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

However, any spot-bill can be amended before the March 15 submission deadline. The California Credit Union League is monitoring them.

State-Level CRA Bill
Meanwhile, Senate Bill 1176 — a state-level version of the federal Community Reinvestment Act (CRA) — will be heard in committee no sooner than mid-April, setting up credit unions for a major battle (click here for background and context). The League is working on its grassroots strategy to advocate against SB 1176 and may reach out to credit unions in the coming weeks to collect information on their field of membership and community investments.

"Although the bill’s author (Sen. Monique Limón) is open to discussion regarding modifications for credit unions, it’s going to take a lot of educational effort by the League and credit union leaders to inform all state lawmakers why a state-level CRA is not a good idea," said Robert Wilson, vice president of state government affairs for the League.

SB 1176 will be a main focal point during the League's 2022 California Government Relations Rally from April 4 – 5. Please join us as we advocate for credit unions on this bill and other pressing issues!

Governmental Affairs Conference (GAC) Update
Virtual GAC meetings are ongoing with mostly California (and some Nevada) members of Congress this week, and attendees traveling to Washington, D.C. next week will have the opportunity to meet in person with lawmakers. The California and Nevada Credit Union Leagues are already seeing some good developments on credit union bills and will provide an important recap after the conference.

For onsite political events, attendees should keep an eye out for League email invitations. Additionally, they should make it a priority to attend the Leagues Briefing on Monday, Feb. 18 at 3 p.m. (Eastern) in Room 140 A&B of the Washington Convention Center. The Leagues’ GAC Background and Events Webpage contains all the information attendees need to know.

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

Additionally, the board received a briefing regarding the National Credit Union Share Insurance Fund’s (NCUSIF) performance during the fourth quarter of 2021. Read more here.

Update on CFPB’s “Junk Fees” RFI
After the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) in January seeking input on fees imposed by financial services providers, the Leagues have started working on an official comment letter. The Leagues intend to stay in front of this issue and for CFPB Director Rohit Chopra to hear the industry's perspective as the bureau moves toward crafting rules on supervision and enforcement resources.

Although there are several ideas and legislative bill drafts regarding overdraft and other fees circulating throughout Capitol Hill in Washington, D.C., it does not mean any of them are on a path to becoming law, especially in light of a currently divided Congress and the mid-term elections approaching. The Leagues are watching these developments.

Tweet