CU Weekly News

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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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Discovery2022 Registration Now Open

Registration is now open for Discovery2022! Join us online on Thursday, Aug. 11 from 7 a.m. – 2 p.m.

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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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2022 Interagency Flood Insurance Q&A

The federal financial regulatory agencies are hosting an interagency discussion of recent updates to the Interagency Questions and Answers Regarding Flood Insurance (Q&As), which were released on May 11, 2022. 

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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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League Awards Now Open, New Category Announced

The California and Nevada Credit Union Leagues are seeking nominations and entries for its 2022 League Awards program. Celebrating its 48th year, the League Awards is one of the industry’s most coveted peer-nominated awards honoring exceptional credit union leaders and volunteers in California and Nevada. View past recipients here.

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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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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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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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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 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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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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CU House Celebrates 20th Anniversary, Elects Dykstra as New Board Director

In celebration of its 20th Anniversary, the Credit Union House Board of Directors held a ceremonial ribbon cutting to kick off their Annual Meeting on Feb. 27. Credit Union House holds its annual meeting in conjunction with the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) each year.

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‘GAC’ Recap: CUs Have Effective Meetings with Regulators

This past week, the California and Nevada Credit Union Leagues and its members joined nealry 2,200 other credit union advocates in Washington, D.C. for the Governmental Affairs Conference (GAC). The Leagues facilitated approximately a dozen in-person meetings with regulators alongside its virtual programming from the preceding week to discuss important topics impacting the system. Additionally, attendees heard from dynamic keynote speakers with a variety of life experiences and viewpoints.

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Origence Delivers Record $57.4 Billion in CU Loans in 2021

Origence, a CU Direct brand and a California and Nevada Credit Union Leagues associate partner, delivered a record amount in credit union loans through its lending platforms in 2021.

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CA Governor Signs Order to Update Workplace Safety Rules

Following the California Department of Public Health’s (CDPH) release of new indoor masking guidance, California Governor Gavin Newsom signed an executive order on Feb. 28 that updates the Division of Occupational Safety and Health (Cal/OSHA) COVID-19 Emergency Temporary Standard (ETS) in keeping with the current guidance. 

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Ukraine Conflict Talking Points for CUs; Displacement Fund

The California and Nevada Credit Union Leagues understand the seriousness of the situation in Ukraine and the security concerns it has raised in our states, across the country, and globally. While we hope the military escalation ends swiftly and peacefully, it is important to reassure your members that their money is safe and secure at the credit union. This is a rapidly evolving situation and helping members through emergencies and crises like these are what credit unions do best. Here are a few key points we recommend communicating with your members:

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CUNA/League-Supported Bipartisan FCU Act Update Introduced

On March 2, Reps. Juan Vargas (D-CA) and Anthony Gonzalez (R-OH) introduced the Credit Union National Association (CUNA)/League-supported Credit Union Board Modernization Act (H.R. 6889) to update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.

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Celebrating Women’s History Month: Q & A with Jennifer Denoo

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. 

A Q & A with Jennifer Denoo, president and CEO of Great Basic FCU.

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Bob Arnould, Senior Vice President of Advocacy for the California and Nevada Credit Union Leagues
Bob Arnould, Senior Vice President of Advocacy for the California and Nevada Credit Union Leagues

Bob Arnould Honored with Farley League Leadership Award

It is with deep gratitude, profound respect, and much excitement that the California and Nevada Credit Union Leagues joins colleagues nationwide in honoring the celebration of Bob Arnould, who received the 2022 Eugene H. Farley League Leadership Award this past weekend from the American Association of Credit Union Leagues (AACUL) in Washington, D.C.!

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CU Advocacy Update: Sacramento & Washington, D.C. in Focus

So far, more than 2,000 bills have been introduced in the California State Legislature. About 32 percent of these are referred to as “spot bills” or “intent bills," only showing intent to be enacted — that’s all.

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Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University
Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University

Growth Across CA & NV Varies Greatly Coming Out of COVID

An important economic update provided to the California and Nevada Credit Union Leagues this week revealed how various regions within both states are recovering uniquely and in-line with local worker, household, business, and labor market demographic trends.

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California's Mortgage Relief Program Still Accepting Applications

Are your credit union's members behind on their mortgage payments? They may qualify for California Mortgage Relief, a $1 billion mortgage assistance program that could help qualified homeowners get caught up on housing payments.

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CDFI Applications Consolidate Under One Process

The streamlined application process for those credit unions eligible to seek certification as a Community Development Financial Institution (CDFI) is being phased out.

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Equal Credit Opportunity Act Nondiscrimination Requirements

In a recent letter to credit unions, the National Credit Union Administration (NCUA) summarized general nondiscrimination requirements and signal fair lending risk areas related to marital status, age, income consideration, redlining, and indirect lending.

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Celebrating 'Black History Month': CEO Spotlight with Paris Chevalier

February is Black History Month. To celebrate, the California and Nevada Credit Union Leagues are honoring the achievements and contributions of African American credit union leaders and asking them to share some perspectives about their heritage, career, and family.

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Great Resignation Not So Great for You?

The COVID-19 pandemic brought many challenges for credit unions and community banks over the past few years, including the Great Resignation. This ongoing trend of employees voluntarily leaving their jobs in search of more money, flexibility and satisfaction is expected to continue. People are quitting their jobs in droves. By the end of November 2021, there were about 10.56 million job openings in the United States. 

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Interagency Statement on Special Purpose Credit Programs

Five federal financial institutions regulatory agencies, in conjunction with the Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency, and the Department of Justice (hereafter, the agencies) have issued an interagency statement reminding creditors of the ability under the Equal Credit Opportunity Act (ECOA) and Regulation B to establish special purpose credit programs (SPCPs) to meet the credit needs of specified classes of persons. SPCPs are credit assistance programs for economically or socially disadvantaged consumers and commercial enterprises.

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Harold Roundtree, CEO of UNCLE CU
Harold Roundtree, CEO of UNCLE CU

Celebrating 'Black History Month': CEO Spotlight on Harold Roundtree

February is Black History Month. To celebrate, the California and Nevada Credit Union Leagues are honoring the achievements and contributions of African American credit union leaders and asking them to share some perspectives about their heritage, career, and family.

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Discussion on CU Programs Spotlights Current Environment

More than 400 industry leaders and professionals tuned-in to Filene Research Institute’s “So You Want to Talk About Overdraft” webcast yesterday, hosted by the future-forward thinktank to help credit unions navigate the current operational, political, and financial services environment surrounding overdraft protection programs.

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

The latest issue of Consumer Compliance Outlook from the Federal Reserve Board is now available! This issue includes topics regarding adverse action notices under the Equal Credit Opportunity Act, flood insurance, fair lending, regulatory updates, recent federal court opinions, and an important regulatory calendar. 

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Elizabeth Eurgubian, the new Director of External Affairs and Communications and Policy Advisor for the National Credit Union Administration (NCUA)
Elizabeth Eurgubian, the new Director of External Affairs and Communications and Policy Advisor for the National Credit Union Administration (NCUA)

Agency Renews PCA Relief; Hires CUNA's Elizabeth Eurgubian

During this month's meeting, the National Credit Union Administration (NCUA) board unanimously approved two items: 1) an interim final rule that extends two temporary changes to the prompt corrective action (PCA) regulations; and 2) a notice of proposed rulemaking for assigning certain federally insured credit unions to the appropriate NCUA supervisory office.

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Congressman Ken Calvert (center) with credit union leaders from Altura CU, Inland Valley FCU, SchoolsFirst FCU, and Arrowhead CU.
Congressman Ken Calvert (center) with credit union leaders from Altura CU, Inland Valley FCU, SchoolsFirst FCU, and Arrowhead CU.

State CRA Bill Introduced in CA; Congressman Meets with CUs

On Friday morning, a bill that would subject state-chartered credit unions to a state Community Reinvestment Act (CRA) examination was introduced in the California State Assembly.

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4Q 2021: Loan Growth Revs Up as Deposit Surge Downshifts

Credit unions are at a pivotal crossroads as 2022 begins. Year-over-year loan growth is finally speeding up as deposit growth starts declining — although outstanding deposits remain at record highs.

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Reg. Alert: 2022 Truth in Lending Act Adjustment to Asset-Size Exemption Threshold

The Consumer Financial Protection Bureau (CFPB) published annual adjustments for asset-size exemption thresholds under the Truth in Lending Act (TILA), as implemented by Regulation Z, which became effective on Jan. 1, 2022. The asset-size thresholds exempt certain credit unions from escrow account requirements for higher-priced mortgage loans and specific qualified mortgages under Regulation Z.

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Four Formidable Forces Shaping the CU Digital Landscape

Financial services continue to see rapid-fire developments that are creating an increasingly competitive environment. While there is seemingly no shortage of areas requiring the critical focus of credit union leadership, there are four common denominators that are together exerting transformational influence on the credit union digital landscape.

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New Tax Services Program—Love My Credit Union Rewards

Attention Leagues members! Love My Credit Union Rewards has launched a new Tax Services Program that now offers credit union member discounts on both Intuit TurboTax® and H&R Block®—providing members with special savings on the most popular tax preparation services.

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California CRA Brewing, PAGA Push, COVID Sick Leave & More

A state-level version of the federal Community Reinvestment Act (CRA) will be introduced in the California State Legislature this year, setting up credit unions for a major battle in Sacramento.

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Celebrating 'Black History Month': CEO Spotlight with Charles R. Wiggington, Sr.

February is Black History Month. To celebrate, the California and Nevada Credit Union Leagues honor the achievements and contributions of African American credit union leaders and asked them to share some perspective about their heritage, career, and family.

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Wacky CA & NV Labor Markets Could Last Until 2023 to 2025

Recent financial and economic trends exhibited by households, workers, and consumers across California and Nevada point to the possibility of today’s historically unusual labor market not reaching some sense of normalcy in either state until sometime between 2023 – 2025.

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Carlyn Roy, Executive Development Partner for Humanidei + O’Rourke
Carlyn Roy, Executive Development Partner for Humanidei + O’Rourke

Carlyn Roy Welcomed as Executive Development Partner

Humanidei + O’Rourke has expanded its executive development practice by welcoming Carlyn Roy as executive development partner!

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Leverage Collaboration, Data, and Technology to Drive Down Healthcare Costs

How can credit unions continue delivering robust and competitive employee benefits when the trajectory of healthcare costs is rising at such a steep pace? Here are three tips to help get us in the right direction. Collaboration. Data. Technology.

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An Engagement Strategy to Grow Your Cardholder Portfolio

As a financial institution, you’re in a position that companies in other industries envy. You offer cardholders a product they use several times in one day or week. Each time they engage with your card, you access new insights that help you better understand your cardholders’ behaviors and preferences. When you apply those insights to encourage the kind of cardholder engagement that deepens relationships and helps build loyalty, you can grow your cardholder portfolio further. Here’s a closer look at how you can build an engagement strategy that unlocks all the unique opportunities within your cardholder portfolio.

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Virtual Prepaid Cards: Better for the Environment and for Business

Virtual or Plastic? It’s a choice that soon all credit unions and card issuers will be asking as the virtual card market continues to grow to a predicted threefold increase by 2025 (PYMNTS.com). While it’s easy to see the environmental benefit of not filling landfills with plastic cards, recognizing the added business benefits of virtual cards can require a closer look. A deeper investigation uncovers the advantages of virtual cards with new tokenized technology.

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New Legislation Impacting Settlement and Severance Agreements

On Jan. 1, 2022, Senate Bill (SB) 331[1] went into effect, continuing California’s trend in recent years of restricting the use of confidentiality provisions in settlement agreements involving claims of sexual assault, sexual harassment, and sex discrimination.

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Registration Open: NCUA Capital Adequacy Framework Webinar on Feb. 23

Final Risk-Based Capital (RBC) rule effective for January 2022 and a final rule approved by the Board at the December 2021 meeting for the Complex Credit Union Leverage Ratio (CCULR) will transform the regulatory capital framework for the credit union industry. The implementation of RBC and CCULR will require complex credit unions to understand how to evaluate regulatory capital, Risk-Based Capital standards, and how the new Subordinated Debt rule intersects with the Capital standards.  Credit Unions will also be trained on the Call Reporting requirements for both the RBC and CCULR forms and instructions. 

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League & CUs Focused on ADU Financing Hearing in Sacramento

The California Assembly Banking and Finance Committee and the Assembly Housing and Community Development Committee will hold a joint informational hearing to learn more about Accessory Dwelling Unit (ADU) construction financing on Feb. 7 at 9:30 a.m.

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Register for 'CUNA GAC On-Air,' a Unique Virtual Option

The Credit Union National Association (CUNA) opened registration this week for “CUNA GAC On-Air,” a limited-content, virtual option to attend the 2022 Governmental Affairs Conference (GAC).

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Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University
Robert Eyler, credit union economist, board member, and professor of economics at Sonoma State University

CUs and Members: Variants vs. Volatility in First Quarter 2022

Credit union economist and labor market expert Robert Eyler recently provided his outlook on the jobs market, interest rates, household incomes, the housing market, and other demographics throughout California and Nevada to help credit unions plan for this year and assist their members in a volatile marketplace.

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FASB Denies Delaying CECL, but TDR Dropped if CUs Adopt It

The Financial Accounting Standards Board (FASB) met on Feb. 2 and voted to deny the requests for deferring the adoption of the current expected credit loss (CECL) accounting model for nonpublic entities, which includes credit unions.

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HMDA News: 2021 and 2022 Data Collection and Submission Requirements

The National Credit Union Administration (NCUA) issued two separate regulatory alerts pertaining to Home Mortgage Disclosure Act (HMDA) data collection and submission requirements for 2021 and 2022.

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Making AI Accessible to Credit Unions of all Sizes

Check out a recent podcast with Zest's CTO Jay Budzik on how it's getting easier for smaller financial institutions to implement AI in their legacy systems.

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Current Geopolitical Events Increase Likelihood of Cyberattacks

The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has recently issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.

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State & Federal Legislative and Regulatory Updates to Note

While the California State Legislature’s bill introduction deadline is Feb. 18, the California Credit Union League will have a better idea on what to expect in the coming year by this date.

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Succession Planning, Sup. Priorities, & CLF Enhanced Authority

The National Credit Union Administration (NCUA) board held its first open meeting of 2022 and approved a proposed rule on succession planning. Additionally, the NCUA board was briefed on the agency's 2022 supervisory priorities and the status of the Central Liquidity Facility (CLF) following the statutory expiration of its enhanced authority.  Here are key takeaways:

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Dave Gunderson, CEO of CU of Southern California
Dave Gunderson, CEO of CU of Southern California

CU SoCal Doubles Up on Employee Bonuses Amid Pandemic

CU of Southern California ended 2021 by giving out a pair of bonuses to every employee, issuing a holiday bonus on Nov. 19 and an inflation bonus on Dec. 17.

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January ViClarity Newsletter Now Available

The January 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 League members-only password.

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Too Busy to Save Your Members 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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Greg Glawson, Chief Information Officer for UNIFY Financial CU
Greg Glawson, Chief Information Officer for UNIFY Financial CU

CU Launches ‘Bitcoin’ Support; Offers Buy, Sell, & Hold Services

In a recently published article, CreditUnions.com featured Greg Glawson, the chief information officer at UNIFY Financial CU (headquartered in Torrance, CA):

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Job Market Drag Continues as Labor Issues & Mismatch Persists

Continued slow growth in each state’s labor force within the California and Nevada job markets continues to be the main culprit rearing its head out of a confluence of worker and employee trends transpiring over the past 12 months — a trend not expected to change course until mid to late-2022.

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Member Tax Discounts Now Available

Give your members a helping hand this tax season with CU Solutions Group's (CUSG) Love My Credit Union Rewards Tax Services Program, which is now offering member discounts with both Intuit TurboTax and H&R Block—giving credit union members more choices and more ways to save this tax season.

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Operating Fee Schedule Adjusted for 2022

In December 2021, the National Credit Union Administration (NCUA) Board unanimously approved a new budget. As a result of that decision and other factors, federal credit union operating fees will decrease by an average of 23.7 percent in 2022.

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Four Important Items on Next Week's Board Meeting Agenda

The National Credit Union Administration (NCUA) Board of Directors will host its January meeting next week on Thursday, Jan. 27, at 7 a.m. (Pacific).

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Dave Roughton of SAFE CU was named “Most Admired CEO” this week by the Sacramento Business Journal.
Dave Roughton of SAFE CU was named “Most Admired CEO” this week by the Sacramento Business Journal.

‘Most Admired CEO’ Praises Team for CU’s Success During COVID

SAFE CU’s Dave Roughton was named “Most Admired CEO” this week by the Sacramento Business Journal for his exemplary leadership displayed during the immense challenges posed by the COVID-19 pandemic — a remarkable characteristic portrayed by many credit union leaders over the past two years.

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CFPB Alert on Discrimination Involving Religion

The Consumer Financial Protection Bureau (CFPB) recently posted a blog article concerning recent findings that some lenders had violated fair lending law by inquiring about small business applicants' religious affiliation and by consider an applicant's affiliation in the credit decision.

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NCUA’s 2022 Supervisory Priorities and Exam Program Updates

In a recent letter to credit unions, the National Credit Union Administration (NCUA) details its supervisory priorities for 2022. The NCUA remains committed to focusing its examination activities on the areas that pose the highest risk to credit unions, credit union members, and the National Credit Union Share Insurance Fund.

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See What Makes POPi/o the Premiere Digital Platform

In their latest webinar, POPi/o unveiled major enhancements and demonstrated some of their platform’s most useful features. See how Digital Member Engagement could become your credit union’s greatest asset.

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