CU Weekly News

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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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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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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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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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Xfinity and Spectrum Join Love My CU Rewards

Now is the perfect time to reward your members with savings and cash rewards! The California and Nevada Credit Union Leagues are excited to announce two new partnerships with Xfinity and Spectrum who have both joined Love My Credit Union Rewards — a Leagues business partner through its partnership with CU Solutions Group. Members get the best of both worlds with internet and mobile together — switch, save and get a cash reward for each new mobile line activated with Xfinity or Spectrum.

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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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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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Bank Secrecy Act Update for Small CUs

The National Credit Union Administration is hosting the “BSA Update: Challenges for Small Credit Unions” webinar on Aug. 24 to discuss Bank Secrecy Act (BSA) trends and challenges, and provide credit unions with valuable updates on BSA compliance.

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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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Elder Financial Abuse Townhall on Sept. 21

Join ViClarity for its 3rd Quarter Townhall presentation on elder financial abuse. This townhall will provide an overview of what constitutes elder financial abuse and the important role that credit unions can play in preventing, identifying, and reporting elder financial abuse. ViClarity will cover best practices and review case study examples, as well as a Q&A session.

Sept. 21
Register here.

ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Stay informed and click here to access member-only compliance content using your email address and your California or Nevada Credit Union Leagues member-only password.

 

(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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2022 CDFI Equitable Recovery Program Application Deadline Extended

The Community Development Financial Institutions Fund (CDFI Fund) has extended the application deadline for the CDFI Equitable Recovery Program (ERP) round for fiscal year 2022 to Sept. 22, 2022. Additionally, the CDFI Fund will be extending the deadline to submit the OMB Standard Form-424 Mandatory via Grants.gov to Aug. 18, 2022. This extension will provide organizations additional time to undertake a thorough review of the CDFI ERP Application requirements and prepare their Application submissions. The CDFI Fund continues to encourage all fiscal year 2022 applicants to submit their CDFI ERP Applications as soon as possible to ensure a successful submission.

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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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Shapiro Summit 2022 Brings Insights to Small CUs

The California and Nevada Credit Union Leagues’ Shapiro Summit is coming to the JW Marriott in Anaheim, CA on Aug. 19-20. Boasting a 98% approval rating year-over-year, the Shapiro Summit is the most anticipated event for credit unions under $200 million in assets. Why? Because it is a conference designed by credit union CEOs for credit union executives and staff alike to network, share ideas, learn what is ahead, and gain new contacts they can rely on throughout the years ahead.

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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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An ADU home

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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FHFA Swears in New Director

Sandra L. Thompson was sworn to a five-year term as the third Senate-confirmed Director of the Federal Housing Finance Agency (FHFA). Thompson was appointed to head the Agency by President Joe Biden. FHFA, created by the Housing and Economic Recovery Act of 2008, is the regulator and conservator of Fannie Mae and Freddie Mac, and the regulator of the Federal Home Loan Bank System, and is responsible for oversight of the $7.5 trillion mortgage finance market.

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Inclusiv Grants, Investments Help Build Community Wealth

Juneteenth—observed this past weekend on June 19—is a celebration of freedom and the pursuit toward racial equity, including affordable financial access for those underserved by mainstream commercial banks and lenders. Inclusiv—a certified Community Development Financial Institutions (CDFI) intermediary—specializes in the support and preservation of Minority Depository Institutions (MDIs) and cooperativas that are led by and serve people of color.

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NCUA Board Gives Update on Post-Exam Feedback Survey

During this week's National Credit Union Administration (NCUA) board meeting, the board received an update regarding the optional post-exam feedback survey.

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Call Reports, Reg. J, Mileage Rates, Blockchain Tech, 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.

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Assemblymember-Elect David Alvarez (San Diego-area communities and cities)
Assemblymember-Elect David Alvarez (San Diego-area communities and cities)

David Alvarez Declares Victory in CA Assembly Special Election

It was an eventful week at the California State Capitol where Assemblymember-Elect David Alvarez was sworn in. Alvarez prevailed in the special runoff election to fill the vacancy of Lorena Gonzalez in the 80th Assembly District when she took a job to lead the California Labor Federation.

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Maxine Waters, Chairwoman of the House Financial Services Committee (D-CA)
Maxine Waters, Chairwoman of the House Financial Services Committee (D-CA)

Major Victory: CU Field of Membership Bill Passes in House

The House of Representatives has voted 215-to-207 to pass H.R. 2543, a legislative package including House Financial Services Committee Chairwoman Maxine Waters' H.R. 7003 — the Expanding Financial Access for Underserved Communities Act.

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FinCEN Issues Advisory on Elder Financial Exploitation

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE).  EFE involves the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.  The advisory highlights new EFE typologies and red flags since FinCEN issued its first advisory on the issue in 2011. 

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Kinecta FCU Empowers Communities of Color; Announces New Branch

Juneteenth—celebrated on June 19—commemorates the true ending of slavery in the United States and honors the rich African American culture. In recognition of the amazing work credit unions do in their communities, California and Nevada Credit Union Leagues Vice President of Social Impact Daniel West connects with Kinecta FCU to discuss how they are supporting and empowering African American communities.

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Choosing a CMS for Your Credit Union

When considering improvements to their website, credit union leaders have a lot to think about. One of the most important factors is how easily their staff can update, publish and organize content for the site. If a credit union’s site is difficult for its employees to access and edit, then the they should look seriously at adopting a new Content Management System (CMS).

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Elder Members Could Use Some Extra Credit Union Attention

We mark this day (June 15) and give it special attention because it's World Elder Abuse Awareness Day. It is upon us again and a great reminder of what is facing our world's elders. Unfortunately for your Credit Union's elder members, this year's news is as bad as it can get.

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Why Multicultural Business Strategy is Essential to All CUs

As I talk with credit unions around the country, I’ve been able to engage with many in the movement around multicultural business strategy, and there is one message I repeat over and over.

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Car Buying Shouldn’t Be Painful

A lot of car buying services promise a hassle-free process, but ultimately spending hours at a dealership before getting behind the wheel isn’t exactly easy. The Autoland experience is better. You can shop online or let a personal shopper handle everything to get you a competitive price on a new or pre-owned vehicle you’ll love. Best of all, you get to skip the dealer trip and pick up your new ride at the credit union.

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Temporary Impairment May Qualify as Disability Under ADA

On May 6, 2022, in Shields v. Credit One Bank, N.A., 32 F.4th 1218 (2022), the Ninth Circuit Court of Appeals held that an actual impairment under the definition of “disability” in the Americans with Disabilities Act (ADA) is not subject to time limitations. In other words, a temporary impairment may qualify as a disability under Title 1 of the ADA and the regulations issued by the Equal Employment Opportunity Commission (EEOC), absent a showing of long-term effects.

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46 CU-Friendly Candidates Successful in Primary Elections

California credit unions earned several wins in primary-election races across the state this past week. The Credit Union Legislative Action Council (CULAC) and state credit union leagues backed many victorious credit union-friendly candidates, experiencing a significant success rate.

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IRS Increases Standard Mileage Rates for Remainder of 2022

In recognition of recent gasoline price increases, the Internal Revenue Service (IRS) has announced an increase in its standard mileage rates for the final six months of 2022. 

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Todd Harper, Chairman of the National Credit Union Administration (NCUA)
Todd Harper, Chairman of the National Credit Union Administration (NCUA)

NCUA’s Harper Reappointed; Exam Feedback on Board Agenda

The California and Nevada Credit Union Leagues would like to congratulate National Credit Union Administration (NCUA) Board Chairman Todd Harper on his reappointment to the NCUA Board. This week, the U.S. Senate confirmed Harper to a five-year term through 2027.

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Challenges Faced by Small Credit Unions

Nearly two-thirds of all federally insured credit unions have less than $100 million in assets, and they face an array of challenges in a rapidly changing financial services market.

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Risks to CUs for Data Breaches Parallels the Member Risks for ID Theft & Fraud

With the recent release of the 2022 NCUA Supervisory Priorities, it is worth noting that cybersecurity preparedness, once again, is within the top list of concerns for credit unions to address.

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Consumers in street

Leagues Request CUs Get ‘BankOn Certified’ to Spotlight Work

The California and Nevada Credit Union Leagues are asking credit unions to seriously consider offering an account that meets BankOn national account standards to increase the availability of safe, low-cost transactions for millions of unbanked or underbanked consumers in both states.

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‘Chapter News & Notices’: This Quarter’s News, Updates & More

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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Call Center Digital Transformation Trends for CUs

In a credit union call center, digital transformation can mean the difference between struggling with long hold times and frustrated members vs. having a streamlined way to provide exceptional service on every call. With the steep increase in call volume in recent years, the contact center is a prime target for technology initiatives. 

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Are Spreadsheets an Effective Medium for Tracking your Compliance?

In today’s regulatory environment, organizations are faced with ever-changing laws and regulations being frequently introduced by various governmental bodies and institutions. Many facing the predicament of implementing measures to adhere to these regulations are finding it challenging to stay up-to-date with the changes ensuring they meet sufficient compliance standards.

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LIBOR, Floods, Hiring, Credit Arrangements, Town Hall & 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 on FICUs' Use of Distributed Ledger Technologies

The National Credit Union Administration's (NCUA) Letter to Credit Unions 22-CU-07 released this week states the agency supports initiatives by federally insured credit unions to better serve their members, as the rapid emergence of financial technology is creating opportunities for credit unions to increase speed of service, improve security, and expand products and services.

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NCUA Board Receives Share Insurance Fund Quarterly Report

The latest report on the National Credit Union Share Insurance Fund (NCUSIF) showed total income of $61.8 million and a net loss of $54.4 million for the quarter ending March 31, 2022, according to a presentation during the National Credit Union Administration's (NCUA) monthly May board meeting this past week.

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Portfolio Niche Lending: Current Trends and Opportunities

Are you making the absolute most of your ability to portfolio lend? We have already seen a dramatic increase in mortgage rates from the historic lows of the past few years. If rates continue to increase over the next few years, loans will become more expensive for your members, and this will put pressure on your credit union’s growth.

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Deliver Banking with Automated Appointment Scheduling

The rapid rise of technology advancements is taking the banking world by storm and streamlining consumer experience. Contactless payment options, mobile finance apps, and even cryptocurrency compatibility are helping consumers simplify their banking processes.

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Damian Alarcon, director and assistant vice president of community relations at Travis CU
Damian Alarcon, director and assistant vice president of community relations at Travis CU

Travis CU’s Dedicated Officer for Military and Veteran Services

In a recently published article, CreditUnions.com featured Damian Alarcon, director and assistant vice president of community relations at Travis CU (headquartered in Vacaville, CA): At $4.7 billion in assets, Travis CU not only earned the Military Saves Designation of Excellence in 2021, it also was named U.S. Air Force Distinguished Credit Union of the Year two years in a row.

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Richard Roark, Senior Vice President and Chief Technology Officer at Bay FCU
Richard Roark, Senior Vice President and Chief Technology Officer at Bay FCU

Sidestepping Cyber Threats: Responding with Strategies & Tech

In a recently published article, CreditUnions.com featured Richard Roark, senior vice president and chief technology officer at Bay FCU (headquartered in Capitola, CA): The phrase “the more things change, the more they stay the same” was coined in 1849 France. But it is applicable to cybersecurity at U.S. financial cooperatives in 2022.

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Rocio Flores, Chief Social Impact Officer at USC CU and leader of the Allied Impact Fund
Rocio Flores, Chief Social Impact Officer at USC CU and leader of the Allied Impact Fund

USC CU Teams Up with Unlikely Trio to Make Community Impact

In a recently published article, CreditUnions.com featured USC CU (headquartered in Los Angeles, CA): An unlikely trio has teamed up in Los Angeles to help struggling retailers adapt to the ever-changing post-pandemic business environment.

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(Left to right): Dr. Robert Eyler, labor force and housing market expert, economist and professor, and credit union board member; and Dr. Jay Prag, housing affordability and inflation expert, economist and professor, and 36-year credit union member.
(Left to right): Dr. Robert Eyler, labor force and housing market expert, economist and professor, and credit union board member; and Dr. Jay Prag, housing affordability and inflation expert, economist and professor, and 36-year credit union member.

Strategically Plan for 2023: ‘Your Economy—Your Credit Union’

This year's two-hour online Your Economy — Your Credit Union conference will equip credit unions for navigating the unpredictable economies of California and Nevada in 2023, as well as the housing market and local homeowner affordability.

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CA Job Market Has Recovered 91.5% as NV Reaches 99.5%

More than two years since the COVID-19 pandemic recession devastated the economy, total non-farm employment in California has recovered 91.5 percent of jobs lost in the labor market, and Nevada has crawled back 99.5 percent. However, these recoveries don’t account for lost ground and opportunity costs coming out of the pandemic.

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Inclusiv's Racial Equity Grant Fund

Inclusiv's Racial Equity Grant Fund: App. Deadline is May 31

Inclusiv’s 2022 Racial Equity Grant Fund (previously known as the Inclusiv Resilience Fund) was established to advance racial equity and build a more inclusive economy through credit unions that lead-by and serve communities of color.

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Federal & State Regulatory Board Meetings Coming Next Week

Two credit union industry regulatory board meetings are coming next week on the same day (May 26): one hosted by the National Credit Union Administration (NCUA), and the other hosted by the California Privacy Protection Agency (CPPA).

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Deposits Poised to Drop as Inflation Impacts Workers & Retirees

Record-high banking deposits are poised to finally decline going into summer of 2022 as local households continue drawing down their unprecedented savings to afford today’s price inflation for goods and services. This is according to the latest analysis by the California and Nevada Credit Union Leagues (view 13 local-trend geographies across California and Nevada here).

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Analyzing numbers at the office

1Q 2022: Burst in CU Loan Growth; Deposits Start Plateauing

The U.S. credit union industry’s aggregate balance sheet ended first-quarter 2022 by experiencing a healthy boost in loan growth contrasted by a noticeable downshift in deposit growth compared to the year-ago period — led by first mortgages (home loans), used autos, credit cards, and business/commercial loans.

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NCUA Chairman Comments on Third-Party Vendor Authority Bill

National Credit Union Administration (NCUA) Board Chairman Todd Harper shared his sentiments following the approval of H.R. 7022 (the Strengthening Cybersecurity for the Financial Sector Act of 2022) by the House Financial Services Committee this week.

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Maxine Waters, Chairwoman of the House Financial Services Committee (D-CA)
Maxine Waters, Chairwoman of the House Financial Services Committee (D-CA)

Credit Union Field of Membership Bill Advances in House Committee

On Wednesday, the House Financial Services Committee advanced H.R. 7003, which would allow federally chartered credit unions to serve so-called "banking deserts." Committee Chairwoman Maxine Waters (D-CA) is author of the bill.

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Get to Know Gen Z: The Next Generation of Economic Influencers

Gen Z is the newest “it” generation on the scene, and their economic power is growing rapidly. By 2030, Gen Z’s income is expected to quintuple and will represent at least 27% of total global income.

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Not Reviewing Your Contracts Can Cost You Money

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.  As a part of this series, Maple Street’s pros explore ways your institution could be wasting money and what you can do to fix the problem.

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3 Gift Card Trends That Have Nothing To Do With Gifting

While gift cards remain one of the most popular gifts to share for holidays and other special occasions, the latest trends surrounding gift cards go beyond this original use. The most recent trends focus on self-use, digital/mobile behavior, and employee incentives. Though other traditional payment forms fluctuated in their popularity during the pandemic, gift card use continued going strong with the help of these trends.
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Members View CUs More Favorably than Bank Customers

Results from the Credit Union National Association's (CUNA) 2022 National Voter Poll unambiguously reveals that credit union members view their credit unions much more favorably than non-members view their banks and/or other service providers across every performance metric evaluated.

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1Q: Record Number of CU Loans on CUDL Auto Lending

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

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Homes

Mortgage Licensee 'Holden Act Reports' are Due on June 13

Mortgage lending licensees must file their Residential Mortgage Loan Report for calendar year 2021 (Holden Act Report) no later than June 13.

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NCUA Warns CU Cybersecurity Risk is at Highest Levels

Russia's conflict in Ukraine continues to raise concerns about the potential for cyberattacks against the financial services sector in the United States, including credit unions.

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CUs to Receive Up to $10K from Cyber Grant; June 24 App. Deadline Coming

The National Credit Union Administration (NCUA) wants to ensure that eligible low-income designated credit unions maximize cybersecurity and infrastructure grants from the 2022 Community Development Revolving Loan Fund (CDRLF).

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(Left to right): Nevada Attorney General Aaron Ford; Nevada Governor Steve Sisolak
(Left to right): Nevada Attorney General Aaron Ford; Nevada Governor Steve Sisolak

NV League & AG Partner on Scams; State of Emergency to End

The Nevada Credit Union League has announced a partnership with the Nevada Attorney General’s Office and Nevada Bankers Association to combat and prevent imposter banking scams by raising consumer awareness on how Nevadans can protect themselves.

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Serving Underserved Asian American Communities: A Story of Two CUs

The California and Nevada Credit Union Leagues are celebrating Asian American and Pacific Islander Heritage Month by highlighting credit unions that uniquely serve members in these communities. Two of these credit unions are Nikkei CU and Mabuhay CU that under the guidance of President and CEO Jon Hernandez epitomize the credit union philosophy of “people helping people”.  In this feature, Hernandez talks about the history and opportunity of these credit unions.

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(Left to right) Aaron Ford, Attorney General for the State of Nevada; Diana Dykstra, President and CEO of the Nevada Credit Union League; and Phyllis Gurgevich, President and CEO of the Nevada Bankers Association.
(Left to right) Aaron Ford, Attorney General for the State of Nevada; Diana Dykstra, President and CEO of the Nevada Credit Union League; and Phyllis Gurgevich, President and CEO of the Nevada Bankers Association.

Nevada AG and CUs Raise Awareness of Banking Scams

The Nevada Credit Union League has announced a partnership with the Nevada Attorney General’s Office and Nevada Bankers Association to combat and prevent imposter banking scams by raising consumer awareness on how Nevadans can protect themselves.

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Agencies Release Revised Q&As Regarding Flood Insurance

Five federal regulatory agencies jointly issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. These Q&As replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies in 2020 and 2021. The revised Q&As reflect significant changes to the flood insurance requirements made by federal law in recent years.

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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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Good Pay for Good Work

Unemployment is at pre-pandemic levels, but one in four workers quit their jobs in the last year, according to CNBC. Retaining top talent is going to be more than maintaining the status quo from now on—identifying and rewarding your best performers is key.

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California Assemblymember Lori Wilson (Assembly District 11) with leaders from local credit unions and the California Credit Union League.
California Assemblymember Lori Wilson (Assembly District 11) with leaders from local credit unions and the California Credit Union League.

Assemblymember Wilson Meets with Local Credit Union Leaders

The newly elected California Assemblymember Lori Wilson (Assembly District 11) recently sat down with local credit unions for a meet-and-greet event at Travis CU's headquarters in Vacaville.

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Governor Issues Order: Regulatory Framework for Blockchain & Crypto

California Gov. Gavin Newsom has signed an executive order for the state to begin the process of creating a regulatory approach for blockchain, cryptocurrency, and web3 technologies to “spur responsible innovation while protecting California consumers.”

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Senate Hearings: Interchange Fees and Overdraft Protection

Wednesday was a busy day for hearings in the Senate on Capitol Hill. The morning started with a hearing in the Senate Judiciary Committee to review interchange fees.

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'CU Awareness' Update Webinar Spotlights Marketplace Strides

The latest Credit Union Awareness update webinar presented the most recent figures on how this unique digital advertising campaign continues making huge strides when it comes to consumer awareness of financial services in the marketplace and how credit unions are different.

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Fed's Latest Issue of 'Consumer Compliance Outlook' Available

The latest edition of Consumer Compliance Outlook from the Federal Reserve Board is now available! This issue includes important topics for credit unions and other financial institutions.

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Why This CU Says AI Can Reduce Lending Bias

With the Consumer Financial Protection Bureau (CFPB) examining artificial-intelligence-based lending for signs of bias, credit unions and banks are under pressure to add transparency to decision-making.

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Reinventing Financial Education

Interested in educating your community on financial wellness? Try Zogo: an award-winning, gamified financial education app, which rewards users with gift cards to popular retailers for completing bite-sized financial education lessons.

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CU FinHealth attendees were able to learn from each other’s efforts, explore strategies for engaging new partners, and leverage technology to improve the financial wellbeing of credit union members, employees, and communities.
CU FinHealth attendees were able to learn from each other’s efforts, explore strategies for engaging new partners, and leverage technology to improve the financial wellbeing of credit union members, employees, and communities.

Leaders Leave CU FinHealth with Actionable Financial Health Strategies

CU FinHealth was successful in bringing together industry leaders to examine how credit unions are measuring financial health, working to strengthen it, and documenting and sharing the results. Conference attendees accomplished this goal and so much more in San Antonio, TX this past week.

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Last year's "CU Rock Star" honorees (L-R, clockwise): Eric Bruen, CEO of Desert Valleys FCU; Anna Lisby, Senior Vice President of Finance for San Diego County CU; Kramer Chan, CFO and Senior Vice President for Kaiperm CU; and Cynthia Negri, Board President of Redwood CU
Last year's "CU Rock Star" honorees (L-R, clockwise): Eric Bruen, CEO of Desert Valleys FCU; Anna Lisby, Senior Vice President of Finance for San Diego County CU; Kramer Chan, CFO and Senior Vice President for Kaiperm CU; and Cynthia Negri, Board President of Redwood CU

Nominate a 'Credit Union Rock Star' for this Fall's CU Magazine

The nomination period for the 2022 Credit Union Rock Star program, sponsored by Fiserv, is officially open. Credit Union Magazine will feature this year’s class of Rock Stars in a special digital edition of the magazine.

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Readopts COVID Prevention Emergency Temporary Standard

The California Division of Occupational Safety and Health (Cal/OSHA) Standards Board recently approved to readopt its COVID-19 prevention emergency temporary standards (ETS).

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CU Awareness Update and What’s Coming Up

The Credit Union Awareness program continues to gain traction. Designed to increase consumer consideration for credit unions via a paid digital advertising campaign, the national program has garnered more than four billion impressions, according to the Credit Union National Association (CUNA). YourMoneyFurther.com—the consumer-facing site that features information to help consumers gain insights on the credit union difference—had more than six million visits in 2021 alone.

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L-R: Colleen Berumen, Executive Director at Vacaville Solano Services Corporation; Nav Khanna, Executive Vice President for Travis CU; and Jennifer Leonard, Assistant Superintendent of Communications, Community Engagement and Emergency Management for the Solano County Office of Education (during a Financial Inclusion Forum).
L-R: Colleen Berumen, Executive Director at Vacaville Solano Services Corporation; Nav Khanna, Executive Vice President for Travis CU; and Jennifer Leonard, Assistant Superintendent of Communications, Community Engagement and Emergency Management for the Solano County Office of Education (during a Financial Inclusion Forum).

Financial Inclusion Forums Provide Financial Access to Locals

In a recently published article, CreditUnions.com featured Damian Alarcon, director of community relations for Travis CU (headquartered in Vacaville, CA):

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Dr. Robert Eyler, economist and keynote speaker for this year’s virtual/online Your Economy — Your Credit Union Conference (July 12, 2022).
Dr. Robert Eyler, economist and keynote speaker for this year’s virtual/online Your Economy — Your Credit Union Conference (July 12, 2022).

Recession by 2023? Here are the ‘Yes’ Versus ‘No’ Arguments

In his most recent video-update for credit union senior management and board directors across California and Nevada, Economist Robert Eyler provides a quick three-minute conversation on what’s happening in the current economy.

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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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The Hackers Are Coming: Member Fears Are Escalating

Over the past few years, the increased risk of identity theft has caused growing fears amongst consumers (your members). In October 2021, a CU Times article was published, revealing data that described the trepidation that members feel about the security of their identities. In addition, it referenced a study conducted on the life events that consumers fear the most, with identity theft being the top concern. The cybersecurity landscape has become even more threatening almost a year later, so it's reasonable to assume that consumers' fears have only intensified.

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FIS Unveils Banking-as-a-Service Hub for CUs

Financial technology leader and California and Nevada Credit Union Leagues business partner FIS® announced its Banking-as-a-Service Hub, enabling credit unions and other financial insitutions and fintechs to build the digital banking and payments ecosystems they need to deliver innovation to merchants and consumers. The FIS Banking-as-a-Service Hub provides a full suite of banking and payments capabilities for institutions of all sizes, allowing for more opportunities to deliver embedded finance solutions for superior customer experiences.

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Greater Nevada CU Transforms Communities Through Fin. Ed.

This week concludes Financial Capability Month. The California and Nevada Credit Union Leagues have been celebrating credit unions and the important role they play in financial literacy. In this feature, Michelle Hale, community outreach supervisor at Greater Nevada CU, discusses the credit union’s financial literacy efforts and her role in driving that mission.

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(Center): California State Assemblymember Tim Grayson (D-Concord) with credit union leaders during a recent meet-and-greet event..
(Center): California State Assemblymember Tim Grayson (D-Concord) with credit union leaders during a recent meet-and-greet event..

CA League Facilitates Candidate Meetings with CU Leaders

The California Credit Union League and member credit unions have been incredibly busy over the past two weeks engaging candidates for office at both the state and federal levels.

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Franchise Tax Board Alerts FIs: Taxpayer Account NSF Activity

The California Franchise Tax Board (FTB) is alerting financial institutions that due to technical issues with the FTB’s online payment application, taxpayers may have made duplicate payments in error, thus possibly causing non-sufficient funds (NSF) activities in taxpayer accounts.

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NCUA sign on wall

NCUA Board Hears Updates on Cybersecurity & DEI Program

This week, the National Credit Union Administration (NCUA) Board received a comprehensive briefing on the latest regarding cybersecurity (including the current threat landscape), as well as the agency's diversity, equity and inclusion (DEI) program.

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Kelly Lay, director of the Office of Examination and Insurance for the National Credit Union Administration (NCUA)
Kelly Lay, director of the Office of Examination and Insurance for the National Credit Union Administration (NCUA)

NCUA Exam Director Explains Priorities to CA & NV Leaders

The California and Nevada Credit Union Leagues hosted an online discussion on Thursday with Kelly Lay, director of the Office of Examination and Insurance for the National Credit Union Administration (NCUA). Lay outlined the agency’s supervisory priorities for 2022 and took questions at the end.

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L-R: SchoolsFirst FCU Vice President of Consumer Loan Originations Tracy Thurber, and Vice President of Branches Ashley Franklin.
L-R: SchoolsFirst FCU Vice President of Consumer Loan Originations Tracy Thurber, and Vice President of Branches Ashley Franklin.

SchoolsFirst FCU: Lending with Head and Heart Philosophy

Effective underwriting plays a critical role in a credit union’s financial wellbeing. But can too much focus on the loan compromise member financial health? According to SchoolsFirst FCU, the answer is “yes.”

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Excite CU Talks Financial Capability and Community Outreach

The California and Nevada Credit Union Leagues continue to celebrate Financial Capability Month! In this video feature, Tena Lozano, executive director at the Richard Myles Johnson Foundation—the Leagues’ exclusive financial education partner—sits down with Excite CU Community Relations Manager Dora Beyer to discuss the credit union’s community outreach efforts, including their Sunday Friends program and the work they do with foster youth and workplace development.

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CDFI Certification Turns Financial Inclusion Values into Action

While the pandemic shined a bright light on a number of latent societal issues, financial inequity was one of the most pertinent for credit unions. Driving right at the heart of the credit union purpose, the unavoidable fact that financial access in the U.S. is far from equal reenergized financial inclusion efforts across the industry.

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Workplace Satisfaction: Stop Driving Employees Away

The Credit Union Times recently reported on a study from MetLife that found job satisfaction has hit a 20-year low. No one is more dissatisfied than younger workers. These young people thrive and will stay longer when companies support their social and mental well-being and give them interesting, meaningful work to do.

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Kitchen worker

CA Job Market Recovers 90% from COVID; NV Reaches 99%

After two years since the COVID-19 pandemic recession hit the economy, total non-farm employment in California has recovered nearly 90 percent of jobs lost in the labor market, and Nevada has crawled back 99 percent. However, these recoveries don’t account for lost ground and opportunity costs coming out of the pandemic.

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Lamont Black, cryptocurrency and blockchain-ledger technology expert and finance professor at DePaul University.
Lamont Black, cryptocurrency and blockchain-ledger technology expert and finance professor at DePaul University.

Leagues Take Exclusive Deep Dive into CU Crypto Education

To help propel credit unions into the future of financial services, the California and Nevada Credit Union Leagues are uncovering essential principles of cryptocurrency and how they relate to consumers, banking, and operations in 2022 and beyond through an exclusive four-part educational series.

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NCUA Board Next Week: Cybersecurity & DEI Program Update

The National Credit Union Administration's (NCUA) monthly board meeting will take place on Thursday, April 21 at 7 a.m. (Pacific).

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Seven CA and NV Credit Unions Win 2022 Member XP Award

Seven credit unions in California and Nevada have won MemberXP’s prestigious 2022 Best of the Best Award. The credit unions have demonstrated their strong commitment to providing extraordinary service and have earned both the respect of peers and the loyalty of their members.

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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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CU4Kids Proves Cooperation Counts

Cooperation is a guiding principle for credit unions, so it’s only fitting that credit unions have made philanthropy into a cooperative effort, raising money together to support their local Children’s Miracle Network Hospitals, working through leagues and chapters in their regions for fundraising events and activities, and even serving on boards within Children's Miracle Network (CMN) Hospitals.

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Meet Gen Z on Their Phones

Gen Z is starting to make more money than they ever have before, but they don’t know how to spend, save, or even invest it. So, they turn to their favorite resource: social media.

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Patelco CU Puts Financial Health In-Focus

April is Financial Capability Month—an entire month dedicated to financial health. Credit unions play an important role in financial literacy by encouraging and empowering members and communities about their financial capabilities.

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Risk 101 Webinar Archive Now Available

The California and Nevada Credit Union Leagues and ViClarity yesterday hosted an important webinar on assessing, mitigating, and monitoring risk at your credit union. Member credit unions who were unable to attend this session can view the archived webinar below.

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California State Senator Bill Dodd (center) with credit union leaders in Sacramento during the California Credit Union League's lobby day at this year's Government Relations Rally (GRR).
California State Senator Bill Dodd (center) with credit union leaders in Sacramento during the California Credit Union League's lobby day at this year's Government Relations Rally (GRR).

CU Leaders Have Productive Discussions with Lawmakers at GRR

Nearly 100 credit union leaders from across the state participated in this year’s California Government Relations Rally (GRR), which saw positive meetings and discussions with state legislators and regulatory officials as credit unions navigate the future.

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(Left to right): Michelle Linenberger, Professional Development Nurse Specialist and Nurse Educator at UC Davis Children’s Hospital; John Pamer, Chair of the Credit Union SacTown Run race and CEO of Diablo Valley Federal Credit Union; Tiffany Doty, Senior Vice President of Client Relationships for CO-OP Solutions; and Larry Palochik, Senior Vice President of Member Solutions for the California and Nevada Credit Union Leagues.
(Left to right): Michelle Linenberger, Professional Development Nurse Specialist and Nurse Educator at UC Davis Children’s Hospital; John Pamer, Chair of the Credit Union SacTown Run race and CEO of Diablo Valley Federal Credit Union; Tiffany Doty, Senior Vice President of Client Relationships for CO-OP Solutions; and Larry Palochik, Senior Vice President of Member Solutions for the California and Nevada Credit Union Leagues.

CU SacTown Run Raises $183K for CA and NV CMN Hospitals

The 12th Annual Credit Union SacTown Run, which took place Sunday, April 3 in Sacramento, raised more than $183,000 for 11 local Children’s Miracle Network Hospitals (CMN) across California and Nevada.

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FHFA: Foreclosure Suspension for Borrowers Applying for Relief Through HAF

The Federal Housing Finance Agency (FHFA) announced on April 6 that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that a borrower has applied for assistance under the Department of the Treasury’s Homeowner Assistance Fund (HAF).  

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NCUA to Begin Phase Two of Resuming Onsite Operations

The National Credit Union Administration (NCUA) announced the implementation of Phase Two of its phased approach to returning to onsite operations. Based on new guidance from the Centers for Disease Control and Prevention (CDC) and the Safer Federal Workforce Task Force, the agency will enter the second phase (Phase Two) of resuming its onsite operations on April 11, 2022.

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Why Your CU Should Join the FinHealth Fund

According to the Bureau of Economic Analysis (BEA) the U.S. economy grew by 5.7 percent in 2021. This represents the strongest calendar-year growth since 1984. GDP is a strong indicator of America’s overall economic health. With such strong growth, one might assume Americans are also benefiting from this economic revival.

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Ending Forced Arbitration of Sexual Assault and Harassment

On March 3, 2022, President Biden signed the “Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021” (the “Act”) into law.[1] At its essence, the Act amends the Federal Arbitration Act (the “FAA”) to provide that any predispute arbitration agreement or predispute joint-action waiver in a sexual assault dispute or a sexual harassment dispute filed under federal, tribal or state law is invalid and unenforceable. The person alleging the sexual assault or sexual harassment, or the named representative in a class action, may make this election. While that person may voluntarily choose to proceed with arbitration or proceed as an individual separate from a class or collective action, the law now prevents them from being compelled to do so and renders predispute agreements to that effect unenforceable.

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RMJ Foundation’s Bite of Reality Program Celebrates 10th Anniversary

Bite of Reality®, the Richard Myles Johnson (RMJ) Foundation’s signature program, is celebrating 10 years of providing a fun, interactive opportunity for credit unions to deliver financial education to youth in their communities. Since its inception in 2012, the program has reached more than 110,000 students in California and Nevada and evolved to incorporate technology, which has been shared with credit unions across the country.

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Economist Briefly Breaks Down Volatility and Issues for CUs

In his most recent video-update for credit union senior management across California and Nevada, Economist Robert Eyler breaks down what’s happening in the current economy, geo-political issues, and much more during a quick five-minute update.

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CU Leaders Raise Their Voices Going Into Gov. Relations Rally

The California Community Reinvestment Act will not move forward in its current form! It is now important for credit union leaders to keep the advocacy drumbeat strong going into next week’s California Government Relations Rally (GRR) in Sacramento, as there are other issues impacting the industry statewide.

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This Quarter’s ‘Chapter News & Notices’: News, Updates & More

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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State Labor Markets Hit Milestones; Still Catching Up to U.S.

According to data released this past week, California and Nevada’s respective job markets hit a milestone in February. Total non-farm employment in California has recovered 87 percent of jobs lost during the COVID-19 pandemic recession (in 2020), and Nevada has recovered 98.9 percent of jobs lost.

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Emerging Risk Outlook: Keep Ahead of Trends and Issues

Innovation, employee experience and evolving consumer preferences are changing the financial services landscape. This includes the way financial products and services are delivered. Many credit unions are exploring ways to address the changing landscape, to increase efficiencies, grow their reach and improve competitiveness. No matter what your organization’s approach is, there’s a new level of scrutiny that you need to apply.

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Donna Bland, CEO of Golden 1 CU and newly appointed Board Member of the California Credit Union League
Donna Bland, CEO of Golden 1 CU and newly appointed Board Member of the California Credit Union League

Donna Bland Appointed to California League Board of Directors

Golden 1 CU CEO Donna Bland has been appointed to the board of directors for the California Credit Union League, helping represent the interests of 279 locally headquartered credit unions in California and their nearly 13.3 million members.

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CFPB Extends Public Comment Deadline on 'Junk Fees'

The Consumer Financial Protection Bureau (CFPB) has received a tremendous amount of feedback from its Request for Information on exploitive junk fees. The more than 25,000 comments the bureau has received through mid-March shows the high-level of public interest on this topic, and the number of people affected by exploitative junk fees.

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(Bottom center): Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra
(Bottom center): Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra

CFPB's Rohit Chopra Discusses Issues with Leagues & CUs

Leaders from the California and Nevada Credit Union Leagues and member credit union CEOs were honored to be the first state credit union trade association having a one-hour session with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra yesterday.

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Stop California's CRA Bill: Tell Senators 'NO on SB 1176'

The California Credit Union League activated Connect for the Cause this week to launch a campaign opposing Senate Bill 1176, the California Community Reinvestment Act (CRA).

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Ron Menor, AVP of Branch Sales and Service for Silver State Schools CU (and Chair of the Nevada Credit Union League's Nevada Southern Chapter),
Ron Menor, AVP of Branch Sales and Service for Silver State Schools CU (and Chair of the Nevada Credit Union League's Nevada Southern Chapter),

Ron Menor: 'How Much Advocacy Means' & CU Responsibility

Ron Menor, assistant vice president of branch sales and service for Silver State Schools CU in Nevada (and chair of the Nevada Credit Union League's Nevada Southern Chapter), recently attended the Credit Union National Association's (CUNA) 2022 Governmental Affairs Conference (GAC) as part of the Crashers program. When he returned, we asked him to share some insights from his experience. 

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2021 HMDA Data on Mortgage Lending Now Available

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers. The published data contain loan-level information filed by financial institutions, modified to protect consumer privacy.

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Heightened Risk of Social Engineering and Phishing Attacks

In a risk alert to federally insured credit unions, the National Credit Union Administration (NCUA) indicated that the on-going conflict in Ukraine has raised concerns about potential cyberattacks in the U.S., including those against the financial services sector. Therefore, the NCUA is cautioning all credit unions (regardless of size) – as well as vendors serving credit unions – to remain vigilant of potential targets for cyberattacks, like social engineering and phishing attacks. The NCUA further reminds credit unions to reiterate the continued importance of educating credit union employees and members on how to avoid these threats.

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CU4Kids Wine Auction Raises Record $1.5M

The seventeenth annual California and Nevada Credit Unions for Kids Wine Auction raised a record $1.5 million benefitting the eleven Children’s Miracle Network (CMN) Hospitals in California and Nevada. This is the eighth consecutive year that the event has raised more than $1 million for these hospitals.

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Put Time on Your Side During Negotiations

Credit unions and community banks waste millions of dollars every year. The easiest, fastest way to stop wasting your money is your vendor management program.

As a part of this series, Maple Street’s pros explore ways your institution could be wasting money and what you can do to fix the problem.

Wasting money mistake #804: Bad timing in closing the deal

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Celebrating Women’s History Month: Q & A with Tonja Wheatley

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

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Simplify Member Auto Buying with Autoland

Since 1971, Autoland LLC has been delivering new and pre-owned vehicles to credit union members. With a focus on convenience, Autoland is committed to a simplified and personally tailored auto buying experience for today’s value driven consumer.

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L-R: SAFE CU CEO Dave Roughton, chairman of the California Credit Union League; and and Clark County CU CEO Matt Kershaw, chairman of the Nevada Credit Union League
L-R: SAFE CU CEO Dave Roughton, chairman of the California Credit Union League; and and Clark County CU CEO Matt Kershaw, chairman of the Nevada Credit Union League

CA and NV Leagues Pledge $100K Toward Ukraine Relief Efforts

In the spirit of making a difference during a time of global tragedy, the California and Nevada Credit Union Leagues has pledged $100,000 toward Ukrainian financial relief efforts to help sustain credit union employees and members who are most in need as the current crisis unravels across that country.

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Strategic Plan, Annual Performance, & Corporate Resolution

During the National Credit Union Administration's (NCUA) monthly board meeting this week, the board approved the agency's 2022 – 2026 Strategic Plan, which provides strategic goals and objectives for the next five years.

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Tap Into 'National Credit Union Youth Month' Resources Today

“Save Small — Dream Big” is this year’s theme for April for National Credit Union Youth Month! Credit unions can convey the Youth Month message to younger and future members, encouraging kids to develop good financial habits.

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Ukraine, Cybersecurity, 'CAMEL,' and Student Loan Webinar

Following the rapidly evolving situation in Ukraine and Russia, California Department of Financial Protection and Innovation (DFPI) Commissioner Cloey Hewlett issued guidance to credit unions, banks, money transmitters and others on March 4 reminding financial institutions to follow state and federal regulations and be mindful of elevated cybersecurity risk.

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Thank You for Participating in the League Political Reception

The California and Nevada Credit Union Leagues wants to thank those who participated in last week’s League Political Reception! You can view photos of the event here.

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‘Emerge, Engage, Empower’ at HI League's Annual Convention

As one of the California and Nevada Credit Union Leagues' educational and professional development partners, the Hawaii Credit Union League is extending a special invitation to credit union leaders from California and Nevada to attend its annual convention — Emerge, Engage, Empower — from April 28 – 30 at the Hyatt Regency Maui Resort and Spa.

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Amazon Business: Leagues Members Get 15% Off

All California and Nevada Credit Union Leagues members are eligible for exclusive discounts through Amazon Business. During REACH 2021, the Leagues welcomed Amazon Business as a new business partner. This partnership provides member credit unions access to hundreds of thousands of sellers who offer business-only selection, quantity discounts, and time-saving features that help businesses run better.

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CFPB Targets Unfair Discrimination in Consumer Finance

The Consumer Financial Protection Bureau (CFPB) has made changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. 

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Celebrating Women’s History Month: Q & A with Linda White

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

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High Activity of Skimming Devices

FTSI is seeing a spike in ATM skimming attacks with new types of skimming devices found by FTSI technicians. With an unusually high volume of activities being reported, it is important to have your branch staff inspect the ATMs on a daily basis.

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Giving Reason to the Rhyme: Making Sense of Member Sentiment

Credit unions are renowned for their dedication to member service, but as technology continues to redefine the world, the definition of a positive member experience also evolves. What's more difficult, as remote channels continue to grow in popularity and sophistication, members are using the same words and phrases to mean very different things.

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Rep. Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee
Rep. Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee

CUs Win Victory on Capitol Hill; Press Forward on Other Fronts

The bipartisan spending package bill on Capitol Hill is now headed to President Joe Biden’s desk for signature and includes the Credit Union Governance Modernization Act, an important piece of legislation addressing member expulsions.

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California Credit Unions Donate $22K to Ukraine's CU System

Nearly $22,000 has been contributed by five California credit unions to the Ukrainian Credit Union Displacement Fund, which was recently established to send support to Ukraine's credit union system and help those most in need.

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Annual Data Revisions Show Healthier CA & NV Job Markets

Annual seasonal revisions to each state’s labor force numbers within the job market show California and Nevada recovered lost employees and work positions coming out of the COVID-19 pandemic at a noticeably faster rate than previously thought.

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Strategic Plan, Annual Performance, & Corp. Resolution Update

The National Credit Union Administration's (NCUA) monthly board meeting will take place on Thursday, March 17 at 7 a.m. (Pacific).

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'Emerging Risks Outlook' Launched on Seven Emerging Topics

CUNA Mutual Group has announced a new valuable resource for credit unions — the Emerging Risks Outlook, which addresses seven emerging risk topics (overdraft/NSF fee litigation, ransomware, defective post-repossession notices, ATM smash-and-grabs, Zelle/P2P fraud, slips, trips and falls, and wire fraud/business email compromise).

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ViClarity Leaders Talk Governance, Risk, and Compliance at GAC

More than 2,000 professionals convened at the Governmental Affairs Conference in Washington, D.C. last week, including ViClarity—a California and Nevada Credit Union Leagues company—who sat down with CUBroadcast to discuss recent company activities, as well governance, risk, and compliance (GRC) updates for credit unions.

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Overdraft Protection Programs Webinar on March 23

Overdraft protection programs are important to credit unions and their members. The National Creidt Union Administration (NCUA) is hosting a webinar where credit unions can learn more about these programs and what market changes can mean.

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FinCEN Warns of Potential Russian Sanctions Evasion Efforts

The Financial Crimes Enforcement Network (FinCEN) has issued an alert to financial institutions, warning them of potential for attempts to evade expansive sanctions and other measures implemented in connection with the Russian Federation’s ongoing invasion of Ukraine. The alert provides example red flags to assist in identifying suspected sanctions evasion activity nd reminds financial institutions of their reporting obligations under the Bank Secrecy Act reporting (e.g., suspicious activity report (SAR)) obligations.

All credit unions should carefully review the alert here.

 

 

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NCUA: CAMELS Rule Effective April 1

In a recent letter to credit unions (22-CU-05), the National Credit Union Administration (NCUA) noted its board has approved a final rule that added the Sensitivity to Market Risk, or “S,” component to the existing CAMEL rating system and redefined the Liquidity Risk, or “L,” component. The effective date of the CAMELS final rule is April 1, 2022. Federally insured corporate and natural person credit unions will receive CAMELS component and composite ratings from the NCUA based on the new CAMELS rating system, beginning with examinations and supervision contacts started on or after April 1, 2022.

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Growing Your CU’s Financial Advisor Team in the Age of the Great Resignation

For the last several months, workers have been quitting their jobs at or near record levels. According to the latest Job Openings and Labor Turnover Summary (JOLTS) release from the Bureau of Labor Statistics the quit rate increased to three percent in November of 2021.1 That matches the all-time high last seen in September. Much of this recent trend can be attributed to what is known as the Great Resignation­­. Many experts believe the COVID-19 global pandemic provided workers the opportunity to rethink their careers, long-term goals and work/life balance. This reflection has led to the mass exodus employers are now seeing.

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Celebrating Women’s History Month: Q & A with Marci Francisco

Women’s History Month is a time to recognize and celebrate women’s contributions across American history, society, and culture. The credit union movement is fortunate to have many female leaders and professionals serving members every day. The California and Nevada Credit Union Leagues invite some of these women to reflect on their own careers and how we can better support future women in the credit union industry. 

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Implementing Recent Changes to California Credit Union Law

As a result of the passage of SB 269, a number of changes to California’s Credit Union Law (Cal. Fin. Code §14000, et seq.) went into effect on Jan. 1, 2022. These changes were designed to modernize and strengthen the state charter. Changes include, but are not limited to:

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