CU, and SchoolsFirst FCU.

CUs Meet with Members of Congress in Local Districts

With Congress out of session for the August District Recess, credit union advocates have been highly engaged with their local lawmakers all over California and Nevada.

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CU Named Banking Partner of International Student Center

Wescom CU has been named the official banking partner of the UCLA Dashew Center for International Students and Scholars. As UCLA is home to more than 12,000 international students and scholars representing more than 120 countries, the Dashew Center — dedicated to promoting global connection, international understanding, and cultural sensitivity — serves as the central hub for visa services, support, and advocacy to students and scholars prior to their arrival and throughout their time at UCLA.

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Breaking Down the Drivers of Home Affordability

The cost of living is going up. The Bureau of Labor Statistics’ (BLS) April Consumer Price Index (CPI) rose 8.3% over the past year, higher than consensus estimates. From food, to energy, cars and shelter, no sector is safe from inflation.

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California Assemblymember Jesse Gabriel (center), D-Encino, with local credit union leaders.
California Assemblymember Jesse Gabriel (center), D-Encino, with local credit union leaders.

CUs Discuss Fraud, Banking Deserts, & More with Lawmaker

Credit union leaders recently gathered at First Entertainment CU to show support for a friend of credit unions — California Assemblymember Jesse Gabriel (D-Encino).

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2022 Shapiro Summit attendees tackled real-world small credit union situations with an interactive game of “what would you do” and other scenarios, as well as gleaning from some of the industry’s most innovative speakers.
2022 Shapiro Summit attendees tackled real-world small credit union situations with an interactive game of “what would you do” and other scenarios, as well as gleaning from some of the industry’s most innovative speakers.

CU Leaders Network, Compete, Engage, & Glean from Speakers

More than 80 industry leaders from nearly 30 credit unions and affiliates attended this year’s 15th Annual Shapiro Summit at JW Marriott Anaheim Resort in Anaheim, CA, which provided a wealth of information designed to help credit unions under $200 million in assets solve real-life issues — including staffing issues, succession planning, due diligence, risks, safety, and so much more.

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The Lab at Filene's first-ever Lab Symposium in San Francisco.
The Lab at Filene's first-ever Lab Symposium in San Francisco.

CUs Pick Testing Agenda at San Francisco Symposium

Leaders from three California credit unions recently joined other industry colleagues from around the nation to participate in The Lab at Filene's first-ever Lab Symposium in San Francisco. The research initiative is moving forward in testing new innovative products and ideas to help credit unions grow and make a positive impact on their members and communities.

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Workers at a desk

NV Job Market Hits New Record; CA Recovery Reaches 97%

Total non-farm payroll employment in California has recovered 97 percent of jobs lost in the labor market two-and-a-half years since the COVID-19 pandemic recession devastated the economy. Meanwhile, Nevada’s job market is reaching new record highs after more than recovering from its pandemic-era losses.

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California state capitol dome

CUs Stop Harmful Foreclosure Bill in Late-Session State Victory

Thanks to nearly 600 credit union supporters and staff who sent messages to California State Assembly legislators and made important phone calls to those offices within a 48-hour period, Senate Bill 1323 will not be moving forward!

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Real estate data infographic

Rising Rates & Low Affordability Drag Down Home Sales, Prices

Housing demand in California cooled further in July as the effects of rising interest rates and high home prices hit would-be homebuyers, dragging home sales below the annualized 300,000 benchmark level for the first time since May 2020 according to the California Association of Realtors.

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Three CA Credit Unions Win State-Level CUNA Awards

Three California Credit Union League member credit unions have won first place in the state-level 2022 Credit Union National Association (CUNA) Awards. These credit unions will now advance to the national competition.

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The exterior of California Community and First U.S. Community Credit Unions’ shared branch in Roseville, CA.
The exterior of California Community and First U.S. Community Credit Unions’ shared branch in Roseville, CA.

California CUs Both Win from Shared-Branch Arrangement

In a recently published article, CreditUnions.com featured Carol Hauck, CEO of First U.S. Community CU (headquartered in Sacramento, CA), and California Community CU (headquartered in Sacramento, CA): While shared branching and cooperation among credit unions is nothing new to the industry, a recent partnership between two neighboring California credit unions showcases a relatively rare sort of collaboration.

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What to Do in Between Due Diligence Reviews

You’ve finished your due diligence reviews – now what?

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Housing tract in Nevada

12th CU Now Participating in FHLB SF’s Down Payment Program

Through its wholly owned subsidiary called Greater Nevada Mortgage, Greater Nevada CU is now the 12th credit union in Nevada and California participating in the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership (WISH) program.

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Crash Catalyst Corporate’s Economic & Payments Forum

The 2022 YP Crashers’ contest for Catalyst Corporate’s Economic and Payments Forum — Future Vision — is now accepting applications! This FREE conference-and-hotel opportunity is available to all credit union employees who qualify as young professionals under 40 years of age.

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Hotel

NCUA’s Harper, Economy, Rates, Legislation, AI Lending & More

Designed for credit unions under $200 million in assets, this year’s Shapiro Summit (Aug. 19 – 20) will focus on solving real issues, including staffing, succession planning, due diligence, and risk and safety. What’s more: also joining us this year is National Credit Union Administration Chairman Todd Harper!

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Cryptocurrency service on cell phone

Crypto Asset Survey & Consumer Alert on Interest Accounts

This week’s Monthly Bulletin from the California Department of Financial Protection and Innovation (DFPI) was published, with two items credit union professionals should take note of:

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Social Media Blitz Reaches 6 Million

On July 29, more than 850 organizations and credit unions across 50 states and 11 countries took social media by storm for the 2nd annual #ILoveMyCreditUnion social media blitz. The goal of the grassroots campaign was to encourage authentic high-energy conversation across social media platforms to build credit union awareness. Approximately 60 credit unions and organizations from California and Nevada participated in the event.

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ViClarity News: Townhall, ADA, Crypto Fraud, and More

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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Latest 'Consumer Compliance Outlook' Now Available

The latest issue of Consumer Compliance Outlook is now available for download. This issue includes the following articles and features:

  • Merger Lessons Learned 
  • Commercial Flood Insurance Compliance – Washing Away Common Pitfalls
  • News from Washington: Regulatory Updates
  • On the Docket: Recent Federal Court Opinions
  • Regulatory Calendar
  • Click here to download the entire issue (pdf download)

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Research Explores Multicultural and Multigenerational Consumer Insights

CUNA Mutual Group released its new What Matters Now™ consumer research that explores multicultural and multigenerational consumer insights. The report is the fifth in the series of research and this year includes data on Native American, Alaskan Native and Indigenous consumers, as well as qualitative data, shining a light on human experiences behind consumer data.

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McKinney wildfire

Siskiyou CU Asks for Help as Wildfires Blaze Across County

With the McKinney Fire blazing near Yreka, CA and no full containment in sight, Siskiyou CU is asking fellow credit unions across California for assistance as its members and the community grapple with the continuing economic impact of this latest disaster.

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Make Your Voice Heard on Credit Card Interchange Bill Today

The California and Nevada Credit Union Leagues activated its grassroots action platform — Connect for the Cause — after two U.S. senators recently introduced credit card interchange legislation that would impact credit union members’ ability to use their cards.

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Large counties with the biggest housing shortages are San Mateo County, CA (52 percent), Arlington County, VA (47 percent), San Francisco County, CA (45 percent), and Los Angeles County, CA (44 percent).
Large counties with the biggest housing shortages are San Mateo County, CA (52 percent), Arlington County, VA (47 percent), San Francisco County, CA (45 percent), and Los Angeles County, CA (44 percent).

Housing & Economy’s Impact on Demographics, Workers, and Business

Recent news and published research on California are calling attention to important housing, economic, worker, and demographic shifts that credit union leaders can study as they continue serving local members going into the second half of 2022 and beyond:

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Financial Partners CU Talks Community Development Strategy in Part 2

The California and Nevada Credit Union Leagues connect with Financial Partners CU for a Part 2 discussion of the credit union’s community development strategy to serve the underbanked.

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California Recap and CU Grassroots Advocacy Reminders

With less than 100 days until the November mid-term election, California’s primary election results have been certified and are available here. The autumn ballot will include seven propositions, although many others failed to qualify, including one to raise the minimum wage to $18 an hour. You can view the complete list here.

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(L-R) ViClarity Global CEO Miriam De Dios Woodward, Global CIO and Board Manager John “Ogie” Sheehy, Board Manager Diana Dykstra, and Board Chairman Murray Williams.
(L-R) ViClarity Global CEO Miriam De Dios Woodward, Global CIO and Board Manager John “Ogie” Sheehy, Board Manager Diana Dykstra, and Board Chairman Murray Williams.

ViClarity Board Members Discuss CU Needs with Ireland Team

ViClarity Board Chairman Murray Williams, Board Manager Diana Dykstra, and Global CEO Miriam De Dios Woodward recently met with senior management stationed out of the company’s Tralee, Ireland office to foster a dialogue on the forward-looking needs of credit unions in governance, risk, and compliance (GRC) and related technologies.

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YTD and 2Q California Update: Ad Impressions, Clicks, & Views

The latest Credit Union Awareness update webinar (Aug. 2) for California presented the most recent figures on how this unique digital advertising campaign continues making huge strides when it comes to increasing consumer consideration for credit unions while connecting consumers more directly to participating credit unions.

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The 2022 Richard Myles Johnson / Origence Annual Golf Classic's winning first-place foursome from CUNA Mutual Group (left to right): Jeff Ramos, Brain Flynn, Jonathon Allen, and Jun Yoshioka.
The 2022 Richard Myles Johnson / Origence Annual Golf Classic's winning first-place foursome from CUNA Mutual Group (left to right): Jeff Ramos, Brain Flynn, Jonathon Allen, and Jun Yoshioka.

Golfers Raise $75,000 for Foundation’s Financial Ed. Programs

Nearly $75,000 was raised during the 2022 Richard Myles Johnson (RMJ) / Origence Annual Golf Classic on Aug. 1, which drew 110 golfers and 28 sponsors who took to the links at the Monarch Beach Resort in Dana Point, CA!

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Gen Z and Financial Anxiety — How Zogo Can Help Lighten The Load

While financial anxiety is nothing new to many older generations, the type of financial anxiety weighing on Gen Z is uniquely problematic — not only for the people suffering from the numerous detrimental effects but for the general world population, as well. Additionally, Gen Z reports greater general anxiety as a whole, specifically relating to the uncertainty of their futures. 

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ChexSystems and 'Bank On' Help CUs Serve Communities

Yesterday, representatives from FIS/ChexSystems gave an overview of its role in the national Bank On Initiative and partnership with the Cities for Financial Empowerment Fund (CFE) to deliver a Bank On Bundle to interested credit union leaders across California and Nevada.

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Financial Partners CU Embrace Bank On Strategy

In an effort to increase the availability of safe, low-cost transactional accounts for consumers, the California and Nevada Credit Union Leagues reached out to its member credit unions to offer an account that meets the National Bank On Standards. Nader Moghaddam, President and CEO of Financial Partners CU—who became Bank On-certified in 2019—stepped in to help lead the charge and share the credit union’s success with the initiative.

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So Long, Passwords and Security Questions

The demand for innovative solutions by credit union members is getting stronger every day. Tapping to order products online, book healthcare appointments, and have food delivered is the common expectation today. Employee and member experiences suffer with repeated out-of-wallet questions to prove identity⁠, and it can lead to a frustrated service moment.

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YourMoneyFurther.com Launched in Nevada by 4 Credit Unions

The Credit Union Awareness campaign is officially launching in Nevada on Aug. 1, with four local credit unions participating!

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Rep. Juan Vargas (D-Chula Vista, CA), author of the Credit Union Board Modernization Act.
Rep. Juan Vargas (D-Chula Vista, CA), author of the Credit Union Board Modernization Act.

Leagues Press Forward on Legislative & Regulatory CU Issues

The House Financial Services Committee advanced H.R. 6889 this week (the Credit Union Board Modernization Act), which provides federal credit unions with flexibility for scheduling their board meetings.

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Representatives from SCE FCU accept the Clark County Board of Commissioners’ proclamation for the credit union’s role in providing financial literacy and education during the 2022 Summer Business Institute Program — a partnership hosted through a yearly collaboration between Clark County School District, Clark County, and local businesses and other organizations.
Representatives from SCE FCU accept the Clark County Board of Commissioners’ proclamation for the credit union’s role in providing financial literacy and education during the 2022 Summer Business Institute Program — a partnership hosted through a yearly collaboration between Clark County School District, Clark County, and local businesses and other organizations.

Clark County Board of Commissioners Honors SCE FCU

SCE FCU was recognized and honored on July 19 through a public proclamation made by the Clark County Board of Commissioners (Clark County, NV) for the credit union’s role in providing financial literacy and education to shape the minds of youth in entrepreneurship during the 2022 Summer Business Institute Program (SBI Program).

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Origence Announces Record CU Loans & New Digital Experience

Origence, a CU Direct brand, has announced that it delivered a record amount in credit union loans through its lending platforms in the second quarter of 2022.

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The Tau Class was the first in Western CUNA Management School (WCMS) history to graduate four years after beginning due to taking one year off because of the COVID-19 pandemic.
The Tau Class was the first in Western CUNA Management School (WCMS) history to graduate four years after beginning due to taking one year off because of the COVID-19 pandemic.

2022 WCMS Graduates Honor & Celebrate Credit Union Movement

After three examinations, two projects, and several virtual and in-person sessions, the Western CUNA Management School (WCMS) “Tau” Class was celebrated and honored on July 21 at Pomona College in Claremont, CA. The ceremony for 89 graduates marked the conclusion of the 62nd annual session of WCMS and the 60th graduation commencement (view photos here).

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NV’s Job Market Recovers 100%, but CA Plodding at 94%

Two-and-a-half years since the COVID-19 pandemic recession devastated the economy, total non-farm payroll employment in California has recovered nearly 94 percent of jobs lost in the labor market. However, Nevada’s job market just surpassed 100 percent last month, reaching a historical record high and more than recovering from its losses.

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Nearly 150 golfers and volunteers from more than 25 credit unions participated in this year’s 12th annual Multi-Chapter PAC Golf Tournament.
Nearly 150 golfers and volunteers from more than 25 credit unions participated in this year’s 12th annual Multi-Chapter PAC Golf Tournament.

12th Multi-Chapter PAC Golf Tournament Raises Over $107,000

Nearly 150 golfers and volunteers from more than 25 credit unions participated in this year’s 12th annual Multi-Chapter PAC Golf Tournament, held July 18 at Glendora Country Club in Glendora, CA! Click here for a photo gallery of the event.

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Asset & Supervision Threshold, Cyber Incidents, & 2022 Budget

This week, the National Credit Union Administration (NCUA) board met for its July board meeting. This was the last meeting before the summer break, with the next board meeting occurring in September, where NCUA Board Chairman Todd Harper hopes to resume in-person.

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Two individual groups of local credit union leaders met with California Assemblymember Sabrina Cervantes, D-Riverside (center in top photo), and Assembly Speaker Anthony Rendon, D-Lakewood (center in bottom photo).
Two individual groups of local credit union leaders met with California Assemblymember Sabrina Cervantes, D-Riverside (center in top photo), and Assembly Speaker Anthony Rendon, D-Lakewood (center in bottom photo).

Credit Union Leaders Meet with 2 California Assembly Legislators

Recently, two successful fundraisers were held for allies of the credit union movement: California Assembly Speaker Anthony Rendon (D-Lakewood) and Assemblymember Sabrina Cervantes (D-Riverside).

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Diana Dykstra, newly appointed Board Chair of the World Council of Credit Unions, and President and CEO of the California and Nevada Credit Union Leagues
Diana Dykstra, newly appointed Board Chair of the World Council of Credit Unions, and President and CEO of the California and Nevada Credit Union Leagues

Diana Dykstra Appointed Board Chair of World Council at Event

The California and Nevada Credit Union Leagues would like to congratulate Diana Dykstra, president and CEO of the Leagues, for stepping into the honorable role of board chair for the World Council of Credit Unions (WOCCU) during the third day of the 2022 World Credit Union Conference in Glasgow, Scotland!

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Due Diligence: Checklist for Success

Maple Street’s got your back, especially when it comes to due diligence and passing your exam. We know that no one likes the grunt work and seemingly endless drudgery associated with compliance. So, we’ve done something about it.

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John Janclaes, past James D. Likens Alumni Recognition Award recipient, former Western CUNA Management School (WCMS) board director, and distinguished alumnus.
John Janclaes, past James D. Likens Alumni Recognition Award recipient, former Western CUNA Management School (WCMS) board director, and distinguished alumnus.

‘Leaders Eat Last’: Distinguished WCMS Alum Addresses Students at Colloquium

Western CUNA Management School (WCMS) students and faculty gathered this week for the Richard Myles Johnson Colloquium in Credit Union Philosophy to hear a special address from John Janclaes, a past James D. Likens Alumni Recognition Award recipient, former WCMS board director, and one of many distinguished alumni serving credit unions today.

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Budget, Supervision Threshold, & Cyber Incident Notifications

The National Credit Union Administration (NCUA) Board will meet next week on Thursday (July 21) at 7 a.m. (Pacific). The board’s agenda includes:

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Most CA Metro Job Markets Won’t Fully Recover Until Mid-2023

A mounting shortage of workers is the main culprit behind the painstakingly slow job recovery playing out in California’s five major metropolitan regions, according to a recent analysis released by Los Angeles-based Beacon Economics.

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CU Economists React to Rate Predictions and Inflation News

Coming out of the online Your Economy—Your Credit Union Conference on Tuesday this week, inflation continued roaring through news headlines and fueling predictions about whether the Federal Reserve will raise its short-term interest rate target in late July by 50, 75, or 100 basis points from the current 1.5 – 1.75 percent range.

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2022-23 Assessment Rates Announced for Financial Institutions

California credit unions should take note that on June 30, the invoice for the 2022-23 annual assessment by the California Department of Financial Protection and Innovation (DFPI) was emailed to credit unions, banks, and money transmitters (instead of sending a paper invoice through the mail).

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Rulemaking Begins on Consumer Privacy Rights Act

The California Privacy Protection Agency (CPPA) has begun the formal rulemaking process to adopt proposed regulations implementing the Consumer Privacy Rights Act of 2020 (CPRA), a law amending and building on the California Consumer Privacy Act (CCPA).

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CULAC's June '$30 by the 30th' Challenge: California Results

The results are in for the Credit Union Legislative Action Council's (CULAC) June "$30 by the 30th" fundraising challenge! In just 30 days, California credit unions raised $6,245 toward the Federal PAC, with credit union leaders going above and beyond the fundraising goal of $5,000.

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Summer of Demo Fridays: Leading FIs into the Digital Revolution

There are only two days left of the Summer of Demo Fridays with Eltropy, a California and Nevada Credit Union Leagues business partner. 

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(Left to right): Dr. Robert Eyler and Dr. Jay Prag presented during this year’s online two-hour Your Economy—Your Credit Union Conference, answering several important questions during a live session with credit union industry leaders from California and Nevada.
(Left to right): Dr. Robert Eyler and Dr. Jay Prag presented during this year’s online two-hour Your Economy—Your Credit Union Conference, answering several important questions during a live session with credit union industry leaders from California and Nevada.

Economic Conference Provides CU Leaders Insight Into 2023

More than 70 credit union industry leaders from California and Nevada attended this year's two-hour online Your Economy—Your Credit Union Conference this week, equipping them for navigating 2023’s unpredictable economy, interest rates, volatile changes in the housing market, and local homeowner affordability issues.

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Latest ViClarity Newsletter Now Available

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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Four Winning Plays for Connecting with Members

Credit unions have long nurtured a deep trust with members. Historically, that trust has been difficult for even the most formidable opponent to duplicate. Difficult, yet not impossible.

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The Steps to Implementing a Successful Risk Management Plan

The thought of implementing a new Risk Management plan or changing a current model can often be a daunting task for management. Where does one begin and how does a plan become embedded in an organisation?

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ADU Study Spotlights Potential for Supply of Affordable Homes

Expanding the construction of accessory dwelling units (ADUs) — a secondary, oftentimes backyard home on a single-family lot — offers benefits to individual homeowners and has the potential to increase the supply of affordable homes, according to a new study by UC Berkeley’s Terner Center for Housing Innovation and USC’s Lusk Center for Real Estate.

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12 CUs Make Forbes' Annual List: 'America's Best Credit Unions'

The California and Nevada Credit Union Leagues would like to congratulate 12 CEOs from both states whose credit unions recently made the "America's Best Credit Unions in Each State" rankings published by Forbes each year!

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California Assemblymember Mike Fong (D-Alhambra and Los Angeles communities) with local credit union leaders.
California Assemblymember Mike Fong (D-Alhambra and Los Angeles communities) with local credit union leaders.

CUs & Lawmaker Discuss Financial Literacy, Unbanked, Inflation

This week, credit unions met with California Assemblymember Mike Fong (D-Alhambra and Los Angeles communities), who represents Assembly District 49.

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Protect Privacy When Companies Compile Personal Data

The Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act.

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Letter to Credit Unions: Risk-Based Approach to Assessing Member Risk

In a July 6 letter to credit unions, the National Credit Union Administration (NCUA), the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the U.S. Department of Treasury’s Financial Crimes Enforcement Network released a joint statement clarifying its position that banks and credit unions must take a risk-based approach to assessing individual customer (member) risk. The joint statement reinforces the NCUA’s position that no single customer type automatically presents a high risk of money laundering, terrorist financing, or other illicit financial activity risk.

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Leagues SVP of Advocacy Bob Arnould Retires

The California and Nevada Credit Union Leagues have announced this morning that long-time team member Bob Arnould, Senior Vice President of Advocacy, will enter retirement today, July 1. Arnould has been a key leader of the Leagues’ advocacy department for almost three decades and has been the driving force behind building a political advocacy program that has become a model for state and national efforts.

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Managing the Growing Complexities of Sanctions Risk

The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe.

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Risk 101, Part 2 Now Available: Managing Risk at Your Credit Union

The California and Nevada Credit Union Leagues and ViClarity hosted Part 2 of the “Risk 101: Managing Risk at Your Credit Union” webinar series that discusses the practical application of a risk management workflow.

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U.S. Treasury Reports Surge in Savings Bond Fraud

The California and Nevada Credit Union Leagues recently met with the U.S. Department of the Treasury regarding a surge in fraudulent or counterfeit U.S. savings bonds being redeemed at credit unions and other financial institutions across the country. It’s been estimated that between $30 million and $50 million in losses have been incurred since 2020 when this issue first surfaced.

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CDFI Fund Opens $1.73 Billion Funding Round

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has opened the funding round for the Equitable Recovery Program (fiscal year 2022). CDFI-designated credit unions have until Aug. 23 to apply.

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Contract Negotiation is Free Until You Win

How long will we work for you for free to negotiate your vendor contracts? As long as it takes!

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America's Credit Union Museum Requesting Help

The story of people helping people is timeless. From our industry’s humble roots in Manchester NH, to the work your credit union is doing today - the credit union movement has always been about making a difference in the lives of its members.

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Biden’s Executive Order on Crypto: What it Means for CUs

The United States has taken a major step towards adopting a regulatory framework for the governance of digital assets, with President Joe Biden signing an Executive Order on Ensuring Responsible Development of Digital Assets in March of 2022.

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How Real-Time Payments Provide Real Value

In the race to digitize payments, real-time payments are leading the way. But the speed of the payment is not the only consideration; what can be accomplished because of that speed is even more important. In the real-time economy we live in, there’s a need for real-time information to help businesses reduce their risk, manage physical and financial supply chains and create and operate new customer experiences. That’s why we added analysis of the real-time payments landscape to the 2022 edition of The Global Payments Report.

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