CUs Defeat AB 2501, Amplifying Movement’s Voice in Sacramento

Building pillars

California credit unions have defeated Assembly Bill 2501! The bill will not be advancing to the state senate. It was not brought up for reconsideration on the California Assembly floor Thursday morning, meaning it will fail to meet the house-of-origin deadline.

Although the bill is dead, the conversation will continue once state legislators are back from summer recess.

A special THANK YOU goes out to everyone who took the time to make this happen and give credit where credit is due by recognizing the phenomenal outreach of credit union staff in contacting state assemblymembers. Their urgent action mattered when it was needed the most. The California Credit Union League could not have accomplished this great victory without this. From the calls made to key legislators and staff, to the more than 10,400 messages sent through Connect For The Cause, credit unions did an amazing job.

The League would also like to thank credit unions for consistently supplying data every week to educate state legislators on the financial relief credit unions are extending to members and communities during this economic downturn.

“Our work is not finished,” said League President and CEO Diana Dykstra. “It is possible similar legislation could resurface in the California State Legislature later this year, so please stand by.”

The Numbers Behind CUs’ Amazing Support
The numbers below show the support and commitment of credit unions as they amplified their voices in Sacramento. They initiated 10,426 messages sent through Connect For The Cause to inform state assemblymembers about the devastating effects AB 2501 would have on credit unions.

Staff and leaders from 276 credit unions in California (League members and non-members) answered the call over the past few weeks, telling legislators “NO on AB 2501” and explaining the gravity of the situation. Out of 10,426 messages, 10,323 were initiated by credit unions headquartered in California, and 103 by those based outside of the state with local California branches.

You can take a look at the total number of messages sent (broken down by credit union). Some credit unions' total numbers may slightly differ due to last-minute data capture.

The League would also like to recognize the top-10 credit unions that initiated the most messages. They represent an astounding 39 percent of all messages sent:

  • SchoolsFirst FCU —807 messages
  • Travis CU —491 messages
  • CU of Southern California —430 messages
  • Redwood CU —401 messages
  • Logix FCU —393 messages
  • Kinecta FCU —356 messages
  • Patelco CU —350 messages
  • SAFE CU —289 messages
  • Financial Partners CU —272 messages
  • California Coast CU —235 messages

Nonetheless, the industry would not be where it is today if it weren’t for those credit unions that went above and beyond to initiate an impressive number of messages relative to their full-time equivalent staff size (FTEs):

  • Delta Schools FCU (8 FTEs)— 75 messages
  • Desert Valleys FCU (15 FTEs) —54 messages
  • Schools FCU (34 FTEs) — 114 messages
  • Kaiperm FCU (15 FTEs) — 37 messages
  • Atchison Village CU (4 FTEs) — 9 messages
  • Dow Great Western CU (8 FTEs) — 16 messages
  • Episcopal Community FCU (3 FTEs) — 4 messages
  • Upward CU (16 FTEs) — 25 messages
  • Chabot FCU (8 FTEs) — 11 messages
  • El Monte Community CU (7 FTEs)— 10 messages

“Our movement is louder and stronger because of our collective grassroots action,” Dykstra said. “We look forward to serving your credit union and staying alert to the legislative priorities of lawmakers in Sacramento and beyond.”

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

  • Nearly 584,000 members have been provided financial relief.
  • Over 573,000 extensions made on nearly $15.7 billion in member loans.
  • More than $75 million provided in emergency loans to members.
  • Over 2.9 million fees waived for members.
  • Nearly $1.4 billion employee/business loans made via the Paycheck Protection Program (PPP) loans from the Small Business Administration and Treasury Department’s federal relief program.

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

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

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