Southern California:

Economic Recovery to Gain More Momentum in First-Half 2021

Southern California’s economy won’t take another meaningful step forward in its economic recovery coming out of the COVID-19 recession until sometime during the first-half of 2021. As it does so, different counties will recover quicker versus slower depending on employment demographics and other factors.

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Central Coast:

Early 2021 is Pivotal Point for Region to Regain Economic Footing

The Central Coast economy is finally starting to turn a corner as it enters the end of a long 10 months of suffering under COVID-19 and fluctuating statewide government restrictions. In 2021, the first few months remain critical for the job market to take its next meaningful step forward.

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CFPB Finalizes Advisory Opinions Policy; Announces Two New Advisory Opinions

The Consumer Financial Protection Bureau (Bureau) issued on Nov. 30 its final advisory opinions policy to publicly address regulatory uncertainty in the Bureau’s existing regulations and provide guidance to credit unions and other entities on outstanding regulatory uncertainty.  Under the final policy, credit unions and other entities seeking to comply with regulatory requirements can submit a request to the Bureau where uncertainty exists.

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Agencies Issue Statement on LIBOR Transition

The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a joint statement encouraging banks to cease using the U.S. Dollar (USD) LIBOR on new transactions by Dec. 31, 2021 in order to facilitate an orderly—and safe and sound—LIBOR transition.

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Fed Extends Four Lending Facilities Through March 31, 2021

The Federal Reserve Board has extended four of its lending facilities through March 31, 2021.

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Threshold for Smaller Loan Exemption for Higher-Priced Mortgage Loans

The Consumer Financial Protection Bureau and other agencies announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. Click here to review the notice.

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Don’t Stop Marketin’

Lots of businesses have cut back on their marketing during the pandemic. But for credit unions thinking about cutting back on marketing, the answer is “no!” Reassuring your community that you’re here and ready to help is an excellent way to grow your member base and enhance your brand. Read on to learn the four reasons you should keep marketing – especially now.

Click here to read more. 

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Whitepaper: Common Cybersecurity Shortcomings of FIs

Financial organizations represent a critical sector of business, and the reduction of risk from threats to confidentiality, integrity, and availability (CIA) should be the highest-priority undertaking for these organizations. The intrinsic liquidity of financial organizations makes them desirable targets of unauthorized parties wishing to gain quick capital from a breach.

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C-Level Panel: Paving the Way into 2021

Tune in to The ExCITE Show Live with FTSI to hear from c-level executives as they share their journeys this year and the outlook for 2021, followed by a roundtable Q&A discussion.

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Nevada:

Economy Plays Catch-Up Into 2022 as Recovery Remains Lopsided

Although Nevada’s economy will fully recuperate by mid-2022, a major split is noticeable in the pace of recovery between the northern region versus the southern region where a large concentration of gaming, leisure, and hospitality-related businesses are navigating the fallout from the COVID-19 pandemic.

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Workers

CA Employment Hits Pandemic Milestone; NV Rises Only Slightly

New data shows that although California and Nevada’s respective job markets made noticeable headway in October, they continue their slow and steady recoveries as local economies across both states recuperate differently from the COVID-19 pandemic recession earlier this year.

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Mobile banking

Due Diligence Requirements for Services to Charities, Nonprofits

Federal financial institution regulatory agencies, including the National Credit Union Administration (NCUA), issued a joint fact sheet this week clarifying that credit union compliance efforts to meet Bank Secrecy Act (BSA) due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship.

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Logo for the National Credit Union Administration

NCUA: FCU Meeting Flexibility, Capitalization, Diversity, Budget, SIF

Below is this week's regulatory update on actions by the National Credit Union Administration (NCUA), including the extension of COVID-19 regulatory flexibilities, the capitalization of interest proposed rule, NCUA Board briefing on credit union diversity and self-assessment, a briefing on the agency's 2020 budget update and reprogramming, and an update on the National Credit Union Share Insurance Fund (NCUSIF) Quarterly Report. 

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Sacramento capitol building

Against the Odds, California CUs Push Through Turbulent 2020

With one unified voice to state and federal legislators and regulators, credit unions in California continued building “political capital” and winning victories for their members by partnering with the California Credit Union League during a turbulent 2020.

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San Mateo CU Wins Desjardins Award
San Mateo CU's various youth financial education programs helped it to receive a first-place national Desjardins Youth Financial Education Program Award.

San Mateo CU, Delta Schools FCU Win National Desjardins Financial Education Awards

San Mateo CU and Delta Schools FCU were among the national winners in the Desjardins Youth Financial Education Program, the Credit Union National Association recently announced.

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Orange County:

Leisure Industries Remain a Drag on Economic Recovery in 2021

Orange County’s economy will continue recovering in 2021, although the region’s pace is burdened by its above-average concentration in the leisure, hospitality, and tourism industries. Combined with an otherwise robust labor market before the COVID-19 recession, the bounce-back will be bumpy.

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Bay Area:

Mixed Job Demographics to Drive Slow Economic Recovery in 2021

The Bay Area’s economy will continue exhibiting the “haves versus have-nots” storyline in 2021 as higher-wage workers positively cushion the economic fallout from the COVID-19 recession unlike any other region across the state, while their lower-wage peers slowly recover from the brunt of unemployment.

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Why Investment Services Are Crucial to Your Members

We’ve known for some time that credit union members would prefer accessing financial services at a credit union. While more than half of members report that, only 3% of members utilize their credit unions for investment services. That’s according to research from Kehrer Bielan, sponsored by CUNA Brokerage Services, Inc. (CBSI).

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Credit Unions Should Answer Members’ Call to Text Message

Mobile banking is experiencing a growth spurt. The Covid-19 pandemic has forced many people into quarantine, and while businesses have had to shut their doors temporarily, financial transactions must continue. As a result, the global crisis has proven to be the catalyst for a large number of people to “go digital.”

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Everybody Wants Inclusion…So Why Are We So Polarized?

Over the past eight months, I have studied and written on the impact of Covid-19 on inclusive workplaces. This involved examining the necessity of credit unions to provide remote work options, acknowledging the need for managers to be intentionally inclusive during uncertain times, and exploring how COVID might impact women’s professional gains and what employers could do to help.  Something has nagged at me throughout it all: Regardless of how much talk there has been on the need to extend empathy and grace during this time, it has felt like there is an increasing sense of polarization. Despite so much attention on Diversity, Equity, and Inclusion in the workplace, your organization is not likely free from this division.

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Computer keyboard

COVID-19 Updates: NCUA Proposed Rule and FHFA Loan Extensions

The National Credit Union Administration (NCUA) will vote on a proposed rule involving capitalization of interest at its Nov. 19 board meeting. In several letters to the agency and letters to Congress, the Credit Union National Association (CUNA) has called on NCUA to permit credit unions to capitalize interest on consumer mortgage loans in connection with loan modifications made during the COVID-19 pandemic.

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I voted stickers

Where State and Federal CU Advocacy Stand Post-Election  

California credit union leaders can watch the recap video and discussion from the California Credit Union League’s “2020 Post-Election Review” this past week by clicking here (use passcode 0rCJ1yj#), where the League’s political advocacy team provides critical updates after the Nov. 3 election and going into 2021.

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Ariel view of suburban neighborhood

Foreclosure Activity, Affordability, Confidence, and Delinquency

From home inventory, performance, prices, foreclosures, household confidence, and the COVID-19 pandemic, the following is a quick housing market roundup of news and trends from this past week to help your credit union navigate the market going forward.

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2020 Fair Lending Interagency Webinar, Dec. 8

Don't miss the 2020 Fair Lending Interagency webinar on Dec. 8 for a discussion of fair lending. 

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Hand, analysis paper, and pen

3Q: Mortgages Bolster CUs as They Reinforce Loss Provisions

U.S. credit unions’ third-quarter 2020 financial results show a nearly identical trend coming out of the previous quarter. Refinance mortgages, purchase mortgages, and used auto loans are bolstering the industry’s lending growth as it continues stashing away higher loan-loss provisions and bracing for a possible wave of delinquencies and charge-offs in 2021.

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How to Get Non-Interest Income Now

Today’s rate environment is compressing net interest margin for community financial institutions. So generating non-interest income is more important than ever. But not just any non-interest income. Done right, the revenue you drive can add value to consumers’ lives and deepen your relationships with them. 

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Ventura County:

Long COVID Recovery Inflaming Already-Weakened Economy

Ventura County’s economy is in for a long slog as it trails behind the recoveries of both California and the United States in 2021. The COVID-19 pandemic has only exacerbated the county’s evolving problems over the past decade, including diminished housing affordability, low-paying jobs, and residential outmigration of younger workers.

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(L-R by row): Diana Dykstra, President and CEO of the California and Nevada Credit Unio Leagues; Wally Murray, CEO of Greater Nevada CU; Shruti Miyashiro, CEO of Orange County’s CU; Gary Perez, CEO of USC CU; and Dave Gunderson, CEO of CU of SoCal
(L-R by row): Diana Dykstra, President and CEO of the California and Nevada Credit Unio Leagues; Wally Murray, CEO of Greater Nevada CU; Shruti Miyashiro, CEO of Orange County’s CU; Gary Perez, CEO of USC CU; and Dave Gunderson, CEO of CU of SoCal

CEOs Discuss What Their CUs Learned in Responding to COVID-19

A unique panel of four credit union CEOs described what they and their teams learned in responding to the COVID-19 pandemic and ensuing economic crisis earlier this year during the fifth and final day (Nov. 5) of the Virtual REACH 2020 conference.

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Design thinking presentation slide

What to Stop, What to Keep, and What to Start at Your CU

How does design-thinking apply to a credit union? It’s all about process — and that process includes empathizing with members, defining their problems, “ideating” those issues with solutions, prototyping concepts for rectifying the issues, and testing those prototypes to deliver feedback.

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Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.
Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.

Raising More Attention, Creating Need for Closure, and the Payoff

“We can’t just grab our audiences’ attention. We have to grab and hold their attention,” said Andrew Davis. “That’s the key, because they have no time. But it’s our job to maintain their interest.”

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Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.
Andrew Davis, best-selling author and keynote speaker, digital marketing agency consultant, and business leader on how to grow business, transform communities, and leave a legacy.

‘REACH’ Conference Ends; Attendee Sessions Available On-Demand

Virtual REACH 2020 is over, but the thought-riveting speakers, sessions and discussions are available on-demand! You can conveniently access REACH 2020 online to discover the conference at your own pace, as well as connect and strategize with credit union industry insights and inspiring keynotes.

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Column pillars

Repossession of Secured Collateral During COVID-19 Pandemic

With the defeat of Assembly Bill 2501 earlier this year — which was intended, among other things, to prohibit a servicer of vehicle-secured credit from taking any action to use self-help to repossess secured collateral during the COVID-19 emergency until Jan. 1, 2023, with limited exception — the formal state legislative landscape for repossession remained status quo.

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Working on a lap top

Roundup: CA DFPI Position; CFPB; NCUA; MSLP; FRB Compliance Outlook

The job position of deputy commissioner of the office of credit unions is still vacant within the California Department of Financial Protection and Innovation (DFPI). The California Credit Union League is encouraging interested parties to apply for this position. A candidate with a wealth of credit union knowledge and experience would benefit all California state-chartered credit unions.

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Teamwork hands

Leagues Look Forward to Serving Your Credit Union in 2021

In mid-November, League-member credit unions across California and Nevada will receive their 2021 dues invoices via mail.

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Rita Fillingane, vice president of research and collaboration for the California and Nevada Credit Union Leagues, retired this week after 25 years in serving credit unions.
Rita Fillingane, vice president of research and collaboration for the California and Nevada Credit Union Leagues, retired this week after 25 years in serving credit unions.

‘It Has Truly Been a Journey’: Fillingane Looks Back on 25 Years

With deep gratitude and recognition, the California and Nevada Credit Union Leagues will bid farewell today to a longtime colleague in the industry who concludes 25 years in serving credit unions — Rita Fillingane, vice president of research and collaboration for the Leagues.

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(L-R on each row): John Cassidy, Dave Roughton, Geri LaChance, Nader Moghaddam, Rosie Zarubick, Chuck Papenfus, Carol Galizia, Jon Hernandez, and Teresa Campbell
(L-R on each row): John Cassidy, Dave Roughton, Geri LaChance, Nader Moghaddam, Rosie Zarubick, Chuck Papenfus, Carol Galizia, Jon Hernandez, and Teresa Campbell

League Board Updates: California and Nevada Officers Chosen

During annual meetings last week, leaders from the California and Nevada Credit Union Leagues' respective board of directors for each state thanked credit union leaders, professionals, and volunteers for their enduring advocacy and support during an unprecedented year in which credit unions continued spotlighting their unique “member owned” model to local communities.

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Leo Shapiro Recipient Joe Schroeder
2020 Leo H. Shapiro Lifetime Achievement Award recipient Joe Schroeder, retired CEO of Ventura County CU with members of the credit union board and staff, including to his left, current CEO Linda Rossi.

REACH 2020: League, Kim Bannan, and Advocacy Awards Recipients Honored

Eighteen credit union leaders, volunteers, up-and-comers, as well as credit unions and organizations—including this year’s Leo H. Shapiro Lifetime Achievement Award recipient Joe Schroeder, retired CEO of Ventura County CU—were honored during the California and Nevada Credit Union Leagues’ virtual REACH 2020.

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"Primary Financial Relationship" presentation slide

Attendees Tune in to ‘Payment Trends and Winning Member Engagement’

Is your credit union embedding at least one of four strategies — if not all — into your members’ payments lifestyle? Think immediacy and personalization, “no touch” experiences, protection, and always-on service.

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Scott Knapp, managing principal of CUNA Mutual Fiduciary Consultants
Scott Knapp, managing principal of CUNA Mutual Fiduciary Consultants

Financial Market Update Amid Economic and Election Turmoil

What should credit union CFOs and long-term investors in the financial markets do in the aftermath of the U.S. presidential election? And how will national economic policies change based on the election’s outcome as November passes?

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Steve Rick, chief economist for CUNA Mutual Group
Steve Rick, chief economist for CUNA Mutual Group

3-Year CU Horizon: Steady Loan Growth, Low 'NIM,' More Expense Management

From 2021 to 2023, credit unions will need steady annual loan growth — and are forecasted to find it — to equalize their balance sheets amid a historically low-interest rate environment. The average net interest margin (net profit from loans) will fall to a record low. And cost containment, as well as operating expense management, will be key to bolstering the industry’s financials.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

When hiring new employees, consider sending half of the interview questions to candidates in advance of the interview. This will create an opportunity for great candidates to shine, even if their strength is not speaking off the cuff, and may help you discover better talent in introverts, non-native English speakers, or people who appreciate a little more time to find their words.

DEI Tip of the Month: Brought to You by Humanidei + O'Rourke.

 
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Fair Lending and Consumer Compliance Updates

The National Credit Union Administration is hosting the Fair Lending and Consumer Compliance Regulatory Update webinar on Nov. 17 where credit unions can get valuable information on a range of fair lending and consumer compliance topics.

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Get Ready For a New Kind of Holiday Season

Take a stressful year, add some holiday pressure, and what do you get? 

A cry for help!

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California:

Economy Entering Major Inflection Period as Slow Recovery Drags On

While experts disagree over how fast California’s economy will continue recovering in 2021, late 2020 is a major inflection point as unemployed workers remain unemployed, or readjust into different jobs, or even start their own freelance careers and businesses amid the COVID-19 pandemic hangover.

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‘REACH’ Inspires Attendees as They Look Forward to More Next Week

Virtual REACH 2020 is not over — please tune in next week on Nov. 4 and 5 for an exciting line-up! Also, you can view mini-recaps of this week’s keynote speakers, breakout discussions, and Spark sessions.

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Workplace desk

CA Homestead and Personal Exemptions; Equifax Settlement Final

In September 2020, Assembly Bills 1885 and 2463 and Senate Bill 898 were signed into law in California. These three bills deal with California personal and real property exemptions.

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Coworker hands working at a desk

NCUA on Supervisory Guidance; FinCEN on BSA Recordkeeping

The National Credit Union Administration (NCUA) held open and closed meetings this past week. During the opening meeting, the board approved a proposed interagency rule that codifies an interagency statement on the role of supervisory guidance issued by the NCUA and other federal financial regulatory agencies in September of 2018.

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Jill Nowacki, President/CEO, Humanidei + O'Rourke
Jill Nowacki, President/CEO, Humanidei + O'Rourke

Building Inclusive Organizations, Fostering a Member Lifeline, and More

On the third day of REACH 2020, breakout sessions touched on “Building an Inclusive Organization in a Divided World” and “Building a Liquidity Lifeline as the Pandemic Stretches On” — two of several discussions. Others included REACHtalks and Spark Sessions on generating revenue, preparing for what’s next in 2021, CECL issues (current expected credit loss), payment trends, real estate, and leveraging the digital landscape.

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Mike Walsh, CEO of Tomorrow, a global consultancy on designing companies for the 21st Century
Mike Walsh, CEO of Tomorrow, a global consultancy on designing companies for the 21st Century

What’s Possible for CUs Coming Out of the COVID-19 Crisis?

The pandemic has accelerated the digital reinvention of the world, but now is the time to make bold decisions to transform your organization into the 21st Century. Future-focused credit union leaders can explore how artificial intelligence (AI) will change interactions, interfaces, and identity — for both members and business partner relationships.

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(Clockwise): Michelle Hunter of CU of SoCal; Erica Dias of SAFE CU; Royce Ngiam of Partners FCU; and Larry Palochik of the California and Nevada Credit Union Leagues
(Clockwise): Michelle Hunter of CU of SoCal; Erica Dias of SAFE CU; Royce Ngiam of Partners FCU; and Larry Palochik of the California and Nevada Credit Union Leagues

Breakouts, REACHtalks, Spark Sessions, and GWLN Leadership Update

As the second day of REACH 2020 lifted off, separate breakout sessions touched on “The New Marketing Paradigm for 2020 and Beyond” and the “Evolving Security Landscape” — just two of several mini-discussions. Others included insights from the Global Women’s Leadership Network (GWLN) and unique conversations on board governance, reputation risk, mortgage innovation, navigating members’ lives during COVID-19, contactless solutions, and business automation.

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Jenny Fleiss, entrepreneur and intrapreneur — and founder of two scaled digitally native businesses from scratch (Rent The Runway and Jetblack)
Jenny Fleiss, entrepreneur and intrapreneur — and founder of two scaled digitally native businesses from scratch (Rent The Runway and Jetblack)

Jenny Fleiss: Be Opportunistic Culture Carriers During a Crisis

Jenny Fleiss — entrepreneur and intrapreneur, and founder of Rent The Runway and Jetblack — gave Virtual REACH 2020 attendees personal insights into innovating her ventures as the COVID-19 economy threw a curveball into consumer spending and commerce this past year.

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Orange County:

Local Businesses Project Job Growth as Economy Works Through 2021

Although Orange County’s business activity is projecting modest-but-solid job growth over the next 6 – 12 months, local challenges in the labor market and household finances for many lower-income workers will reverberate into 2021 as the economy continues recovering from the COVID-19 recession.

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Tony Boutelle, CEO of CU Direct and breakout session speaker during REACH 2020
Tony Boutelle, CEO of CU Direct and breakout session speaker during REACH 2020

The Future of Auto Lending: What CUs Should Know

How is the future of auto lending impacting credit unions? You’ll need a quick perspective of recent auto sales trends combined with ongoing innovation, according to Tony Boutelle, a breakout session speaker on Monday, Oct. 26 during the kickoff for REACH 2020.

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RMJ Foundation Donor Appreciation Gala attendees celebrate a successful 2020 during this year’s virtual event.
RMJ Foundation Donor Appreciation Gala attendees celebrate a successful 2020 during this year’s virtual event.

2020 Virtual RMJ Donor Appreciation Gala Celebrates Supporters

Dozens of credit union leaders and guests logged-on to the 2020 Richard Myles Johnson Foundation (RMJ) Donor Appreciation Gala, a yearly favorite of credit union professionals dedicated to the funding and support of financial education for youth across California and Nevada.

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Speaker at microphone

League Annual Meetings Look Back at 2020 and Prepare for 2021

Leaders from the boards of the California and Nevada Credit Union Leagues thanked fellow colleagues in the industry for their enduring advocacy and support during an unprecedented year in which credit unions continued spotlighting their unique “member owned” model to local communities during the COVID-19 pandemic.

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Dr. Robert Eyler, president of Economic Forensics and Analytics, board member of Redwood CU, and economist at Sonoma State University
Dr. Robert Eyler, president of Economic Forensics and Analytics, board member of Redwood CU, and economist at Sonoma State University

Expert Forecasts What CUs Should Watch in Economy Going Forward

Are California and Nevada’s current economic recoveries “V, U, L, W, or K shape”? They are increasingly looking K-shaped according to Dr. Robert Eyler, a breakout session speaker on Monday, Oct. 26 during the kickoff for REACH 2020.

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Dr. Willie Jolley, opening keynote speaker at Virtual REACH 2020 and best-selling author and motivational speaker
Dr. Willie Jolley, opening keynote speaker at Virtual REACH 2020 and best-selling author and motivational speaker

‘Your Best is Yet to Come’: Willie Jolley Inspires CU Leaders

REACH 2020 attendees were met by Dr. Willie Jolley’s inspirational, empowering and stirring message during the opening keynote general session on Monday morning, Oct. 26!

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ID Theft & Fraud is Spreading as Fast as COVID-19, What Can CUs Do?

Over the past nine months, our country has experienced an unprecedented pandemic that featured a transmittable virus that spread "like wildfire" to millions of Americans. Unfortunately, the world's criminals have preyed upon this fast-spreading viral disease to create the spread of criminal activity that has moved as swiftly as the virus itself.

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Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues
Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues

Diana Dykstra Thanks and Celebrates CUs for Extraordinary Year

California and Nevada Credit Union Leagues President and CEO Diana Dykstra welcomed attendees to the first-ever Virtual REACH 2020, thanking them for their participation and celebrating their COVID-19 and natural disaster response in service to members across both states during 2020.

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REACH 2020 logo

CUs Await ‘REACH 2020’ Kickoff on Monday: Live and Archived Access

While this year’s Virtual REACH conference is discounted more than 60 percent from previous years, you need to register by TODAY to ensure your “Snack Box” is mailed out! Also, registrants have archived access to recorded sessions after they end.

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Professionals working

TDRs, GSE Flexibilities, BSA Proposal; and CFPB on GSE, HMDA, ANPR

As an additional resource for credit unions, the League is providing this reference guide — "TDR Designation and COVID-19 Loan Modifications: Section 4013 of the CARES Act" — issued by the Office of the Controller of the Currency (OCC). The guide provides a summary and flowchart to help identify whether loan modifications granted due to COVID-19 should be classified and accounted for as a Troubled Debt Restructure (TDR).

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Candidate Slate

2020 Candidate Slate is Live As November Election Nears

The 2020 Candidate Slate is now live. With the November election just around the corner, this interactive credit union voter guide is designed to help you make decisions on which candidates to support.

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controllers office logo

CA Unclaimed Property Holder Notice Reports Due Nov. 1

California credit unions are reminded that Unclaimed Property Holder Notice Reports due to the State Controller’s Office by Nov. 1, 2020.  See the latest Unclaimed Property newsletter for more information. 

agility recovery

The Definitive Guide to Disaster Planning for CUs

Credit unions, just like any other businesses, are responsible for the safety of its employees and visitors. Besides that, business operations must continue in the event of an emergency while meeting National Credit Union Administration, Federal Financial Institutions Examination Council's (FFIEC) and state and local guidelines. Download Agility's Definitive Guide to Disaster Planning for credit unions to enhance your current business continuity plan.

Get the guide here.  

tom wolfe headshot

AB 2463 Adds New Prohibition to Sale of a Principal Residence for Judgment Enforcement

On Sept. 28, 2020, California Assembly Bill 2463 (AB 2463) was signed into law (effective Jan. 1, 2021), amending certain sections of the Enforcement of Judgments Division of the California Code of Civil Procedure (CCP). AB 2463 effectively prohibits a judgment creditor from seeking a sale of the judgment debtor’s principal residence to enforce a judgment lien, with certain exceptions.  Fortunately for credit unions, this new law contains an express exclusion for certain debts owed to financial institutions.

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Illustration of job worker

Three Takeaways from This Week’s CA and NV Jobs Data Releases

New data released this week shows California and Nevada’s respective job markets continued their slow and steady recoveries in September 2020 as the national economy continues climbing out of a recession caused by the COVID-19 pandemic.

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Logo for the National Credit Union Administration

NCUA: Derivatives Proposal, Corporate CU Rule, Cybersecurity

The National Credit Union Administration (NCUA) Board has issued a proposed rule that would amend the NCUA’s derivatives rule in Subpart B to Part 703.

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Chapter Forum panelists
(Clockwise) Leaders of four different chapters—Central Valley Chapter Board Chair Randy Icelow, Tri County Chapter Board Chair Carlo Galioto, Orange County Chapter Board Member Carmen Clark, and East Bay Chapter Board Chair Steve Larranaga—discussed how their chapters pivoted from in-person meetings to holding successful virtual events during Virtual Chapter Forum 2020.

Leaders Share Ideas, Inspiration, Best Practices at 'Chapter Forum'

More than 70 individuals representing League chapters throughout California and Nevada gathered online Oct. 14 for this year’s Virtual Chapter Forum, a morning filled with inspiration and the sharing of ideas and best practices.

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Identifying and Reporting Human Trafficking; FBAR Clarification

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to help financial institutions identify and report human trafficking. It is imperative that financial institutions enable their detection and reporting of suspicious transactions by becoming aware of the current methodologies that traffickers and facilitators use.

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Inland Empire:

Area's Strength Before COVID to Aid Economic Recovery Into 2021

The pace of the Inland Empire’s economic recovery is wedged between California and the United States as local labor market and housing dynamics that allowed it to outperform other regions before the COVID-19 pandemic bolster its chances of better-than-average improvement going into 2021.

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Employee working at laptop

CA Proposes Third Set of Modifications to CCPA Regulations

The California Department of Justice has provided notice of a third set of proposed modifications to California Consumer Privacy Act (CCPA) regulations.

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What’s In Your DEI Business Case? Three Elements to Address

As credit unions wrap up their 2021 strategic business plans and the budget process to support those, this is the perfect time to put the finishing touches on your DEI business case and begin the real talk: What do you expect to get out of your DEI strategy and what resources are you prepared to commit to achieve those objectives?

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Unemployment Insurance Fraud During the COVID-19 Pandemic Advisory

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to unemployment insurance (UI) fraud observed during the COVID-19 pandemic. It contains descriptions of COVID-19 related UI fraud, associated financial red flag indicators, and information on reporting suspicious activity.

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Keys in a home's front door

2021 Forecast: More Home Sales, Lower Rates, and Confident Workers

Low mortgage interest rates and pent-up demand from a desire for homeownership will bolster California home sales in 2021. However, economic uncertainty caused by the COVID-19 pandemic and continued supply shortage will limit sales growth according to a housing and economic forecast released this week by the California Association of Realtors.

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Pillars

Simpler PPP Forgiveness; FAQs on RESPA; FBAR Natural Disaster Relief

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

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NCUA logo

What to Expect for NCUA's Oct. 15 Board Meeting

The National Credit Union Administration (NCUA) Board will meet next week on Thursday, Oct. 15 at 7 a.m. (Pacific). Here's what to expect:

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helping hands

Hawaii USA FCU Donates To Help Those Impacted By CA Wildfires

Hawaii USA FCU and its Foundation recently made a donation to CUAid to help credit union employees and volunteers impacted by the recent wildfires in California.

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Feeding America

Shapiro Group Donates to Feeding America

After a very successful Shapiro Summit—the California and Nevada Credit Union Leagues’ Shapiro Group is making a $1,500 donation to Feeding America to help those in need and impacted by the COVID-19 crisis and economic fallout.

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REACH logo

Virtual ‘REACH 2020’ Promises Something for Every Professional

Highly accessible, more affordable for credit union staff, and socially safe — this year’s multi-day Virtual REACH 2020 will be THE premier online conference of the year as new speakers are continually added, relevant sessions promise to impress, and registrants buzz with anticipation.

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Dart board

CA League Saw 89 Percent Success Rate on 2020 State Bills

In the California Credit Union League’s latest Advocacy Newsletter, you’ll find status updates on bills that the League engaged on this past legislative year. The deadline for California Gov. Gavin Newsom to sign or veto all bills passing through the California State Legislature was Sept. 30.

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Northwest Nevada:

Region’s Economic Diversification Will Continue Aiding its Recovery

The Northwest Nevada economy’s business and labor force diversification will continue carrying the region through the current economic recovery relatively well compared to other areas across the state as the post-pandemic fallout continues making its mark everywhere.

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WYCUP

WOCCU's Young Credit Union Professionals to Hold Celebration Oct. 13

Join the World Council of Credit Unions' Young Credit Union Professionals (WYCUP) on Tuesday, Oct. 13 for a celebration of 20 years empowering, networking, and inspiring young credit union professionals.

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Is Marketing Automation Necessary for Smaller Institutions?

Advances in marketing technology happen every day and your institution has probably already heard about marketing automation for banks (maybe even from us). Just look at how crowded the vendor marketplace has become in the past six years. In a single year (from 2016 to 2017) the marketplace grew by 36%.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

It’s okay not to have all the answers. In fact, DEI programs that are started with the expectation of quick results that can be checked off are often more prone to failure. Instead, be prepared for a learning journey and know that mistakes will be made.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

It’s okay not to have all the answers. In fact, DEI programs that are started with the expectation of quick results that can be checked off are often more prone to failure. Instead, be prepared for a learning journey and know that mistakes will be made. Be willing to ask questions, increase your personal awareness and identify your blind spots—we all have them—and move forward with a commitment to continually do better. A good DEI effort is not about making sure everyone is politically correct. It is about making sure everyone has the opportunity to feel safe bringing forward their best self. Your continued commitment to learning will contribute to creating that safe environment where everyone feels more valued and adds more value.

DEI Tip of the Month: Brought to You by Humanidei + O'Rourke.

Shapiro Summit
Day 2 of the Summit kicked off with a Regulatory Guidance and Compliance panel featuring RaAnn Wood, former California Deputy commissioner of the Office of Credit Unions for the Department of Business Oversight, and Elizabeth Habring, supervisory examiner for the National Credit Union Administration. The panel was moderated by Comunidad Latina FCU CEO Erick Orellana and County Schools FCU CEO John Bagents.

Virtual Shapiro Summit Provides Insight and Knowledge

Though this year’s Shapiro Summit was virtual due to the pandemic, the two-day event still featured a number of informative speakers discussing topics of importance to smaller credit unions, including credit union operations, the economy, and investment strategies. 

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Oct. 6th: Coronavirus Scams, Older Adults, and Financial Protection

You can join experts from the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the Administration for Community Living at Health and Human Services (HHS) for a free webinar on Oct. 6 at 11 a.m. (Pacific).

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Amended FOM Application Requirements for CSA and CBSA

On Oct. 14, amendments to the National Credit Union Administration's (NCUA) chartering and field-of-membership rules (12CFR Part 701 Appendix B) will go into effect. These changes will allow a credit union applying for NCUA approval of a community charter, expansion, or conversion to designate a Combined Statistical Area (CSA) or an individual, contiguous portion of a CSA as a well-defined local community (WDLC) if the area has a population of 2.5 million or less.

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Treasury Department Issues Ransomware Advisories

The U.S. Department of the Treasury issued two advisories to assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope.

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Central Coast Economic Forecast:

Uneven Recovery to Continue Marking Region as it Hangs on During COVID 

Parts of the Central Coast economy — dominated by tourism, leisure/hospitality, and seasonal farming — will continue trailing other regions as the area recovers from the COVID-19 recession. However, even as Santa Barbara and Ventura counties recover faster than the San Luis Obispo/Monterey and Santa Cruz regions, hints of silver linings are popping up for the entire coastline.

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California Economic Forecast:

State's Economic Recovery Will Lag U.S. as COVID-19 Continues its Toll

California’s current economic recovery and the health of its labor market are lagging behind the nation’s recovery — a trend that’s expected to continue as the COVID-19 pandemic continues weighing on government policy, business decisions, and consumer activity.

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Spanish Translated Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the Pandemic

The Financial Crimes Enforcement Network (FinCEN) has made available a Spanish language version of its Advisory on Cybercrime and Cyber-Enabled Crime Exploiting the COVID-19 Pandemic, which was issued in English on July 30, 2020.

Click here for the translated advisory.

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Empathetic Approach to Navigate Complex Challenges of the Pandemic

The COVID-19 pandemic has made a lasting mark on literally every aspect of American life.  From our national to household economies, plans for education, to our collective mental health, the year 2020 has thrown one curve ball after the next. Maintaining a positive outlook amid the constantly changing environment has been difficult; but through it, we have proven our ability to adapt quickly and make the most of challenging times.

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New 'Financial Data Update' Survey Developed by Leagues

The California and Nevada Credit Union Leagues have developed a new and improved monthly Financial Data Update Survey, which helps the Leagues aggregate the current financial picture of credit unions in both states.

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Final Rule: AML Requirements for Privately Insured CUs

The Financial Crimes Enforcement Network (FinCEN) issued a final rule last week which establishes minimum standards for anti-money laundering (AML) programs for privately insured credit unions.

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Dr. Robert Eyler, Economist at Sonoma State University and Board Member of Redwood CU
Dr. Robert Eyler, Economist at Sonoma State University and Board Member of Redwood CU

'Economic Recovery: What Credit Unions Need to Watch'

During a FREE webinar for members of the California and Nevada Credit Union Leagues on Monday, Sept. 28, Dr. Robert Eyler will discuss recent forecasts and data regarding the direction of the California and Nevada economies in light of large uncertainties as 2020 slowly draws to a close, providing credit unions with guidance during this year's strategic planning/budgeting season.

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FIS Credit Union Roadshow Series, Sept. 30 and Dec. 9

FIS is hosting The Credit Union Roadshow Series, a virtual fintech panel on the latest topics and trends impacting credit unions today and tomorrow. This complimentary, interactive series includes timely panel discussions on Sept. 30 and Dec. 9, designed to spark conversation and drive insights.

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Consumer Centric Product Design: A Needs Based Approach

At their core, effective insurance products and financial services must be customer-centric, benefiting both credit unions and their members. Offerings need to be easy to understand and simple to apply for and administer. Most importantly, coverages need to protect customers in their time of need.

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OC Chapter CEO Panel

OC Chapter CEO Panel: How Leaders Are Dealing With COVID-19

The Orange County Chapter recently held its very first virtual CEO Panel in which Financial Partners CU CEO Nader Moghaddam, La Loma FCU CEO Daniel Penrod, and Kinecta FCU CEO Keith Sultemeier discussed the impact the COVID-19 crisis has had on their credit unions.

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Updates: CA and NV; NCUA Board Recap; CDFI, FinCEN, and CFPB

California Department of Business Oversight (DBO) Commissioner Manuel Alvarez is inviting licensees to submit creative ideas and suggestions to make the department more efficient, including where wet signature and/or notarization requirements force the DBO and credit unions into a paper-based system.

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NCUA September Board Meeting Recap

In addition to approving changes to its real estate appraisal rule during the September board meeting, the National Credit Union Administration (NCUA) Board received a briefing on the Share Insurance Fund Quarterly Report.

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Congress and NDAA: Bipartisan Group Stands Up for CUs

Today, a bipartisan group of 50 members of the House of Representatives sent a letter to their colleagues working on this year's National Defense Authorization Act (NDAA).

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Capitol building in Sacramento

Governor Newsom Signs COVID-19 Employee Bills Into Law

This week, California Gov. Gavin Newsom signed into law two COVID-19 related employment bills — Senate Bill 1159 (authored by Senator Jerry Hill, D-San Mateo) and Assembly Bill 685 (authored by Assemblymember Eloise Gómez Reyes, D-San Bernardino).

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CA and NV Credit Union Trends: What’s Really Going On?

An abundance of new lending in credit union mortgages and business loans is being met with an even higher level of incoming deposits, according to second quarter 2020 data compiled by the California and Nevada Credit Union Leagues. It means the industry’s total loans and deposits hit record highs in both states as COVID-19 inflicted economic pain on many households and businesses. But why?

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This Week's Falling-Unemployment News for CA and NV

New data released this week shows California and Nevada’s respective job markets continued their slow and steady recoveries in August 2020 as the national economy continues climbing out of a recession caused by the COVID-19 pandemic.

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Greater Nevada CU Donates $30,000 to Help With Fire Relief Efforts

Greater Nevada CU has donated a total of $30,000 to three credit unions hit hard by recent wildfires and that are coordinating local fire relief efforts: Sierra Central CU, the Redwood CU Community Fund, and Rogue CU Foundation in Oregon.  

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Virtual 'Hike The Hill' Attendees Tout Why This Year was so Successful

This year — more than ever — advocating for the credit union cause is critically important as the California and Nevada Credit Union Leagues held its first-ever virtual Hike The Hill event, or “D.C. fly-in” as it’s known.

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Congress in Session: Deal or No Deal on Economic Stimulus

With Congress back in session and the race to the November election on, the question over whether Congress will pass another stimulus bill is on everyone’s mind. Here are the facts about where things stand this afternoon (Wednesday, Sept. 16). These items are changing rapidly.

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FinCEN Issues Final Rule Requiring Minimum Standards for Anti-Money Laundering Program

To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires minimum standards for anti-money laundering programs for financial institutions lacking a Federal functional regulator.  The final rule also extends customer identification program and beneficial ownership requirements to those banks.

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Credit Union DEI Practitioners Invited to Join Resource Network

Humanidei + O’Rourke has formed a Credit Union DEI Practitioner Network. Specifically designed for individuals working in credit unions, the Network provides a supportive and resourceful peer group for leaders who have been tasked with developing and integrating Diversity, Equity, and Inclusion strategies in their organizations. Current representation from California include Redwood CU, Farmers Insurance FCU, and SchoolsFirst FCU. San Francisco Fire CU, California Coast CU, Financial Partners CU, and SAFE CU all have had previous particpants. 

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Legislative Victories Highlighted in CA End-of-Session Summary

The 2020 legislative session in California began as any other. The California Credit Union League’s state advocacy team had prepared to run a state charter update bill and take positions on new legislation. Then it all came to a screeching halt in early March due to the COVID-19 pandemic.

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NCUA Webinar on CU and 'NeighborWorks' Partnerships

Credit unions can learn more about potential collaborations with NeighborWorks America during an upcoming free webinar hosted by the National Credit Union Administration (NCUA).

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Foundation Collaborates with League; Redwood CU Fund; and NCUA

In response to the California wildfires, the National Credit Union Foundation has been working closely with the League to evaluate the disaster relief needs of credit union employees and volunteers across California. You can read the foundation’s news release here.

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Joseph Sweeney, CEO of Eagle's Catch
Joseph Sweeney, CEO of Eagle's Catch

Greater Nevada CU Subsidiary Brokers First-Ever USDA CARES Act Loan

The first USDA Business and Industry CARES Act loan, intended to protect America’s small farms and businesses amidst the COVID-19 pandemic, went to an aquaculture farm in Iowa and was brokered by Carson City, NV-based Greater Commercial Lending (GCL), a subsidiary of Greater Nevada CU. These CARES Act loans provide working capital to help rural businesses prevent, prepare for, or respond to the effects of the coronavirus pandemic.

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CCUL Board of Directors and Audit Committee Elections

Nominations for the California Credit Union League’s 2020-21 Board of Directors and Audit Committee elections opened on July 1, 2020. There were ONE (1) Asset Group C Director, TWO (2) At Large Director, and ONE (1) Audit Committee Member positions available this year.

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CUs Help Members, Communities as New Wildfires Reported

With new fires burning through forests and foothills across California, credit unions—though impacted—continue to serve their members and do their part to help affected communities.

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League Awards Joe Schroeder
Eighteen credit union leaders, volunteers, up-and-comers, as well as credit unions and organizations—including this year’s Leo H. Shapiro Lifetime Achievement Award recipient Joe Schroeder, retired CEO of Ventura County CU—will be honored during the California and Nevada Credit Union Leagues’ virtual REACH 2020.

League, Kim Bannan, and Advocacy Awards Recipients to be Honored at Virtual REACH 2020

Eighteen credit union leaders, volunteers, up-and-comers, as well as credit unions and organizations—including this year’s Leo H. Shapiro Lifetime Achievement Award recipient Joe Schroeder, retired CEO of Ventura County CU—will be honored during the California and Nevada Credit Union Leagues’ virtual REACH 2020.

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Students’ Vulnerability for ID Theft…What Can CUs Do?

It is that time of year when students' vulnerability for ID theft attacks goes up exponentially as they head back to school.  And this year, they face a dramatically more substantial threat posed by the increased time they spend online taking virtual classes.

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DEI Tip of the Month: Brought to You by Humanidei + O'Rourke

Treat your diversity and inclusion efforts just as you would any other mission-critical business goal. This means setting clear goals, measuring progress toward those goals, and holding senior executives accountable for achieving these goals. This also means making sure the ownership of this initiative sits with a senior leader who has significant authority and influence over the organization.

DEI Tip of the Month: Brought to You by Humanidei + O'Rourke.

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CA Credit Unions Celebrate VICTORY; League Synopsis of AB 3088

After working with California Gov. Gavin Newsom over the past several weeks, his bill — Assembly Bill 3088 — passed on the floors of the California State Assembly and State Senate this past week and was immediately signed into law.

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Comments on Flood Insurance, QM, Reg Z; Upcoming FHFA Session

Comments are due in the coming weeks on multiple regulatory proposals that will affect credit unions, including the following:

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Reminder: ERM/Compliance Technology Town Hall

Does your compliance and risk team feel overwhelmed juggling multiple projects at once? Are you curious to learn how other credit unions are streamlining their compliance and risk programs?

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What COVID-19 Taught Us About CU Business Continuity Plans

Over the past several decades, as formalized business continuity plans (BCPs) achieved ubiquity in the credit union industry, financial cooperatives around the world have had several opportunities to put their preparations to the test. From core outages to hurricanes, each disaster after the next helped governance, risk and compliance (GRC) leaders finetune their BCPs for the next inevitable curve ball.

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3 Best Practices for Using Digital Marketing to Promote Card Program

Almost half of credit users will use the same card for most purchases according to the Financial Brand. By taking advantage of digital marketing opportunities, you can help ensure your credit union’s card becomes members’ preferred all-purpose card. Digital marketing can help you make the best use of your marketing budget by directly targeting your audience with messaging that speaks to their needs and wants. This requires knowing how to find your audience, creating relevant content, and understanding digital data.

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CUs Urged to Continue Sending Messages to CA Senators

The California Credit Union League is encouraging every credit union supporter and staff member to continue sending messages to their state Senators through Connect for the Cause regarding the devastating impact Assembly Bill 1436 would have on credit unions.

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The Latest on PPP, FHFA, Refi Fee, HMDA, Reg Z, BSA, and More

On Aug. 24 the U.S. Small Business Administration issued the 24th Paycheck Protection Program interim final rule (IFR). The IFR — Treatment of Owners and Forgiveness of Certain Nonpayroll Costs — addresses the ownership percentage that triggers the applicability of owner compensation rules for forgiveness purposes.

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fire relief
Firefighters First CU’s charitable arm, the Fire Family Foundation, has donated to first responders comfort care bags filled with various necessities such as a toiletry bag with razor and shaving cream, and toothbrush and toothpaste.

Credit Unions Assist Those Impacted by CA Wildfires

As Northern California credit unions deal with staff being evacuated from their homes and the closure of branches due to mandatory evacuations or hazardous air quality, they are also pivoting to help those affected by the wildfires still raging in the region.

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CUNA Awards

CA, NV CUs Win State Desjardins, Maxwell, Herring Awards

Four California credit unions and one Nevada credit union received first-place honors at the state level in the Desjardins Adult and Youth Financial Education, Dora Maxwell Social Responsibility Community Outreach, and Louise Herring for Philosophy in Action award programs. A total of six entries will now move forward to the national competition.

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Digital Deferment Technology and Reset Solutions

Millions of people have been financially affected by the recent circumstances of the coronavirus. Many of those people have looked toward their credit unions for help. The credit unions have not hesitated when answering the needs of their members and their communities. Many of the needs are request for loan modifications and forbearances. For most credit unions there is a back log of request due to the sheer volume and given the work from home environment or limited staff in the office.

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Economist: As CA and NV Job Markets Recover, Data Still ‘Noisy’

New data released this week shows California and Nevada’s respective job markets continued their slow and steady recoveries in July 2020 as the national economy continues climbing out of a recession caused by the COVID-19 pandemic.

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CU Supporters Urged to Send Second AB 1436 Message to Senators

As of Thursday evening, Assembly Bill 1436 had been referred from the California Senate Appropriations Committee to the Senate Rules Committee. The situation in Sacramento can always change rapidly at the end of session.

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California wildfires
The numerous wildfires now raging are impacting credit unions throughout Northern California.

Wildfires in California Once Again Impacting Credit Unions

The numerous wildfires now raging in the state are impacting credit unions throughout Northern California.

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CCPA Regs, ‘CalSavers’ Changes, ATR-QM Rule, and BSA Updates

California Attorney General Xavier Becerra has announced approval by the Office of Administrative Law (OAL) of final regulations under the California Consumer Privacy Act (CCPA).

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Defining Moments in the War on Financial Crimes

Fifty years ago, the law we now call the Bank Secrecy Act (BSA) was passed, and the war on financial crimes truly began.

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Member Summer Safety with the Security of Prepaid Cards

In the midst of the pandemic, families still seek entertainment and adventure. With states in various phases of stay-at-home orders, families are forced to get creative and bring fun home for the summer.  However, because of the financial crisis and elevated occurrence of fraud, members are cautious and remain hesitant.  Members want a fun-filled summer, but need reassurance that their finances will remain secure.

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Credit Unions Ramp Up on CA’s AB 1436; NV Gov. Signs Liability Bill

California credit union staff, volunteers, and supporters have sent more than 4,000 Connect for the Cause messages to California state senators asking them to protect credit unions as Assembly Bill 1436 is scheduled to be heard in the California Senate Judiciary Committee on Tuesday of next week (Aug. 18).

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The Latest on SBA, PPP, NCUA, GSEs, BSA, CFPB, and FHLB

The U.S. Small Business Administration has released an interim final rule (IFR) that informs Paycheck Protection Program (PPP) borrowers and lenders of the process for a PPP borrower to appeal certain SBA loan review decisions to the SBA Office of Hearings and Appeals (OHA). The IFR establishes a new subpart L for 13 CFR part 134Click here to read the IFR.

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Mixed Trends for CUs as Industry Braces for Next Phase

Experts from CUNA Mutual Group and Callahan & Associates discussed this past week where U.S. credit unions have been during the first-half of this year, and where they may be going in late 2020 and early 2021.

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RMJ Golf Classic 2020
L-R: The 2020 Richard Myles Johnson Foundation/Origence Golf Classic’s winning foursome—Chuck Morris, Jeff Madland, Scott Rains, and Bob Thompson of Eagle Community CU.

RMJ Foundation's 2020 Golf Classic Raises Approximately $80,000

Practicing COVID-19 precautions, the Richard Myles Johnson (RMJ) Foundation/Origence Golf Classic was held Aug. 10 at the Monarch Beach Resort in Dana Point, CA and raised approximately $80,000 for the state foundation for credit unions in California and Nevada. 

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WCMS Colloquium
Western CUNA Management School’s first-ever virtual Colloquium featured presentations from two current WCMS faculty members as well as a former WCMS trustee. It culminated with a surprise collage of association and league presidents sharing their well-wishes to the WCMS students.

WCMS Holds First-Ever Virtual Colloquium

On the day that Western CUNA Management School (WCMS) third-year students would have celebrated their 2020 graduation, the school hosted its first-ever virtual colloquium instead due to the COVID-19 pandemic.

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CFPB Releases Small Dollar Lending FAQs

The Consumer Financial Protection Bureau (CFPB) has released FAQs on the Small Dollar Lending Rule. The CFPB had issued the final rule in July. The questions and answers pertain to compliance with the Payday Lending Rule and are a meant to serve as a Compliance Aid. To go along with the FAQs, the CFPB published a Policy Statement on Compliance Aids, that explains the CFPB’s approach to Compliance Aids.

In Memory: Pay Tribute to Those We Have Lost

During Virtual REACH 2020, the California and Nevada Credit Union Leagues will honor and remember those who had a significant impact on their credit union, credit union community, or credit union organization and who passed away in the last year.

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Your CU Store

Your CU Store Continues to Serve CUs’ Regulatory Forms Needs

While safety and health continue to be our focus for both our employees and the credit union community, Your CU Store continues to be available to provide your credit union’s regulatory forms. Government authorities continue to recommend social distancing and limiting visits to public spaces, and many consumer-facing businesses continue to expand their online presence in order to continue meeting needs. While credit unions work diligently to serve their members during these challenging times, Your CU Store is working to ensure you don’t have added concerns about maintaining updated disclosures and compliance reviews.  

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Situation Fluid in Sacramento and D.C. as CUs Await Next Moves

The situation remains fluid in Sacramento with the California Credit Union League engaging in major policy discussions to protect credit unions. The League is working tirelessly on Assembly Bill 1436 and will keep credit union leaders updated as this year’s complex legislative session winds down.

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Updates: NCUA Board, SBA’s PPP, FFIEC Statement, and More

This week, the Senate Banking Committee agreed by a voice vote to advance the nomination of Kyle Hauptman to join the National Credit Union Administration (NCUA) Board. Hauptman is currently a legislative staffer to Sen. Tom Cotton (R-AR).

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Podcast: "Extending Empathy" with Humanidei CEO

Humanidei CEO Jill Nowacki sits down with The CUInsight Experience podcast host Randy Smith (also co-founder of CUInsight.com) to discuss human capital, remote work, and efforts surrounding diversity, equity, and inclusion for credit unions across the country.

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Why Consumer Generations Don’t Tell the Whole Story

In 2001, an article called “Digital Natives, Digital Immigrants" by Marc Prensky discussed the educational needs for a new type of student. It talked about people who were raised with the internet, personal computers, computer games, email, and cell phones and because of that, viewed the world differently than their teachers who weren’t raised with such technology at their fingertips.

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FinCEN: FAQs Regarding Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN), in consultation with the federal functional regulators, issued responses to three frequently asked questions (FAQs) regarding customer due diligence (CDD) requirements for covered financial institutions. The FAQs clarify the regulatory requirements related to obtaining customer information, establishing a customer risk profile, and performing ongoing monitoring of the customer relationship.

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Leagues Pivot Forward With Financial Data Update Survey

In California and Nevada, credit union leaders were also asked this week to take a few moments and complete the new Financial Data Update Survey.

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Comment Letter to DBO, NCUA News, and FASB Roundtables

The California Credit Union League has submitted a comment letter to the California Department of Business Oversight (DBO) on its proposed amendments to the California credit union regulations.

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The Latest in PPP, EIDL, FinCEN, Equifax Settlement

To support Paycheck Protection Program forgiveness, credit union leaders can join the Credit Union National Association tomorrow (Friday) at 12:30 p.m. (Pacific) for a discussion with Sen. Kevin Cramer (R-ND), member of the Senate Banking Committee.

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League Acts Immediately as AB 1436 is Introduced in CA Assembly

Assembly Bill 1436 has been introduced in the California State Assembly. After credit unions defeated AB 2501 a few weeks ago, AB 1436 authors are now trying to pass very specific mortgage forbearance-related items.

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Advisory: Cybercrime Exploiting the COVID-19 Pandemic

The Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.

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Compliance Services Survey: Your Feedback is Important

The California and Nevada Credit Union Leagues are always looking to improve services to members, including compliance services. Please take a few minutes to complete a short survey on League member-benefit compliance services powered by PolicyWorks. The survey should only take about 5-8 minutes to complete and will be extremely helpful in understanding what is important to you and how compliance services might be improved. 

Click here to take the survey.

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Caregiving and COVID: Are Women Going to Lose Professional Gains?

For years, September has brought a steady rhythm to the workplace: As households get back to regular routines and summer trips come to an end, organization-wide meetings, conferences, and trainings come back to life. With the school year starting, many working parents find comfort in the schedule, knowing exactly when and where their children will be and how they will be occupied on any given day.

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Boilerplate Series: Contractual Third-Party Beneficiaries

In the credit union vendor world, it is not unusual for a credit union to contract for services with a vendor, often a credit union service organization (“CUSO”), who in turn has contracted with some other third party who is the actual provider of the services. For purposes of this article, let’s assume we are dealing with a CUSO as the credit union vendor. Often a CUSO recognizes that another vendor (let’s call them Gumby Industries) can provide a significant value to the credit union space. So far, Gumby has either not recognized the value of the credit union market or has always dreamed of entering the credit union space (and rightfully so, as we all know) but cannot see a way to penetrate that market.

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DBO letter

League Submits Comment Letter on DBO's Proposed Amendments to Regs

On Thursday, July 23, the California Credit Union League submitted a comment letter to the California Department of Business Oversight (DBO) on its proposed amendments to the California credit union regulations.

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SBA

COVID-19 Update: SBA Guidance on Identification, Reporting of Suspicious Activity in EIDL

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CFPB

CFPB to Hold Symposium on Cost-Benefit Analysis in Regulations

The Consumer Financial Protection Bureau (CFPB) will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29 at 6:30 a.m. (Pacific).

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NCUA

NCUA Board Meeting to Be Held July 30

The National Credit Union Administration (NCUA) Board will meet Thursday, July 30, at 7 a.m. (Pacific).

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FASB

FASB Reschedules Roundtables on Accounting Standard for Leases

The Financial Accounting Standards Board (FASB) has rescheduled a public roundtable discussion on the implementation of its accounting standard on leases for Sept. 18. The morning session will take place from 5:30 – 9 a.m. (Pacific), and the afternoon session from 10 a.m.-1:30 p.m. (Pacific).

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Capitol Hill in Washington, D.C.

As Congress Debates Relief Bill, Leagues Keep CUs at Forefront

Congress returned from a recess this week, and passage of a massive stimulus bill to address the current state of the nation’s health and economic crises is top of mind. The California and Nevada Credit Union Leagues will provide regular updates in daily messages and the Advocacy Blog when consensus emerges.

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Tri-County Chapter
Led by “Head Chef” Terrance Davis of SchoolsFirst FCU and “Head Sous-Chef” Evelyn Davis of Wescom CU, those who attended the July 23 Tri-County Chapter’s virtual cooking class learned how to make a delicious meal and helped raised funds for local food banks.

Tri-County Chapter’s Virtual Cooking Class Helps Local Food Bank

Thanks to the Tri-County Chapter, some 37 “sous-chefs” on July 22 learned how to make their own delicious meal—virtually. And in the process, the group raised much-needed funds for a local food bank.

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SBA Updates, FinCEN Warning, and Credit Obligation Webinar

The U.S. Small Business Administration’s Office of Inspector General has issued “Lender Alert: Economic Injury Disaster Loans,” which states the SBA no longer offers advances on Economic Injury Disaster Loans (EIDL) as of July 11, 2020. Until July 10, eligible small business owners in all U.S. states were able to request an advance of up to $10,000.

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Registration for Virtual ‘Hike the Hill’ is Now Open

As most congressional offices have moved to virtual appointments, the California and Nevada Credit Union Leagues are excited to announce the first virtual “Hike the Hill”!

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‘Delayed V-Shape’ Recovery Taking Place? We’ll Know Soon

Experian’s “Quarterly Economic Scenarios” forecast on July 21 was just one of several discussions percolating this month on how the U.S. economic recovery is taking shape and what might be in store for lenders, businesses, and consumers in the second half of 2020:

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League Awards
L-R: Immediate Past California League Board Chairman and Financial Partners CU CEO Nader Moghaddam; 2019 Leo H. Shapiro Lifetime Achievement Award recipient Eileen Rivera; California and Nevada Credit Union Leagues President and CEO Diana Dykstra; and Nevada League Board Chairman and Silver State Schools FCU CEO Scott Arkills.

Don’t Delay: Submit Entries, Nominations for Leagues’ Awards Programs

The deadline for entries for the Credit Union National Association (CUNA) Dora Maxwell, Louise Herring, and Desjardins awards is fast approaching. Entries must be submitted by Friday, July 31. And the deadline to nominate worthy individuals for the California and Nevada Credit Union Leagues Awards program is coming up soon as well. Nominations are due Friday, Aug. 14. In addition, nominations are being sought for the Kim Bannan Eternal Flame Awards.

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ViClarity

Governance, Risk, and Compliance Made Easy with ViClarity

PolicyWork's ViClarity helps credit unions automate governance, risk and compliance management through its end-to-end technology solution. With ViClarity, your credit union can maximize operational efficiencies, create a culture of accountability and transparency, and view a real-time report of risk areas so corrective action can be taken.

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Get Back to Marketing with GSTV

A great deal of advertising has shifted online as people hunkered down at home. Yet essential businesses remained open, including gas stations and the convenience stores attached to them. GSTV—which broadcasts advertising and content at the pump—found that messaging on the platform’s 24,000 locations became essential communication. Gas Station TV (GSTV) reaches one-third of American adults each month and counts Nielsen, Comscore, IRI, Placed and others as data partners.

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Hike the Hill

Leagues' ‘Hike the Hill’ Virtual Registration is Open

During this unprecedented pandemic, credit unions cannot take for granted the importance of our powerful grassroots voice. As most congressional offices have moved to virtual appointments, the California and Nevada Credit Union Leagues will hold its first virtual Hike the Hill.

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Small Business Administration

COVID-19 Update: SBA on EIDL Advances; Community Advantage Recovery Loans

The U.S. Small Business Administration’s Office of Inspector General has issued “Lender Alert: Economic Injury Disaster Loans,” which states the SBA no longer offers advances on Economic Injury Disaster Loans (EIDL) as of July 11, 2020. Until July 10, eligible small business owners in all U.S. states were able to request an advance of up to $10,000.

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Survey

Next Phase of Leagues' Weekly COVID-19 Impact Survey

As the California and Nevada Credit Union Leagues move to the next stage of pandemic advocacy and awareness efforts, we want to thank credit unions for their commitment to completing our COVID-19 Impact Survey each week.

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L-R: Kinecta FCU CEO Keith Sultemeier and Xceed Financial CU CEO Teresa Freeborn
L-R: Kinecta FCU CEO Keith Sultemeier and Xceed Financial CU CEO Teresa Freeborn

Kinecta and Xceed Financial Announce Plans to Merge

Kinecta FCU and Xceed Financial CU announced that the two credit unions have reached a tentative agreement to merge. If regulatory authorities and Xceed’s membership approve the merger, it is planned to be completed before the end of first quarter of 2021.

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Face mask and sanitizer

DBO to Monitor Compliance with Face Covering Guidance

In accordance with Gov. Gavin Newsom's directive on face coverings, the California Department of Business Oversight (DBO) is reminding all licensees to make sure employees and customers fully comply at all times with the latest guidance on face masks from the governor and the California Department of Public Health (CDPH).

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FinCEN: Beware Convertible Virtual Currency Scam Involving Twitter

The Financial Crimes Enforcement Network (FinCEN) warns credit unions of a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC).

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Supervisory Priorities; Call Reports; and DBO Assessment Rate

The National Credit Union Administration’s Letter to Credit Unions 20-CU-22 updates the agency’s 2020 supervisory priorities to reflect economic conditions that emerged in response to the COVID-19 pandemic, as well as various statutory and regulatory changes that have occurred since March 2020.

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Workers at a desk

NCUA Nominee Hearing; PPP Updates; and Breach Settlement

The Senate Banking Committee has scheduled a confirmation hearing for July 21 to consider Kyle Hauptman as President Donald Trump’s nominee to the National Credit Union Administration Board.

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Paycheck Protection Program

Paycheck Protection Program: ‘Who Got What and How Well Did the Loans Perform?’

Paycheck Protection Program (PPP) loans facilitated by U.S. credit unions helped retain 85 jobs per $1 million in loans and required only $11,792 to retain one job, according to a recent comparison of lenders by Forbes (see “PPP Loans: Who Got What And How Well Did The Loans Perform?”).

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NCUA

NCUA Board Nominee’s Confirmation Hearing Scheduled for July 21

The Senate Banking Committee has scheduled a confirmation hearing for July 21 to consider Kyle Hauptman as President Donald Trump’s nominee to the National Credit Union Administration Board.

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Equifax

Equifax Data Breach Settlement Claims Website Now Available

For credit unions involved in the Equifax data breach settlement, a claims website is now available here.

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Small Business Administration

COVID-19 Update: PPP, CFPB, and NCUA Priorities

The U.S. Small Business Administration issued Procedural Notice 5000-20036 this week updating 1502 Reporting, the monthly reporting requirements for the Paycheck Protection Program. The 1502 report will be due to the Fiscal Transfer Agent (FTA) (Colson Services) by the 15th of each month. For this month only (July 2020), lenders will be given a two-day grace period to submit the 1502 to the FTA. You can read the procedural notice here.

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PolicyWorks: Manage Governance, Risk, and Compliance

One-Stop Audit, Risk & Compliance Technology Solution

How many platforms and/or spreadsheets are helping your credit union manage audit, risk, compliance and governance today? PolicyWorks, the Leagues’ compliance services partner and provider, and the Leagues can help streamline these processes with ViClarity. 

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Why This May Be the Perfect Time to Set Up a Charitable Foundation

Even if your credit union is well established as community benefactor, in times of intense turmoil you may feel called upon to stand up and make a new, visible act of leadership and service. This may be a perfect time to create a charitable foundation and to use it as a platform to engage and support your community on behalf of your employees and members.

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Handshake

Caltech Employees FCU and Kings FCU Join the League

The California Credit Union League would like to extend a warm welcome to Caltech Employees FCU and Kings FCU — both of which recently rejoined the League as members!

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Board of directors meeting

Accepting Nominations for NV Credit Union League Board

Nominations are now being accepted for candidates for the Nevada Credit Union League Board of Directors. There are two director positions available for election with a new term expiration of 2023.

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This Week’s Recap: NCUA’s FOM, CFPB, PPP, and More

On June 29, the U.S. Supreme Court denied the American Bankers Association’s petition to review the D.C. Circuit Court of Appeal’s decision on the National Credit Union Administration’s field-of-membership rules. This ends nearly four years of uncertainty and helps the NCUA foster greater financial inclusion for all Americans.

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Capitol building in Washington, D.C.

Congress: Next Phase of COVID-19 Relief and Reg Flexibility  

Congress has adapted to the "new normal." While members of Congress are physically out of Washington, D.C., they are working to advance policy.

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CUs Updated on Important CA and NV State Highlights

This week, the California Assembly announced it is postponing its return from summer recess after several legislators and staffers tested positive for the Coronavirus. Assembly Speaker Anthony Rendon informed members they would not be coming back to the capitol in Sacramento on July 13 as originally planned. There is no scheduled return date yet.

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Consumer Financial Protection Bureau

CFPB Issues Final Rule on Payday Loans

On July 7, the Consumer Financial Protection Bureau (CFPB) issued a final rule concerning payday loans in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient. The final rule does not rescind or alter the payments provisions of the 2017 rule.

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NCUA

NCUA’s Next Steps After Court Denies ABA’s FOM Petition

On June 29, the U.S. Supreme Court denied the American Bankers Association’s petition to review the D.C. Circuit Court of Appeal’s decision on the National Credit Union Administration’s (NCUA) field-of-membership rules. This ends nearly four years of uncertainty and helps the NCUA foster greater financial inclusion for all Americans.

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U.S. Capitol

Congressional Update: Next Phase of COVID-19 Relief

Congress has adapted to the new normal. While members of Congress are physically out of Washington, D.C., they are working to advance policy.

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California capitol

CA Legislature Delays As League Engages in New Legislation

On Monday, July 6, the California Assembly announced it was postponing its return from summer recess after several legislators and staffers tested positive for the Coronavirus. Assembly Speaker Anthony Rendon informed members they would not be coming back to the capitol in Sacramento on July 13 as originally planned. There is no scheduled return date yet.

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An Opportune Time for CUs to Protect and Defend Members

As the country continues its battle against the COVID-19 pandemic, there is a war being waged against consumers by criminals who are finding insidious and ingenious ways to wreak havoc.

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Advisory on COVID-19 Imposter Scams and Money Mule Schemes

The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to alert financial institutions to potential indicators of imposter scams and money mule schemes, which are two forms of consumer fraud observed during the COVID-19 pandemic. The advisory contains descriptions of these scams and schemes, financial red flag indicators for both, and information on reporting suspicious activity.

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Consumer Compliance Outlook Latest Issue is Now Available

The Federal Reserve’s (FRB) latest issue of Consumer Compliance Outlook is now available. This issue, which focuses solely on COVID-19 topics, contains the following articles and features:

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FinCen Guidance: Due Diligence Requirements under BSA for Hemp-Related Business Customers

The Financial Crimes Enforcement Network (FinCEN) has issued a guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. 

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Eltropy Wins Top Honors From the Nation’s Top Industry Association

Eltropy, a messaging-based platform that enables credit unions to communicate with members via text, has been named the industry-leading text messaging solution by CUNA Strategic Services (CSS). Additionally, Eltropy’s service-oriented approach to its credit union customers during the COVID-19 pandemic has proven especially valuable to the industry.

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How CUs Can Use a Credit Program to Help Members Navigate Uncertain Times

When unexpected events happen, people need to be creative and flexible, but they also need a secure place to stand. In many ways, credit unions are that place for their members. Credit unions regularly connect with members, helping them find solutions to financial needs as they work to achieve life goals. When uncertain times bring financial challenges for members, credit unions are well-positioned to help make a credit card program an effective part of the solution for moving forward.

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NCUA Meeting Recap: MDI, NGN, and RFI on Exam Tech

During this week’s National Credit Union Administration (NCUA) board meeting, Chairman Rodney Hood said onsite exams will not resume on July 6, as previously announced, due to current COVID-19 activity. 

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Foundation’s Grant Cycle Focused on Financial Health, Well-Being

The National Credit Union Foundation launched its 2020 Grant Cycle, with two opportunities credit unions can apply for. The deadline for credit unions to submit applications is July 15  

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