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NCUA to Co-host Two Webinars: Cybersecurity and CDFI Discussion Topics

The National Credit Union Administration (NCUA) will co-host two webinars that are of importance to credit unions as it relates to cybersecurity and the Community Development Financial Institutions (CDFI) Fund.

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(L-R): Patelco CU Vice President of Consumer Lending Josh Garrison and Financial Wellbeing Program Manager Kipp Riesland
(L-R): Patelco CU Vice President of Consumer Lending Josh Garrison and Financial Wellbeing Program Manager Kipp Riesland

Q&A with Patelco CU: A Strategy To Help Credit Scores Soar

EDITOR'S NOTE: CreditUnions.com featured Patelco CU Vice President of Consumer Lending Josh Garrison and Financial Wellbeing Program Manager Kipp Riesland. They discuss how Patelco is working to improve the situation of members with low or no credit through a small-dollar loan and financial wellness principles.

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1Q: Loans Slow, Participations Rise, ROA Up, & Net Worth Drops

First-quarter 2021 U.S. credit union trends continue showing a changing world for the industry nationwide as they served members going from winter into spring.

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Nominations Open for 2022 Herb Wegner Memorial Awards

The Foundation is now seeking nominations for the 2022 Wegner Awards. The Herb Wegner Memorial Awards will be presented during the Credit Union National Association's Governmental Affairs Conference (GAC) in Washington, D.C. The Foundation Dinner will take place on the evening of Monday, Feb. 28, 2022. 

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Reputation Management: Why it Matters and How Text Messaging Can Help

Want to attract new members and increase loan volumes?

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Training and Coaching Your Team in the Art of Small Talk

Making small talk to establish rapport and uncover member financial needs is a critical skill that MemberShoppers measures. Some people think that the ability to make small talk is an innate skill. We often hear someone say that a person has the “gift of gab.” The fact is that the art of small talk is a learned rather than innate skill. People can be trained and coached to make effective small talk. Use these tips to coach your team in the art of small talk.

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"Ask the Regulators" Webinar: Emergency Capital Investment Program

Credit unions interested in learning more about the Treasury Department’s Emergency Capital Investment Program are encouraged to join an “Ask the Regulators” webinar hosted by National Credit Union Administration (NCUA) and other federal financial regulators.

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Advocacy Update: Fin. Capability Resolution, PPP, and More

Senate Resolution 27 (Monique Limón) — relative to Financial Capability Month — passed the California State Senate floor this past week. SR 27 declared the month of April 2021 as “Financial Capability Month” to raise public awareness about the need for increased financial capability in California.

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Major CU Footprint in Milken’s ‘Best Performing Cities’ Report

Some notable cities and regions across California and Nevada that have a major credit union footprint are spotlighted in the Milken Institute’s “Best-Performing Cities 2021: Foundations for Growth and Recovery” report released this past week — something to note as credit unions soon move into the second-half of 2021.

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ICU Day: ‘Building Financial Health for a Brighter Tomorrow’

On Oct. 21, 2021, credit unions worldwide will celebrate International Credit Union Day (ICU Day). This annual event raises global awareness for the credit union movement through outreach, volunteering, fundraising and other ICU Day-themed activities.

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Latest Updates on California, Congress, and Regulatory Scene

In the California Credit Union League’s latest Advocacy Newsletter, credit union leaders throughout the state can get up to speed on state government affairs, special elections, the recall effort, federal/congressional government affairs, and state and federal regulatory advocacy:

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Register Now: FIS Emerald 2021 Starts Next Week

The first-ever FIS Emerald event takes place online, for free, from May 10-13.  FIS Emerald will bring together all of the best-in-class performers, speakers, partners and thought leaders that you've come to expect from FIS and Worldpay from FIS events in one amazing, new experience.

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Your Members Are Speaking. Are You Listening?

Capture member feedback. Gain insights. And take action.

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CA’s New Debt Collection Licensing Act and What it Means for CUs

In September 2020, California enacted Senate Bill 908, known as the Debt Collection Licensing Act, which is set to take effect on January 1, 2022.  In a nutshell, the new Debt Collection Licensing Act (Act) creates a new category of “licensees” subject to Department of Financial Protection and Innovation (DFPI) oversight and rulemaking, and expands the DFPI’s enforcement authority over both new and existing licensees.

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California CUs Victorious: Committee Amends AB 1177

Credit union leaders and supporters across California are celebrating their VICTORY in telling state assemblymembers “NO on Assembly Bill 1177” over the past few weeks and seeing their tireless efforts make a difference last night!

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Successful Conference Dives Deep Into Financial Well-Being

The California and Nevada Credit Union Leagues would like to thank everyone who made this year's CU FinHealth21 Conference a success last week! In case you missed the conference, here’s a quick recap to get you caught up:

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East County Schools FCU CEO Steven Devan
East County Schools FCU CEO Steven Devan

CU Launches Earned-Wage Access Benefit for Members

East County Schools FCU has officially launched an innovative financial wellness benefit for school district employees called "MyPayNow," an app-based service allowing these members in San Diego County early access to their earned-but-unpaid wages each month (up to $1,000) at no cost.

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CFPB Delays QM Compliance Date; FHFA Offers Refi Option

This week, the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.

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Second Round of Modifications Issued for California CU Law

The California Department of Financial Protection and Innovation (DFPI) has issued a second-modification proposal to amend regulations under the California Credit Union Law.

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Senators Alex Padilla (D-CA) and Catherine Cortez Masto (D-NV)
Senators Alex Padilla (D-CA) and Catherine Cortez Masto (D-NV)

Senator Padilla Continues CU Support, Co-Sponsoring Key Bill

Still in his first few months in office, Sen. Alex Padilla (D-CA) continues to express his long-term support for credit unions.

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Jeremy Empol, Vice President of Federal Government Affairs for the California and Nevada Credit Union Leagues
Jeremy Empol, Vice President of Federal Government Affairs for the California and Nevada Credit Union Leagues

Congress: Reapportionment is Over; Now Redistricting Begins

According to the U.S. Constitution, in the first year of every decade the census (or count) of every person in the United States takes place. The following year, the states will be assigned a total-population number and their allotment of seats in the U.S. House of Representatives. States then redraw the district lines based on their state laws.

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Consumer Compliance Outlook Latest Issue is Now Available

The latest issue of Consumer Compliance Outlook is now available. This issue contains the following articles and features:

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New ‘CU PolicyPro’: Rebuilt and Enhanced Model Policy System

CU PolicyPro — a FREE league-member benefit of the California and Nevada Credit Union Leagues — has been completely rebuilt and enhanced to make customizing and managing policies easier than ever!

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Is Your Vendor Management Program Limping Along?

As we move into the second quarter, now is a great time to assess how your vendors are performing during a period when technology is critical to meeting your members’ or customers’ needs. Are you exceeding their expectations or being hindered by poor vendor service?  

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L-R: Scott Abbott, Executive Director of the Sacramento Running Association; John Pamer, Chair of the CU SacTown Run and CEO of Diablo Valley FCU; Judie Boehmer, Executive Director of Patient Care Services at UC Davis Children’s Hospital; Michelle Tafoya, Program Director for Children’s Miracle Network; and Tony Hazarian, Executive Director of Development for UC Davis Children’s Hospital
L-R: Scott Abbott, Executive Director of the Sacramento Running Association; John Pamer, Chair of the CU SacTown Run and CEO of Diablo Valley FCU; Judie Boehmer, Executive Director of Patient Care Services at UC Davis Children’s Hospital; Michelle Tafoya, Program Director for Children’s Miracle Network; and Tony Hazarian, Executive Director of Development for UC Davis Children’s Hospital

‘CU SacTown Run’ Raises $200k for CMN Hospitals in CA & NV

The annual Credit Union SacTown Run — held virtually this year due to ongoing COVID-19 pandemic concerns — raised $200,050 for 11 Children’s Miracle Network Hospitals throughout California and Nevada!

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Assembly Bill 1177: Please Get Your Staff Involved TODAY

The California Credit Union League appreciates everyone’s efforts on Assembly Bill 1177 — AND we need more credit union supporters to make our movement's voice heard!

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California DFPI’s Diversity Findings & Call for Inclusive Recovery

The California Department of Financial Protection and Innovation (DFPI) hosted its inaugural Economic Equity Conference and unveiled its first-ever “Survey of Diversity in State Banking” report on 80 state-chartered credit unions and banks this week.

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Pillars

FHFA Extends Some Flexibilities; will Retire by End of May

The Federal Housing Finance Agency (FHFA) announced this week that Fannie Mae and Freddie Mac will extend some temporary loan origination flexibilities until May 31. All temporary flexibilities were originally set to expire on April 30.

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Board Meeting: PCA Relief Measures and Cybersecurity Briefing

During Thursday's National Credit Union Administration (NCUA) Board meeting, the board was briefed on an interim final rule on prompt corrective action (PCA) adopted last week by notation vote, at which time the rule became effective.

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House Financial Services Committee Chairwoman Maxine Waters

Chairwoman Maxine Waters Steps Up for CUs on NCUA Rule

Last week, the National Credit Union Administration (NCUA) took the necessary steps of supporting an interim final rule to address large deposit growth and stimulus check payouts. The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) had engaged both the NCUA Board and prominent elected officials in Congress in an effort for them to take action.

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Capitol Hill

'SAFE Banking Act' Moves to Senate after House Passes Bill

The House of Representatives has passed H.R. 1996, the SAFE Banking Act (Secure and Fair Enforcement), this week. It provides a safe harbor for depository institutions offering financial services to cannabis-related businesses.

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Seeking Nominations, Entries for Leagues and CUNA Awards Programs

The California and Nevada Credit Union Leagues is seeking nominations and entries for its various awards programs.

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UNIFY Partners With LA Rams Linebacker to Tackle Youth Financial Education

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts! This week we are wrapping up our highlight on one of many credit union financial literacy programs found across California and Nevada.

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CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions

The Consumer Financial Protection Bureau (CFPB) issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium. The CDC has established the eviction moratorium to protect the public health and reduce the spread of the virus. Debt collectors who evict tenants who may have rights under the moratorium without providing notice of the moratorium or who misrepresent tenants’ rights under the moratorium can be prosecuted by federal agencies and state attorneys general for violations of the Fair Debt Collection Practices Act (FDCPA) and are also subject to private lawsuits by tenants.

Read the Interim Final Rule here.

Read a Fast Facts summary of the Interim Final Rule.

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Financial Literacy Month: CUs Help Bring About Financial Wellness  

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we highlight just a few of the many credit union financial literacy programs to be found across California and Nevada.

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Worker

CA & NV’s Slow Job Growth Continues; Spring Surge Anticipated

California continued to slowly add jobs to its labor market and economy in March; and Nevada’s job market continued reversing course and recovering — still very slowly. Meanwhile, local economists are projecting faster growth as springtime transpires.

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Worker

CA Economy Playing Catch-Up; Back on Track by Late 2022

As California’s economy and jobs market continue playing catch-up to stronger growth in other states, experts hope “sidelined” individuals/workers will re-enter the labor force at higher, quicker monthly rates. This would help boost potential economic growth even that much more from 2021 – 2022.

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NCUA Renews PCA Relief; DFPI’s Pandemic Initiatives & More

The National Credit Union Administration board (NCUA) approved, by notation vote, an interim final rule that temporarily modifies certain regulatory requirements to help ensure federally insured credit unions remain operational and able to provide needed financial services during the COVID-19 pandemic.

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2021 CDRLF Grant Round Opens May 3; $1.5M Available

Low-income-designated credit unions seeking Community Development Revolving Loan Fund (CDRLF) grants in 2021 will be able to apply between May 3 and June 26.

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SESLOC FCU Now Offering Virtual Financial Coach

SESLOC FCU is partnering with GreenPath Financial Wellness services to offer a Virtual Financial Coach—a convenient new way for credit union members to achieve their financial goals. The Virtual Financial Coach is an easy-to-use, friendly, chat-based support platform.

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Converting Card Fraud into a Positive Member Experience

It’s widely recognized in the payments industry that attempted fraud incidences increase during times of crisis, and the coronavirus pandemic is the latest example of this. We’ve seen a year over year increase in fraud attempts, with this trend continuing into 2021. Having the right tools in place to stop fraud before it happens is just one piece of the puzzle when managing the expectations your cardholders have. How your credit union responds is paramount to the experience your member has if and when fraud hits their account. 

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April is Financial Literacy Month

Financial Literacy Month: Financial Education is a Calling for CU Staffers

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we conduct short Q&A sessions with five credit union staff who coordinate financial literacy programs for members and the community: Tyrone Conde, Downey FCU; Veronica Dangerfield, Patelco CU; Michelle Hale, Greater Nevada CU; Mike Jones, Educational Employees CU; and Kristi Longoria, San Mateo CU.

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Members Overestimate Cost of Life/AD&D and Underestimate the Need

Here’s a fact that might surprise you: Nearly half of U.S. adults—46%—don’t have life insurance.[1] And many don’t have accidental death and dismemberment (AD&D) protection, which can either complement a life insurance policy or be an alternative resource depending on a member’s family and financial situation.  

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Request for Information on BSA/AML Compliance Models Issued

The federal banking agencies, in consultation with the Financial Crimes Enforcement Network and the National Credit Union Administration, issued a joint statement addressing how risk management principles described in the “Supervisory Guidance on Model Risk Management” relate to systems or models used by banks to assist in complying with the requirements of Bank Secrecy Act (BSA) laws and regulations.  The statement further notes that it does not alter existing BSA/anti-money laundering (AML) legal or regulatory requirements or establish new supervisory expectations, and that no specific model risk management framework is required.

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CUs Meet with Newsom, Alvarez, Banking Chair & Legislators

Today marks the end of the 2021 California Government Relations Rally (GRR) over this past week, where the California Credit Union League held a historic fundraiser for Gov. Gavin Newsom and hosted meetings between important state officials and credit union leaders.

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L-R: Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Jeremy Empol, Vice President of Federal Government Affairs for the Leagues
L-R: Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Jeremy Empol, Vice President of Federal Government Affairs for the Leagues

CUs, League Leaders Garner Local & National Media Attention

California and Nevada Credit Union Leagues President and CEO Diana Dykstra was interviewed this past week on KGO AM-810’s “Consumer Talk,” a well-known San Francisco radio station program and online podcast helmed by the popular Bay Area ABC-7 On Your Side broadcaster Michael Finney (listen to the April 3 program here).

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Building pillars

SB 269 Moves to CA Assembly; Destined for Banking Committee

Senate Bill 269 (authored by California Sen. Anthony Portantino) — the Credit Union State Charter Modernization Bill — was voted off the California State Senate floor this past week and will be sent to the Assembly Rules Committee.

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IRS on Employee Retention Credit Under Modified Legislation

The Internal Revenue Service has issued guidance for employers claiming the Employee Retention Credit under The CARES Act, which was then modified by The Relief Act.

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San Gabriel Valley:

Bright Spots Emerge as Economy Settles in for Long Recovery

Wedged between the coast and inland areas, San Gabriel Valley’s economy is signaling green shoots into 2021 and sustained growth in 2022 as this region recovers faster than the entire county due to a unique mixture of businesses, households, and its geographic location.

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Proposals: Debt Collection Rules & COVID-19 Mortgage Servicing

The Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued under the Fair Debt Collection Practices Act (FDCPA). The debt collection rules, issued in late 2020, are scheduled to take effect on November 30, 2021.  The CFPB is proposing to extend the effective date of both rules to January 29, 2022. The proposed delay would allow stakeholders affected by the pandemic additional time to review and implement the rules.

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California:

Economy to Play Major Catch-Up: Fully Back on Track by Late 2022

As California’s economy and jobs market continue playing catch-up to stronger growth in other states, experts hope “sidelined” individuals will re-enter the labor force (pool of adults willing and able to work) at higher, quicker monthly rates from 2021 – 2022. Such a trend would help boost economic and labor growth even that much more.

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San Diego County CU ‘Springs Forward’ to Help Students Learn About Money and Business

Just in time for Financial Literacy Month, San Diego County CU (SDCCU) is hosting SDCCU Biz Kid$ events online to help engage students in distance learning environments with fun and interactive ways to learn about money, finances, and business.

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On April 29, the RMJ Foundation will host its first-ever virtual CU Escape Room fundraiser, which will test participants’ knowledge of the credit union movement and cooperative principles.

Financial Literacy Month: RMJ Foundation Looks Ahead 

The California and Nevada Credit Union Leagues are celebrating “April is Financial Literacy Month” by focusing on credit union financial education efforts. This week we put the spotlight on the Richard Myles Johnson (RMJ) Foundation, the state foundation for credit unions in California and Nevada dedicated to supporting credit union efforts in spreading the financial literacy message to young people.

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Diana Dykstra, President and CEO of the California and Nevada Credit Union Leauges

Last Week in 'Women's History Month' Spotlight: Diana Dykstra

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this past March by wrapping up its spotlight series on one final amazing leader who has played a vital role in the history of American women and our movement. This week we would like to recognize Diana Dykstra, president and CEO of the Leagues in Ontario, CA!

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State Recap: CA Stimulus Plan; NV Senator Co-Hosts Job Fair

The California Credit Union League has notified credit unions of the next step in California’s “Golden State Stimulus Payments” plan. Some important provisions have been secured within committee in the current Assembly Bill 88 (the legislative package carried over from Senate Bill 88 in February).

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Analysis: Latest PPP, Eviction Updates, PCA Relief Request

As not-for-profit entities, credit unions ARE NOT eligible to apply for Paycheck Protection Program (PPP) loans from the U.S. Small Business Administration (SBA) even though the program received expanded eligibility within the recently passed American Rescue Plan Act, according to an alert published by the California and Nevada Credit Union Leagues.

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Servicer Homeowner Assistance; Rescinding COVID Guidance

The Consumer Financial Protection Bureau (CFPB) is warning mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall.

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FinCEN Launches Regulatory Process for New Beneficial Ownership Reporting Requirement

The Financial Crimes Enforcement Network (FinCEN) has issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). 

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Todd Harper

Todd Harper Named FFIEC Chair; CUSO Comments; Use of A.I.

National Credit Union Administration (NCUA) Board Chairman Todd M. Harper has been named chairman of the Federal Financial Institutions Examination Council (FFIEC). His two-year term runs from April 1, 2021, through March 31, 2023.

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2020 HMDA Data on Mortgage Lending Now Available

The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2020 were published on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,400 HMDA filers.  The published data contain loan-level information filed by financial institutions, modified to protect privacy.

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Tom wolfe

Enforcement of a Defaulted Loan Secured by a Mobilehome

Recently, our firm has noticed an uptick in requests for an explanation of the process of enforcing a defaulted loan secured by a mobilehome being used as a residence, including how to take possession of the mobilehome to dispose of it.  That process is intricate and involves an interface between multiple California codes as well as coordination with the mobilehome park. The result is a labyrinthine route to the credit union’s end goal of simply collecting on a nonperforming loan.  An overview with some practical considerations is outlined below.

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Text Messaging and DocuSign Work Together To Improve Engagement

Text Messaging is ubiquitous, not only in our personal communications, but in our business correspondence as well. 

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LA Financial CU Signs with Maple Street

LA Financial CU was in search of a modernized solution to manage its vendors, and the Los Angeles-based credit union wanted more than a product that simply inherited information, but enhanced its vendor management program for its team members to utilize.

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Building pillars

NV Sen. Hosts Job Fair; PPP Bill Heads to President's Desk

This week, Sen. Catherine Cortez Masto (D-NV) co-hosted Nevada’s Virtual Job Fair to help get local workers back to work. The senator hosted the event with Rep. Susie Lee (D-NV), Washoe County Commissioner Alexis Hill, Clark County Commissioner Justin Jones, and leaders from local employment training and workforce connection departments and organizations.

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Keys in front door

Rent Relief Opens; Gov. Signs New Paid Sick Leave into Law

Californians who have experienced a financial hardship because of the COVID-19 pandemic and are most at-risk of eviction can now apply for the CA COVID-19 Rent Relief program to help pay past due rent. Both renters and landlords can check eligibility and apply by visiting HousingIsKey.com or by calling 833-430-2122 (seven days a week).

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Restaurant worker

CA Sees Jobs & Labor Force Rise; NV Continues Slow Recovery

California not only added a noticeable amount of jobs in February, it also saw an uptick in individuals reentering the labor force (the pool of individuals willing and able to work). Meanwhile, Nevada’s job market continued reversing course — yet very slowly.

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Patsy Van Ouwerkerk, former CEO of Travis CU
Patsy Van Ouwerkerk, former CEO of Travis CU

This Week in ‘Women’s History Month’: Patsy Van Ouwerkerk

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this March by spotlighting some amazing leaders who have played vital roles in the history of American women and our movement. This week we would like to recognize Patsy Van Ouwerkerk, former CEO of Travis CU in Vacaville, CA!

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(L-R): Sierra Central CU CEO John Cassidy, CO-OP Financial Services President and CEO Todd Clark, and CU Direct President and CEO Tony Boutelle
(L-R): Sierra Central CU CEO John Cassidy, CO-OP Financial Services President and CEO Todd Clark, and CU Direct President and CEO Tony Boutelle

'CUs for Kids' Wine Auction: More Than $1M Raised for 7th Year

The 16th annual California and Nevada "Credit Unions for Kids" Wine Auction event raised $1.17 million for the 11 Children’s Miracle Network Hospitals (CMN) in both states. One of the largest single fundraising events for Credit Unions for Kids, this is the seventh consecutive year that the wine auction has raised more than $1 million for these hospitals, bringing the total raised since 2006 to more than $11 million.

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Coins on a desk

CA and NV’s Record Savings to Bolster Economic Growth

A surge in record-high savings deposits at local credit unions across California and Nevada will play an integral part in economic growth and consumer spending as the second quarter of 2021 kicks into gear, with experts saying the economy is poised to outperform original expectations.

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CUs to NCUA: Provide PCA Relief from Stimulus Deposit Pressure

In a joint letter with other state credit union leagues and the Credit Union National Association (CUNA), the California and Nevada Credit Union Leagues petitioned the National Credit Union Administration (NCUA) to uniformly act to provide additional relief to credit unions facing prompt corrective action (PCA) challenges caused by congressional stimulus funds as a part of the American Rescue Plan Act.

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Oscar Porras Named Senior Consultant, Diversity, Equity and Inclusion at Humanidei & O’Rourke

Humanidei + O’Rourke, a human capital strategies firm serving the credit union industry, is proud to announce that Oscar Porras will join the company as Senior Consultant: Diversity, Equity, and Inclusion.

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Dixie Abramian
Firefighters First FCU CEO Dixie Abramian

COVID-19 Impact: Balancing Patronage Dividends And Loan Loss Reserves

EDITOR'S NOTE: Below is an excerpt from an article in CreditUnions.com featuring an interview with Firefighters First CU CEO Dixie Abramian discussing how the credit union handled patronage dividends and rebates this year.

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Agile Neobanks are on the Rise and CUs Must Respond

Digital banks—often referred to as neobanks—are on the rise. These “challenger banks,” only accessible via their online platforms, have streamlined business models, and attractively simple services that are pulling customers away from long-established banks and credit unions.  

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Building pillars

Additional CCPA Regulations Approved: Four Sections Affected

California’s Office of Administrative Law (OAL) has approved additional California Consumer Privacy Act (CCPA) regulations, which were effective as of March 15.

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Capitol Hill

Reintroduced: 'SAFE Banking Act' and Federal Maturities Bill

On Thursday, Rep. Ed Perlmutter (D-CO) reintroduced his landmark legislation to reform federal cannabis laws. The bipartisan Secure and Fair Enforcement (SAFE) Banking Act of 2021 (supported by the California and Nevada Credit Union Leagues and co-sponsored by more than 100 members of Congress) would allow marijuana-related businesses in states with some form of legalized marijuana and strict regulatory structures to access the banking system.

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Teamwork

Latest on Gov. Affairs, Special Elections, Regulatory Advocacy

In the California Credit Union League’s latest Advocacy Newsletter, credit union leaders will find updates on California state government affairs, special elections, federal government affairs, and regulatory advocacy:

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Board Recap: CLF; Large CU Asset Thresholds; NGN Program

The following is a recap of the National Credit Union Administration's (NCUA) board meeting from this morning:

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Marla Shepard, former CEO of California Coast CU
Marla Shepard, former CEO of California Coast CU

This Week’s ‘Women’s History Month’ Spotlight: Marla Shepard

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this March by spotlighting some amazing leaders who have played vital roles in the history of American women and our movement. This week we would like to recognize Marla Shepard, former CEO of California Coast CU in San Diego, CA!

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Apply for the 2021 Global Women's Leadership Scholarship

The Global Women’s Leadership Network (GWLN) is calling on the worldwide credit union movement to advocate that “we can all choose to seek out and celebrate women's achievements” by encouraging industry women to apply for a 2021 GWLN Scholarship!

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CFPB to FIs and Debt-Collectors: Allow Stimulus Payments Reach Consumers

Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment (EIP) funds distributed through the American Rescue Plan:

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Maximize Your Members' Auto Buying Experience

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

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CFPB Rescinds Abusiveness Statement; Discusses Stimulus

The Consumer Financial Protection Bureau (CFPB) announced it is rescinding its Jan. 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by Congress. The CFPB has made these changes to better protect consumers and the marketplace from abusive acts or practices, and to enforce the law as Congress wrote it.

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Sue Longson, Advocacy Specialist for Boulder Dam CU
Sue Longson, Advocacy Specialist for Boulder Dam CU

This Week’s ‘Women’s History Month’ Spotlight: Sue Longson

The California and Nevada Credit Union Leagues are celebrating “Women’s History Month” this March by spotlighting some amazing leaders who have played vital roles in the history of American women and our movement. This week we would like to recognize Sue Longson, advocacy specialist for Boulder Dam CU in Boulder City, NV!

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Job applicant

CA and NV Jobs Data: Slow Winter Poised to Turn Up in Spring

Both California and Nevada’s job markets continued reversing course in January as they were slowly recovering. Individuals have been leaving the labor force (pool of candidates willing and able to work) for many weeks.

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Cash

Stimulus Update: Inactive Deposit Accounts and Garnishment

A third round of Economic Impact Payments (EIP) will be issued soon due to this week's congressional stimulus-and-relief package signed into law by President Joe Biden. However, some credit union members’ accounts on file with the IRS from the first and second rounds of stimulus in 2020 are no longer active for a variety of reasons.

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Building pillars

Charter Modernization Passes Committee; Sen. Min Meets CUs

The California Credit Union League-sponsored State Charter Modernization bill has unanimously passed through the Senate Banking and Financial Institutions Committee within the California State Legislature and is now headed to the Senate Appropriations Committee for consideration.

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Private Flood Insurance Comments; Harper on Equity and Justice

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Higher-Priced Escrow Accounts Exempt; Clarification on ECOA

On Feb. 17, 2021, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a final rule implementing a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions, including some insured credit unions, from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

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NCUA Chairman Harper: Focus on Diversity, Equity, Inclusion, and Social Justice

The National Credit Union Administration (NCUA) and federally insured credit unions must do all they can to advance economic equity and justice, NCUA Chairman Todd M. Harper said.

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CFPB: Lenders Cannot Discriminate Based on Sexual Orientation or Gender Identity

The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.

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HR Managers Share Success Stories Dealing With Pandemic’s Impact on Staff

EDITOR'S NOTE: The COVID-19 pandemic turned so many things upside down, including credit unions having to maintain employee engagement and do onboarding of new employees—all within the virtual space. Below are excerpts from two recent articles in CreditUnions.com in which representatives from Santa Clara County FCU and SafeAmerica CU share their success stories on building productive teams and welcoming new hires, respectively.

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Is Your ROA in the Danger Zone?

A recent CUNA forecast predicts credit unions’ ROA will fall over the next two years. The study revealed credit union earnings would remain depressed because of lower interest rates and less non-interest income. Even if the economy improves, CUNA is pessimistic about ROA.

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CULAC Sweepstakes: CA in 1st Place; NV Breaks Record

The 2021 Credit Union Legislative Action Council (CULAC) raised more than $204,000 through its Grand Sweepstakes — with California credit union leaders raising the most funds (first place), Nevada leaders breaking their last record, and both states combined raising 36 percent of total national CULAC contributions, nearly $72,700!

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RMJ Foundation board members
Patelco CU Financial Educator Veronica Dangerfield and PSCU Senior Vice President of Strategic Business Development Chris Gunnare recently joined the RMJ Foundation Board of Directors.

Chris Gunnare, Veronica Dangerfield Join RMJ Foundation Board

PSCU Senior Vice President of Strategic Business Development Chris Gunnare and Patelco CU Financial Educator Veronica Dangerfield recently joined the Richard Myles Johnson (RMJ) Foundation Board of Directors.

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FinCEN Supplemental Advisory Outlines New Human Trafficking Typologies, Red Flags

With the COVID-19 crisis impacting all aspects of daily life, the Financial Crimes Enforcement Network has released a Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity in response to the potential growth in illicit activity during the pandemic.

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Credit union leaders meet with Sen. Catherine Cortez Masto (D-NV), leading member of the Senate Banking Committee and member of the Democratic Senate Caucus Leadership Team.
Credit union leaders meet with Sen. Catherine Cortez Masto (D-NV), leading member of the Senate Banking Committee and member of the Democratic Senate Caucus Leadership Team.

GAC Recap: CU Leaders Speak With One Voice to Lawmakers

Credit union advocates from across the nation educated members of Congress this week about the industry's response to the COVID-19 pandemic, the need for federal charter modernization enhancements, and how “now” is the time to act on a national data security law that protects all consumers.

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Teresa Freeborn, newly appointed Global Women's Leadership Network Volunteer Chair

Teresa Freeborn Appointed New Volunteer Chair of GWLN

More than 500 members and supporters of the Global Women’s Leadership Network (GWLN) from over 30 countries welcomed a new volunteer chair and recognized one of the group’s emerging leaders at its first virtual breakfast celebration held in conjunction with Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC).

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Hauptman and Hood's GAC Remarks; 'NeighborWorks' News

National Credit Union Administration (NCUA) Vice Chairman Kyle S. Hauptman and Board Member Rodney E. Hood spoke during the Credit Union National Association’s Governmental Affairs Conference on March 3. 

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Delay of Mandatory Compliance Date For QM Final Rule Proposed

The Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to Oct. 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need.

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Inclusiv Webinar: Expanding Your Service to the Hispanic Community as a CDFI CU

Inclusiv, in collaboration with Coopera Consulting and Border FCU, will hold its first Juntos Avanzamos Webinar of 202 on March 25: “Expanding Your Service to the Hispanic Community as a CDFI Credit Union.”

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The 2021 California Government Relations Rally (GRR) is Next

This year, California legislators are making up for the reduced number of bills during last year's legislative session due to the COVID-19 pandemic. State lawmakers have introduced nearly 2,400 bills, and there are numerous bills that will impact the credit union movement.

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North Bay:

Return to Normal on Distant Horizon as Economy Recovers

Home to a slice of coastal and inland Northern California — as well as the upper Bay Area — the unique “North Bay” region’s economic recovery continues to come at varying costs (yet new opportunities) to workers, households, and businesses as they return to normal over the next couple of years.

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NCUA Chairman Harper Appoints Hood to NeighborWorks America Board of Directors

National Credit Union Administration (NCUA) Chairman Todd M. Harper has appointed Board Member Rodney E. Hood as the agency’s representative on the Board of Directors of NeighborWorks America, one of the nation’s leading affordable housing and community development organizations.

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Pandemic Shines a Light on Need to Help Members with Investments

For more than a decade, the need for retirement savings and the level of focus needed on an individual’s investment plans has changed dramatically. The world around us has pivoted away from providing traditional retirement programs and pensions - putting the onus on the individual. This has become even more important during this time of global pandemic and economic uncertainty.

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CUs Engage Capitol Hill Leaders in First Week of 'GAC'

California and Nevada credit unions launched into this year’s extended virtual Governmental Affairs Conference (GAC) by meeting with National Credit Union Administration (NCUA) Board Chairman Todd Harper, participating in a fundraiser for Sen. Alex Padilla (D-CA), and awarding an important annual scholarship this past week.

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Regulators Release Updates to BSA-AML Examination Manual

The Federal Financial Institutions Examination Council (FFIEC) has released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. These updates affect the following manual sections:

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COVID-19 Forbearance Period and Foreclosure and REO Eviction Moratoriums Extended

The Federal Housing Finance Agency (FHFA) has extended several measures to align COVID-19 mortgage relief policies across the federal government.

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Los Angeles County:

2021 is a Key Economic Year for Lower-Income Households

Although Los Angeles County’s recovery will gain notable traction in 2021 for lower-income workers, it may take until 2024 for certain industry employment levels to reach where they stood before the COVID-19 pandemic threw local households into an economic tailspin.

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West Coast AACUC Chapter
Among the four successful events the African American Credit Union Coalition West Coast Chapter held in 2020 was a virtual wine tasting event featuring California’s first Black-owned estate winery, Brown Estate, in Napa, CA.

AACUC West Coast Chapter Has Notable First Year

When the West Coast Chapter of the African American Credit Union Coalition launched in September 2019, its mission was to further the mission of the national organization—the African American Credit Union Coalition (AACUC), a non-profit organization of professionals and volunteers whose mission is to increase diversity within the credit union community through advocacy and professional development.

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Bay Area:

Outmigration and Vacancies Impacting Economic Recovery

As the Bay Area’s economy recovers, it’s residential and commercial real estate markets continue feeling the bifurcated impact of the COVID-19 pandemic: high demand for suburban homes, declining demand for downtown office space and apartments, and the potential for more residents migrating out of city centers.

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Wade Painter
San Mateo CU CEO Wade Painter

Amidst the Pandemic San Mateo CU Distributes Dollars And Dreams

EDITOR'S NOTE: Below is an excerpt from an article in CreditUnions.com featuring an interview with San Mateo CU CEO Wade Painter discussing how the credit union quickly launched a non-profit fund to grant much-needed assistance to the communities it serves when the pandemic hit last year.

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CDFI Program FY 2021 Funding Round and NACA Program Now Open

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has opened the fiscal year (FY) 2021 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). Inclusiv is providing assistance for those interested in applying for funding via its website and two webinars.  

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Tax Fraud Affecting CU Members

As if the COVID-19 pandemic and its ramifications haven't given members enough to worry about, it is now the time of year when criminals also focus on tax fraud, and they're using several schemes to attack your members.

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duane tyler

Recent Developments in Holder Liability for Attorney Fees and Social Media Immunity under Section 230

In recent articles in this space, I discussed the evolving law on whether a holder of a retail installment sale contract is liable for a consumer’s attorney fees incurred when successfully suing the holder for the car dealer’s wrongful conduct, and the immunity from liability social media platforms, such as Twitter, Yelp and Facebook, have under Section 230.  Since those articles, courts have decided cases in both areas – one adding more confusion on the attorney fee issue and one confirming the broad scope of  Section 230 immunity.

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Payments to Low Income Households in CA’s Relief Package

California state leaders have announced an upcoming round of direct-stimulus payments within a larger economic relief package for households and businesses suffering from the state’s lingering economic hardships due to the COVID-19 pandemic.

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NCUA's Board Recap: Joint Ownership Accounts, ECIP, and SIF

This week, the National Credit Union Administration (NCUA) board adopted a final rule that amends its share insurance regulation governing the requirements for a share account to be separately insured as a joint account by the National Credit Union Share Insurance Fund (NCUSIF).

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Prepaid Cards Can Help Your Members Stay on Budget

With the new year and tax season here, your members are likely thinking of ways to develop their financial health so they can meet their goals. LSC's partner GreenPath Financial Wellness shares that the journey to financial wellness is smoother when people take the time to create a budget. This step helps better identify each unique financial situation.

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HMDA Data Collection Requirements for 2021; Due March 1, 2022

If your credit union makes residential mortgage loans and meets all four criteria outlined below, you must comply with the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during 2021 if:

  1. Your credit union’s total assets as of Dec, 31, 2020, exceeded $48 million;
     
  2. Your credit union had a home or branch office in a Metropolitan Statistical Area on Dec. 31, 2020;
     
  3. Your credit union originated at least one home purchase loan (other than temporary financing such as a construction loan) or refinanced a home purchase loan, secured by a first lien on a one-to-four-unit dwelling during 2020; and
     
  4. Your credit union originated at least 100 covered closed-end mortgage loans in each of the two preceding calendar years (2019 and 2020) or at least 500 covered open-end lines of credit in each of the two preceding calendar years (2019 and 2020).

If your credit union meets all four criteria, you must collect HMDA data during calendar year 2021 and submit the data to the CFPB no later than March 1, 2022.

If your credit union does not meet all four criteria, you are exempt from filing HMDA data for mortgage loan applications processed in calendar year 2021.

Click here for the Regulatory Alert.

Nevada state capitol building

Nevada Leaders Discuss Positive CU Impact with State Officials

Nevada credit union leaders took the opportunity to participate in the virtual Nevada Government Relations Rally (GRR) this week to meet with state legislators, officials, and Nevada State Treasurer Zach Conine and discuss the industry's COVID-19 financial relief response to members, as well as the state's continuing economic recovery.

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Mark Your Calendar for the 2021 CA Government Relations Rally

Join the California Credit Union League this year for its online virtual 2021 California Government Relations Rally (GRR)!

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Dave Roughton, CEO of SAFE CU
Dave Roughton, CEO of SAFE CU

CEO’s Chamber Chairmanship Featured in Sacramento Biz Journal

Dave Roughton, CEO of SAFE CU in Sacramento, was featured this week in the Sacramento Business Journal for his new chairmanship at the Sacramento Metropolitan Chamber of Commerce where he plans to direct the chamber’s efforts toward “diversity and inclusion” in the local workforce.

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2020: Slower Loan Growth, but Record Originations and Deposits

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

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Submission of 2020 HMDA Data due March 1, 2021

Credit unions located in metropolitan areas that engage in certain types and volume of residential mortgage lending, and that had assets exceeding $47 million as of Dec. 31, 2019, must file a report this year on mortgage loan applications received during 2020. The filing is required under the Home Mortgage Disclosure Act (HMDA), as implemented by the Consumer Financial Protection Bureau’s (CFPB) Regulation C.

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Reg D Reserve Requirements; FHFA Pandemic Relief Extension

On Feb. 10, the Federal Reserve adopted as a final rule, without change, its March 24, 2020 interim final rule amending its Regulation D (Reserve Requirements of Depository Institutions) to lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent.

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Black History Month Challenge: $20K in Scholarship Prizes

EVERFI has launched the Black History Month Challenge to promote youth education on race and equity—and we want your credit union to be part of it!

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California Sen. Anthony Portantino (D-La Canada Flintridge)
California Sen. Anthony Portantino (D-La Canada Flintridge)

California Charter Bill, Forbearance Denials, and Advocacy Blog

This week, California Sen. Anthony Portantino (D-La Canada Flintridge) introduced Senate Bill 269, the 2021 Credit Union State Charter Modernization Bill — which is identical to SB 1031 from last year.

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Northern Nevada:

Region on a Roll in its Recovery, Although Economic Issues Persist

Northern Nevada’s unique business diversification will aid its economic recovery in 2021 as workers and households experience what other regions are going through: a bifurcated economy with lower-wage employment playing catch-up to the higher-wage, stable workforce.

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Pandemic Lending Lessons Put Into Play

EDITOR'S NOTE: Lending was interesting and challenging in 2020 amidst the COVID pandemic. Below are excerpts from two recent articles in CreditUnions.com in which representatives from Star One CU and Clark County CU shared their experiences and lessons they have learned throughout this time.

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SBA and FinCEN Issue PPP FAQs

The Small Business Administration (SBA) and the Financial Crimes Enforcement Network (FinCEN) have issued separate Paycheck Protection Program (PPP) FAQs.

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Inland Empire:

2021 Economic Recovery Will be Unique, Just Like Local Region

Aided by its unique geography and period in history, the Inland Empire’s economy will outrun other regions in 2021 as jobs are added, businesses reopen or start for the first time, and households and workers continue recovering from last year’s COVID-19 recession.

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Is Your CU Keeping Up with Payment Modernizations?

The payments landscape is evolving and changing rapidly. In order to stay top-of-wallet, you need to ensure you are keeping up with digital payment modernization.

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San Diego County:

Labor Force Growth to Fuel 2021’s Continuing Economic Recovery

As San Diego County’s economy is poised for significantly better growth in 2021, the local labor force (individuals willing and able to work) is expanding — a positive sign for businesses as many unemployed workers “rejoin” the job market in a vote of confidence against COVID-19’s lingering impact.

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California: Single Vax Standard, SB 91 Amendment, & Survey

This week, California Gov. Gavin Newsom announced that once the state distributes all priority COVID-19 vaccinations to seniors, health care workers, agricultural workers, teachers and school staff, it will move to an age-based eligibility system.

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Sacramento County:

‘Near Normal’ Economy by Late ’21, but Unemployment to Remain

The ongoing hit to retail, leisure, and hospitality workers — and future concern for local and state government employees — will continue impacting the greater Sacramento region’s economy as it slowly recovers and starts to return to “near normal” by late 2021.

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Northern California:

Economy One Step Ahead, but Should Focus on Pre-COVID Efforts

Northern California’s continuing economic recovery in 2021 is highly dependent on past years’ wildfire rebuilding efforts that were in play before COVID-19 arrived, as well as fostering a more skilled local workforce and getting the spread of the pandemic under control.

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Manage Your Salary Admin with Confidence

When it comes to compensation, there are always so many factors to consider. From your budget to performance ratings, current compensation, peer compensation, the current market, survey data, and more, it can be a lot to handle. 

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Top 3 Security Risks for Credit Unions that Text

Security is paramount when communicating sensitive information with credit union members. As Enterprise Text Messaging continues to gain traction—research has found that the majority of professionals are already using SMS for business purposes (often from personal devices)—yet information security and privacy concerns are top of mind. Despite these concerns many would agree that SMS response rates are reportedly significantly higher than the rates from traditional outreach efforts of phone calls and emails.

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Biden Names Todd Harper as NCUA Board Chairman

President Joseph R. Biden, Jr. has designated National Credit Union Administration (NCUA) Board Member Todd M. Harper as the twelfth chairman of the NCUA board.

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CA Job Growth Reverses Course; NV Continues Slow Slog

California’s job market reversed course in December for the “wrong reasons” as it continued its recovery, and Nevada’s employment scene was still nearly stagnant. While both states’ economies have recuperated differently from the COVID-19 recession, today their pace of labor markets seem similar: just trudging along.

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CA Proposal: Financial Service Access for Cannabis Businesses

Recently, California state cannabis licensing authorities — including the Bureau of Cannabis Control, California Department of Food and Agriculture, and California Department of Public Health — provided notice to the public of proposed emergency regulations to implement the provisions of Assembly Bill 1525 (Jones-Sawyer, 2020).

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Cal-OSHA Reminder: Emergency COVID-19 Reg Still in Effect

As a reminder to credit unions, the California Office of Administrative Law (OAL) reviewed and approved the temporary emergency COVID-19 regulation proposed by the state’s Division of Occupational Safety and Health (Cal-OSHA) in November.

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This Week’s Recap on SBA, PPP, CFPB & FHFA Announcements

The U.S. Small Business Administration’s Paycheck Protection Program (PPP) portal is now open to all participating PPP lenders to submit first- and second-draw loan applications. Additionally, SBA and the U.S. Treasury Department released additional PPP guidance and resources for borrowers and lenders:

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Latest NCUA Actions: Guidance, Board Items, Priorities & MOU

The Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA) have both approved a final rule on the role of supervisory guidance.

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CDFI: 'Rapid Response Program,' ECIP Application, and More

The Community Development Financial Institutions (CDFI) Fund will soon award funds through the CDFI Rapid Response Program (CDFI RRP) to help communities respond to economic hardships created by the COVID-19 pandemic.

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FAQ on Suspicious Activity Reporting and Other AML Requirements

The Financial Crimes Enforcement Network (FinCEN) and federal banking agencies have issued responses to Frequently Asked Questions (FAQs) regarding suspicious activity reporting and other anti-money laundering (AML) requirements.

Click here to view the FAQs.

 

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'Crash the GAC' Application Deadline Extended to Jan. 31

The application deadline for crashers to "Crash the GAC" has been extended to Jan. 31, which means there's still time to get your credit union's emerging leaders into one of the most exciting events of 2021!

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 Ability-to-Repay/Qualified Mortgage Rule Amended 

On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register two final rules amending the Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule) in Regulation Z. These final rules are:

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NCUA Releases Accomplishments from April 2019 to January 2021

National Credit Union Administration (NCUA) Chairman Rodney E. Hood released selected accomplishments since he was sworn in as the eleventh Chairman of the NCUA in April 2019.

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The CX Journey to Lifetime Value

The evolving world of customer experience (CX) is pushing credit unions to adopt a broader view of engagement, one that focuses on being there for members—analyzing every part of their journey—beginning the moment consumers first encounter your brand.

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CA and NV’s 3Q CU Trends Continue Prior Quarter’s Momentum

Annualized loan and deposit trends for California and Nevada credit unions at the end of third-quarter 2020 were nearly identical to the prior quarter: residential mortgages, loans to businesses, and consumer and business deposits continued their steep climb higher, according to data compiled by the California and Nevada Credit Union Leagues.

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CA Legislature: CUs Should be Ready to Spring Into Action in 2021

California state lawmakers have started returning to the state capitol. After an extended recess due to spiking COVID-19 cases, the California State Legislature must move quickly to address issues facing residents and households.

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NCUA and CFPB Sign Memorandum of Understanding

The National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) have signed a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions with more than $10 billion dollars in assets.

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Golden Gate Bridge

CA’s Economy Poised for Better Growth, but Slow to Normalize

After slowing in late 2020, California’s economic recovery is expected to kick into higher gear during early 2021 — although much hinges on the state’s reaction to weekly COVID-19 numbers, the vaccine distribution effort, and persistent restrictions on businesses and gatherings.

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New PPP Overview & Basics from ‘Ask the Regulators’ Webinar

Credit union leaders can view presentation slides from the U.S. Small Business Administration (SBA) and Treasury Department’s Jan. 11 webinar on the latest Paycheck Protection Program (PPP) — "Basics of New Paycheck Protection Program (PPP) Loan Programs".

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NCUA to Open Streamlined CDFI Application Round

Federally insured low-income credit unions seeking Community Development Financial Institution (CDFI) certification can apply to use the National Credit Union Administration's (NCUA) streamlined qualification process beginning Jan. 24, the agency announced this past week.

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NV Releases Third Version of Vaccine Prioritization Playbook

The Nevada Department of Health and Human Services' Division of Public and Behavioral Health has released its "NV COVID-19 Playbook Version 3: Prioritization and Eligibility for COVID-19 Vaccination".

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California:

First-Half 2021: Faster Growth Potential, Yet Slow Return to Normalcy

After slowing in late 2020, California’s economic recovery is expected to kick into higher gear during early 2021 — although much hinges on the state’s reaction to weekly COVID-19 numbers, the vaccine distribution effort, and persistent restrictions on businesses and gatherings.

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Hauptman Named NCUA Liaison to DCUC and NASCUS

National Credit Union Administration (NCUA) Chairman Rodney E. Hood has assigned Vice Chairman Kyle S. Hauptman as the NCUA Board’s liaison to the Defense Credit Union Council and the National Association of State Credit Union Supervisors.

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NCUA Encourages Underserved Area Expansions

In a recent letter, the National Credit Union Administration (NCUA) encourages any federal credit union with a multiple common bond field of membership to include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act. 

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Crime Trends & Technology: Reflections & Perspectives for 2021

From COVID-19-related financial crime to industry calls to modernize the Bank Secrecy Act, 2020 has been an unconventional and influential year in our industry. In this special, year-end blog, we highlight how your institution can confidently transition into 2021, successfully predicting emerging criminal trends, remaining compliant, and effectively and efficiently combating financial crime.

Click here to read the complete article. 

Small business owner

2nd PPP this Monday: Guidance, Webinar, and Important Updates

The U.S. Small Business Administration (SBA) will restart the Paycheck Protection Program (PPP) this Monday. Lenders targeting underserved communities will have exclusive access to offer loans to new borrowers Monday and Tuesday. They will then be able to offer second loans to existing borrowers on Wednesday. Then PPP will open widely a few days later.

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Sarah Canepa Bang, senior advisor to National Credit Union Administration Vice Chairman Kyle Hauptman.
Sarah Canepa Bang, senior advisor to National Credit Union Administration Vice Chairman Kyle Hauptman.

Canepa Bang Appointed Senior Advisor to NCUA’s Hauptman

The California and Nevada Credit Union Leagues would like to congratulate Sarah Canepa Bang, who has been appointed senior advisor to National Credit Union Administration (NCUA) Vice Chairman Kyle Hauptman!

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Vaccine and needle

CA CUs: Phase 1C in Vaccine Rollout; NV Identifying Prioritization

As many credit unions wait for their frontline staff to have the opportunity to receive the COVID-19 vaccine, it was announced this week by the California Department of Public Health that financial institutions will be prioritized as Phase 1C (third tier) in the ongoing vaccination distribution to essential workers.

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L-R: Alex Padilla, appointee for California to the U.S. Senate; and Shirley Weber, secretary of state nominee for California
L-R: Alex Padilla, appointee for California to the U.S. Senate; and Shirley Weber, secretary of state nominee for California

Padilla to be Appointed Senator; Weber Nominated Sec. of State

In late December, California Gov. Gavin Newsom announced his intention to appoint California Secretary of State Alex Padilla to fill the vacancy of U.S. Sen. Kamala Harris’ seat when she is sworn in as vice president of the United States on Jan. 20.

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Latest from NCUA, Fed, FinCEN, FHA that CUs Should Know

Regulatory and compliance news that credit unions should be aware of came to light as 2020 transitioned into 2021, including issues addressed by the National Credit Union Administration (NCUA), the Federal Reserve, the Federal Housing Administration (FHA), and the Financial Crimes Enforcement Network (FinCEN).

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NCUA’s Summary of Consolidated Appropriations Act of 2021

The National Credit Union Administration’s (NCUA) latest letter to federally insured credit unions provides information about the provisions of the Consolidated Appropriations Act of 2021 that directly affect credit unions and their members.

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California and Nevada Credit Union Leagues Announce Strategic Partnership With Maple Street, Inc.

The California and Nevada Credit Union Leagues have signed an agreement with Florida-based Maple Street, Inc., a recognized leader in providing wide-ranging vendor management services to credit unions and community banks.

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CUNA Mutual Group, Inclusiv Launch CDFI Awareness and Certification Campaign

CUNA Mutual Group, in collaboration with Inclusiv, today announces the launch of the Community Development Credit Union CDFI Awareness and Certification Campaign for credit unions. The program aims to educate credit unions not currently CDFI certified about the benefits of certification in serving members and local small businesses, and to create a network for existing CDFI credit unions to learn about and access additional resources.

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FCU Operating Fees Decrease by 19.6% in 2021

On Dec.18, 2020, the National Credit Union Administration (NCUA) board approved changes to its regulations and associated methodologies for computing the annual operating fee charged to federal credit unions, as well as the resultant Operating Fee Schedule for 2021. The operating fees charged to federal credit unions will decrease by an average of 19.6 percent in 2021.

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Orange County:

2021 Growth Will Lag Other Regions as Recovery Limps Along

Although Orange County’s economic growth will severely lag the state and nation in 2021, the coming year is destined to provide a positive foundation for local businesses, workers, and households as the recovery limps along after the COVID-19 recession in spring of 2020.

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NCUA Letter: Update on Community Charter Conversions and Expansions

The National Credit Union Administration (NCUA) has provided updated guidance and templates to assist federal credit unions seeking to convert to a community field of membership or expand their existing community field of membership. This letter replaces the guidance previously provided in NCUA Letter to Federal Credit Unions 11-FCU-03, Community Charter Conversions and Expansions.

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

Words matter. Watch where gender-biased language may enter your conversations or even your policies. Expressions like “you guys” may seem harmless but can send exclusive messages to anyone who does not identify with the male gender. Job postings that indicate what qualifications a candidate should have by using the pronoun “he” or “he/she” also send messages about what are accepted genders at your organization. Here are  some examples of alternative language that is more inclusive in conversation and in documents: you all, everyone, he/she/they, the individual.

DEI Tip of the Month brought to you by Humanidei + O'Rourke.

Bay Area:

2021’s Economic Recovery is About Location, Jobs, Housing

Although the Bay Area’s economic recovery will kick into high gear during the first-half of 2021, certain localities within the nine-county region are still playing catch-up in their respective job markets and industries compared to others that are faring much better as of late 2020.

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Fed Reserve Seeks Public Comment on Reg. D Proposed Amendments

The Federal Reserve Board issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an "interest on required reserves" ("IORR") rate and to an "interest on excess reserves" ("IOER") rate would be replaced with a single "interest on reserve balances" ("IORB") rate. The proposed amendments would make other conforming changes, such as simplifying the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks. Comments on the proposed rulemaking will be accepted for 60 days after publication in the Federal Register, which is expected shortly.

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FinCEN Invites Nominations for Membership on the BSA Advisory Group

The Financial Crimes Enforcement Network (FinCEN) is inviting nominations for membership on the Bank Secrecy Act Advisory Group (BSAAG). BSAAG membership is open to financial institutions, trade groups, federal and state regulators, and law enforcement agencies.

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2nd Round of Stimulus Payments Issued to Millions of Americans

On Dec. 29, 2020, the Internal Revenue Service and the Treasury Department announced that it will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.

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Reps. Pete Aguilar and Lucile Roybal-Allard
Reps. Pete Aguilar and Lucile Roybal-Allard added a small provision into the funding bill requiring CISA to conduct a review of basically why data breaches occur at the point-of-sale or card-not-present transaction.

California and Nevada Credit Union Leagues Deliver Data Security Win in Congress

Amidst the news of the COVID-19 Stimulus and Government Funding bill being signed into law this week, the California and Nevada Credit Union Leagues have notched a small but significant win for credit unions in the battle of data and payments security.

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NCUA Board Approves Exemptions from SAR Requirements

The National Credit Union Administration (NCUA) board unanimously approved a proposed rule that would amend the agency’s Suspicious Activity Report (SAR) regulation.

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IRS Issues Standard Mileage Rates for 2021

The Internal Revenue Service issued its 2021 standard mileage rates.

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Your 2-Day Recap of December’s Monthly Board Meeting

The National Credit Union Administration Board (NCUA) held its December monthly board meeting over two days (Dec. 17 – 18). The following is a recap:

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CFPB Issues Final Rule: FDCPA Requirements for Disclosures

The Consumer Financial Protection Bureau (CFPB) issued a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers on Dec. 18.

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Slow Times: CA and NV Job Growth Continues Plodding Along

California’s job market was making much slower headway in November as it continued its recovery, and Nevada’s employment scene was still sluggish. While both states’ economies have recuperated differently from the COVID-19 recession, today their pace of labor markets seem similar: just plodding along.

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Year In Review: Celebrating 2020’s Advocacy Achievements

Despite the challenging market conditions brought on by the COVID-19 pandemic, the California and Nevada Credit Union Leagues and credit unions banded together with greater urgency to advocate for members and to ensure a better operating environment.

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'SolarWinds' Cyberattack: What Your Credit Union Should Know

The Cybersecurity and Infrastructure Security Agency (CISA) has issued an alert in response to a known compromise involving SolarWinds Orion products, as well as the subsequent breaches to its customers, which has impacted every corner of the economy, including the federal government, banks, credit unions, and other entities.

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Day 1 Recap of NCUA Meeting: Proposed, Temporary, Final Rules

The National Credit Union Administration (NCUA) Board — which included Kyle Hauptman, who was sworn into his seat earlier this week — held the first of two consecutive open meetings today.

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Inclusiv, CMG Launch CDFI Awareness & Certification Campaign

CUNA Mutual Group, in collaboration with Inclusiv, has announced the launch of the Community Development Credit Union CDFI Awareness and Certification Campaign for credit unions. The program aims to educate credit unions not currently CDFI-certified about the benefits of certification in serving members and local small businesses, and to create a network for existing CDFI credit unions to learn about and access additional resources.

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Latest Update on Stimulus Package and Government Spending

The California and Nevada Credit Union Leagues have been working with our Congressional Delegation, as well as the Credit Union National Association (CUNA) and others, to identify the likelihood of a congressional spending deal that includes stimulus measures that impact both your credit union and your members. The below update is based on facts that we know as of this morning, verified through several Members of Congress and others.

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NCUA Q3 2020 State CU Data Report Available

Federally insured credit unions experienced double-digit asset and share-and-deposit growth over the year ending in the third quarter of 2020, according to the latest NCUA Quarterly U.S. Map Review.

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NCUA Q3 2020 State CU Data Report Available

Federally insured credit unions experienced double-digit asset and share-and-deposit growth over the year ending in the third quarter of 2020, according to the latest NCUA Quarterly U.S. Map Review.

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Your CU Store: Serving CU’s Regulatory Forms Needs for Decades

As we enter the holiday season and transition to a new year, Your CU Store would like to extent its heartfelt gratitude to the credit union community for facing the challenges of 2020 and honoring its continued commitment to help their members in this time of uncertainty and need. Your CU Store continues its honored tradition in providing your credit union’s regulatory forms, both paper and electronic. Start your 2021 with Your CU Store and let us do the heavy lifting, working to ensure you don’t have any added concerns about maintaining updated disclosures and compliance reviews.  

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5 Job Seeker Tips from an Executive Recruiter

COVID-19 caused a lot of people to put plans on hold this year. Credit union leaders across the country pressed pause on major organizational initiatives from branch construction to brand rollouts, and even revised planned retirements (as evidenced from a significant slow down in executive recruiting over the summer months). After a fairly inactive spring and summer on the recruitment front, credit unions seem to have picked up their pace on hiring, though. If a new job is on your wish list this season or your “New Year, New You” plans for 2021 include a career change, that could be good news for you!

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How to Respond to Negative Posts on Social Media

Comedian Dana Carvey’s character Grumpy Old Man once said, “when I was a boy, the only toy we had was a rock and a stick, and we liked it.”  As a young boy and teenager in the late 60’s and early 70’s, I had more than rocks and sticks to play with, but compared to today’s sophisticated electronic toys, including computers, video games and social media to pass the time, it seems like my toys were closer to rocks and sticks than today’s means of entertainment. 

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COVID Capacity Request, Cal-OSHA Guidance, and CCPA

The California Credit Union League is requesting the California Department of Financial Protection and Innovation’s (DFPI) assistance with Gov. Gavin Newsom’s office in working to increase the state’s recent 20 percent business capacity restriction to 35 percent for credit unions.

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CFPB: Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit

The Consumer Financial Protection Bureau (Bureau) issued final rules related to qualified mortgage (QM) loans.

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FHFA Further Extends COVID-Related Loan Flexibilities

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend several loan origination flexibilities until Jan. 31, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on Dec. 31, 2020.

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Former San Diego County CU CEO Irene Oberbauer

Former San Diego County CU CEO Irene Oberbauer Passes Away

Irene Oberbauer, 64, retired CEO of San Diego County CU (SDCCU), passed away on Nov. 21, lovingly surrounded by her husband and two sons.

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Cal/OSHA Emergency COVID-19 Regulations Now In Effect; FAQ Guidance Issued

On Nov. 30, the Office of Administrative Law (OAL) reviewed and approved the temporary emergency COVID-19 regulation proposed by the California Occupational Safety and Health Standards Board (Cal/OSHA).  The emergency regulation is effective immediately and will be in effect for 180 days unless OAL approves a re-adoption of the emergency regulation during this time period.

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NCUA Announces Dec. Board Agenda and 2021 Meeting Schedule

The National Credit Union Administration (NCUA) Board’s December meeting will occur over two days next week from Thursday to Friday (Dec. 17 – 18). Each open meeting begins at 7 a.m. (Pacific).

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FinCEN on Info-Sharing; NCUA Releases 3Q Performance Results

Yesterday, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco discussed how information sharing is critical to identifying, reporting, and preventing financial crime.

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Southern Nevada:

Select Job Industries to Bridge Economic Recovery During 2021

Southern Nevada’s economic recovery will gain more momentum by late 2021 and finally reach a pace of growth commensurate with what local business leaders and consumers have been expecting. Until then, very select job industries will help bridge the region to fully recuperating from the impact of the COVID-19 recession.

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