CUs Have Productive Talks with Lawmakers & Regulators in Sacramento

Nearly 130 credit union leaders rallied in Sacramento this week for the California Credit Union League’s Government Relation Rally to discuss opposition to an elder financial abuse liability bill, support for financial literacy and related legislation, and to display the strength of credit unions and their financial education philosophy.

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Monday kicked off with a CEO Roundtable and a Volunteer Lunch — both of which brought together credit union CEOs and board directors from across the state to discuss important legislative, regulatory, operational, and other industry issues with California and Nevada Credit Union Leagues President and CEO Diana Dykstra.

Later that day, Dykstra opened with remarks, followed by a presentation from California Department of Financial Protection and Innovation (DFPI) Commissioner Cloey Hewlett and Deputy Commissioner of Credit Unions Purvi Patel. Both Hewlett and Patel spoke highly of the work credit unions are accomplishing in their local communities, and how in times of economic uncertainty, credit unions demonstrate a picture of financial stability.

A candidate election overview and Political Action Committee presentation followed, and the event’s programing ended with a lively and unique presentation on what’s happening in Sacramento by San Francisco Chronicle reporter Emily Hoeven. Attendees gathered that evening for a fundraiser with Assemblymember Cottie Petrie-Norris (D-Los Angeles), which raised nearly $30,000 before credit union leaders enjoyed an evening reception.

On Tuesday morning, attendees heard from Assemblymember Tim Grayson (D-Concord), who is chair of the California Assembly Banking and Finance Committee. After the briefing, attendees visited state lawmakers and their staff aides/offices, discussing crucial issues affecting the industry, including:

• The health and strength of the credit union industry.
• Elder financial abuse liability (Senate Bill 278 by Senator Bill Dodd) — OPPOSE.
• Personal finance for high school graduation requirements (Assembly Bill 984 by Assemblymember Kevin McCarty) — SUPPORT.
• Financial literacy bills to expand the quality and availability of accessible financial education and resources, including Assembly Bill 431 (Papan), Assembly Bill 526 (Ta), Assembly Bill 984 (McCarty), Assembly Bill 1081 (Ortega), Assembly Bill 1161 (Hoover), Assembly Continuing Resolution 34 (Chen), and Senate Bill 531 (Ochoa Bogh) — SUPPORT.

“The League would like to thank everyone who attended this year, especially our 2023 GRR Crashers,” said Robert Wilson, senior vice president of state government affairs for the Leagues. “We came to win the hearts and minds of our legislators and regulators who are working diligently in the state capitol to serve local constituents and credit union members — and we did just that. We hope to see you all again next year!”