Over the past, we’ve seen how technology has changed traditional distribution channels. This change increased significantly during the pandemic when members were forced to use digital channels for nearly everything in their lives.

Recently, the Credit Union Times reported credit union mergers are continuing to trend upward, with 41 consolidations approved by the NCUA during 2022’s first quarter – higher than the 33 approved mergers during 2021’s first quarter. The reasons given for consolidation were expanded services to provide a better experience for members, poor financial condition and decline or loss of membership. The NCUA approved these mergers because they thought it was the best solution to a variety of problems, and the credit unions involved probably thought a merger was the only way to keep their doors open.

USE CU recently unveiled its new name: BluPeak CU. The new name better represents the broad and diverse communities it serves to empower more people to achieve peak financial wellness in its five-county field of membership.

A report published by the National Credit Union Foundation — in conjunction with the University of Southern California’s (USC) Center for Economic and Social Research — shows credit unions can measurably increase their employees’ financial wellbeing through initiatives as simple as a prompting email.

In a recently published article, CreditUnions.com featured Golden 1 CU Vice President of Communications and Community Relations Erica Taylor (headquartered in Sacramento, CA): GivingTuesday, a grassroots movement that began only a decade ago, has turned into a global powerhouse that encourages radical generosity.

WithClutch, a technology company focused on building digital experiences for credit unions, is partnering with ViClarity — a global provider of governance, risk and compliance (GRC) technology and regulatory and compliance consulting solutions — for credit unions.

National Credit Union Administration (NCUA) Board Chair Todd Harper said this week the NCUA does not believe current circumstances warrant federally chartered credit unions the continued flexibility to conduct membership and board of director meetings completely virtually — an emergency exemption many in the industry utilized since March 2020 and will expire Dec. 31, 2022.

In today’s rapidly changing securities and investments market, capital markets firms need to stay on top of a variety of market trends, from soaring data volumes to the rise of modular platforms. Here are seven market developments you should be aware of.

Holiday trends in 2022 favor in-person experiences and budget-conscious gifting as people search for solutions to help them navigate fraud concerns, limited budgets, and travel complications. Prepaid cards, with their flexibility and varied uses, can help your members glide through these holiday challenges and enjoy the season with their loved ones.

The return of the Concord Turkey Trot saw an at-capacity crowd of more than 1,000 participants and volunteers at Newhall Park in Concord, CA on Thanksgiving, with Diablo Valley FCU honored to be the presenting sponsor of the event.

A self-proclaimed “substandard” high school student, Bill Birnie knew college wasn’t within his reach and opted instead to explore military service.

The deadline to register for the Financial Counselor Academy is Dec. 15. This 13-week course, hosted by the California and Nevada Credit Union Leagues and the Richard Myles Johnson Foundation, will help you become a certified credit union financial counselor so you can help your members throughout their financial journey.

Credit unions need to prepare as the Federal Reserve’s final rule in the Durbin Interchange Amendment (Regulation II) was announced this past October. It goes into effect July 1, 2023 and will require all debit cards to have two unaffiliated networks enabled for card-not-present (CNP) or online transactions.

During their individual online/virtual annual business meetings in mid-November, leaders from the California and Nevada Credit Union Leagues' respective boards of directors thanked industry professionals for their enduring advocacy and support in 2022 — a year where the movement continued spotlighting its unique “member owned” model and financial wellbeing philosophy to local communities.

Join fellow credit union marketers and others for the next Credit Union Awareness National Program Update on Dec. 6 at 11:00 a.m. (Pacific). This important webinar will cover YourMoneyFurther.com consumer engagement activities, search insights, consumer consideration research results, media performance, and insights you can use in your own marketing.

In October, for the first time since a societal fallout from the COVID-19 pandemic recession, California finally regained the 2.76 million non-farm payroll jobs its economy lost in spring of 2020 — although its labor force is approximately -100,000 smaller today. Meanwhile, Nevada’s job market continues hitting new record highs after fully recovering this past summer.

Newtek Business Services offers solutions for businesses of all sizes. From payroll services, and merchant processing to data storage and website design and hosting, Newtek’s services create operational efficiencies for your business members.

According to a sobering new report by the Federal Trade Commission, since the start of 2021 more than 46,000 people have collectively reported more than $1 billion in losses to crypto-related scams, with an average loss of $2,600 per person. The reported 2021 losses were almost 60 times greater than reported losses in 2018.

With the California Department of Financial Protection and Innovation (DFPI) recently publishing its November Monthly Bulletin, the California Credit Union League wants to remind credit unions of the following:

The following is the latest regulatory issues and announcements relevant to California and Nevada credit unions from the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Federal Reserve.

As slowing credit union deposit growth continued during third-quarter 2022 and lending growth finally joined in that trend, the industry’s rapid quarter-over-quarter loan origination throughout 2022 is showing clear signs of a slowdown in the upcoming months ahead according to the latest U.S. industry analysis.

As of Jan. 1, 2023, Senate Bill 1311 will go into effect in California — and credit unions should be prepared to comply. Please read the League’s detailed summary (by Moore, Brewer & Wolfe — A Professional Corporation).

This week, U.S. House of Representatives Speaker Nancy Pelosi (D-CA) announced she will not stand for the leadership post in the 118th Congress. Pelosi will remain in her position as the representative from her district, and she will allow the next generation of party leaders to emerge.

The California Credit Union League would like to congratulate Patelco CU and Meriwest CU for being announced as honorees of two prestigious Credit Union National Association (CUNA) awards!

In 2022, credit unions across California and Nevada benefitted from 20 state legislative victories, 15 regulatory accomplishments, 11 major wins in Congress, numerous initiatives, meetings, urgent alerts, and robust grassroots advocacy-in-action that crafted better policies for a positive impact on operations and members.

National Credit Union Administration (NCUA) Chairman Todd M. Harper, along with other financial regulatory agency principals, testified at a hearing before the U.S. House Committee on Financial Services in Nov. 16, 2022. 

For nearly two decades, Maple Street has been empowering credit unions and community banks to thrive. Our team is constantly looking for ways to solve the problems our clients face.

Do you know why you pay your employees what you do? Just as important, do your employees know why you pay them what you do? And do they know what they can do to earn more?

Credit unions and other employers are competing for talent in one of the tightest labor markets in U.S. history. While the labor market has cooled a bit, the Bureau of Labor Statistics recently reported that August job openings and the quit rate remained well above historical averages. Job openings, which peaked at 11.9 million in March, stood at 10.1 million in August - well above the historical average range of 5-6 million. The total non-farm quit rate stood at 2.7% in August, which was also much higher than its long-term average of 2.0%. With numbers like this, it’s no surprise that Cornerstone Advisors found the percentage of credit union executives who stated they are concerned about their ability to attract qualified talent rose from 19% in 2021 to 63% in 2022. 

It’s not the “Branch of the Future” anymore, it’s the “Branch of NOW”.  What was already underway, branch-wise, jumped into warp speed during the pandemic, and branches have undergone a dramatic makeover as credit unions work toward balancing retail delivery services and process efficiencies.

On Sept. 30, 2022, California Gov. Gavin Newsom signed Senate Bill 975 into law, which creates a non-judicial process for addressing a debt incurred in the name of a debtor through duress, intimidation, threat, force, or fraud of the debtor’s resources or personal information for personal gain.

REACH 2022 is finished, but the spirit of cooperation and innovation among California and Nevada credit union leaders is moving forward as they set their sights on 2023 and everything the world of technology and disruption has to offer.

Thinking about becoming a certified credit union financial counselor at your credit union or sending someone from your team?

From San Diego to far Northern California, and Reno-Sparks to Las Vegas, loans to consumers and businesses across California and Nevada have been accelerating for most of 2022 at high year-over-year rates in many localities while deposit growth noticeably declined. However, this recent rapid loan growth is quickly slowing down going into late 2022 and early 2023.

“The cube of creativity” was in focus during REACH 2022 in Palm Desert, CA as Andrew Davis — author and CEO of Monumental Shift Inc. — discussed “inside the box” thinking and “embracing constraints” strategy on the last day of the California and Nevada Credit Union Leagues’ annual conference.

“Intentional culture” took center stage during REACH 2022 in Palm Desert, CA as Jessica Kriegel — author and chief scientist of workplace culture at Culture Partners — discussed what workplace and corporate culture really means in today’s world on the last morning of the California and Nevada Credit Union Leagues’ annual conference.

During two social-impact roundtables at the California and Nevada Credit Union Leagues’ REACH 2022 conference in Palm Desert, CA, Inclusiv Program Director of Community Development Financial Institutions (CDFI) Chriselle Martinez took a deep-dive into Juntos Avanzamos (“Together We Advance”) — a network of credit unions committed to serving and empowering Hispanic and Latino communities.

The Pitch — a first-ever Shark Tank-like game show during the California and Nevada Credit Union Leagues’ annual REACH conference — spotlighted SCE FCU Director of Branches Javier Velasquez as first-place winner of $10,000 after he and “Visionary” contestants from other credit unions pitched their mission-driven ideas to a panel of “Champion” judges in front of a live audience.

The credit union movement wouldn’t be where it is today without advocates who devoted their time and resources to fighting on behalf of their credit union’s members through 2022. This was the key theme of the PAC Contributors Reception on Thursday during the California and Nevada Credit Union Leagues’ REACH 2022 conference in Palm Desert, CA.

Over the next decade, technological innovations will influence consumer behavior and expectations, changing how financial services operate to meet new demands. That was the topic during Thursday morning’s general session during REACH 2022 in Palm Desert, CA, which brought together four experts on a Future of Financial Services panel.

World Council of Credit Unions President and CEO Elissa McCarter LaBorde opened the general session at REACH 2022 on Thursday in Palm Desert, CA, reminding industry leaders and attendees they are part of a global system of 393 credit union members across 118 countries.

Impactful REACHtalks and REACH Deep breakout sessions took place on Thursday during the California and Nevada Credit Union Leagues’ REACH 2022 conference in Palm Desert, CA, challenging credit union leaders to try something NEW at their organizations.

“Innovation is not fluffy — it’s science,” said Jeremy Gutsche, opening keynote speaker during REACH 2022 in Palm Desert, CA on Wednesday afternoon, and founder-CEO of Trend Hunter, one of the world’s top trend firm and innovation consultancies.

“Our credit unions continue to serve their members and communities in 2022 as new products and services are developed — and the Leagues continue to work tirelessly on your behalf to make it all happen,” said Diana Dykstra at the opening general session of REACH 2022 on Wednesday.

The Fintech Showcase at REACH 2022 on Wednesday featured several seven-minute, fast-paced, highly informative presentations about the latest innovative solutions to move credit unions forward — where a Best of Show Award was awarded to WithClutch.

During the League Awards Ceremony on the second day of REACH 2022, credit unions, organizations, volunteers and leaders — including Leo H. Shapiro Lifetime Achievement Award recipient Jeff Napper — were recognized in front of their peers!

Students from Amistad High School got a “bite of reality” when they attended an interactive financial education simulation designed to teach them how to manage money in the morning hours before the California and Nevada Credit Union Leagues’ annual REACH 2022 conference kicked off its opening general session.

Dozens of credit union leaders and guests attended the 2022 Richard Myles Johnson Foundation (RMJ) Donor Appreciation Gala on Tuesday night of REACH 2022, a yearly favorite of conference attendees dedicated to the funding and support of financial education in schools across California and Nevada.

The California and Nevada Credit Union Leagues’ annual REACH 2022 Golf Tournament gave those who started their week’s adventure on Tuesday an early taste of the annual convention — a week full of networking, fostering collaboration, friendship, innovative thought leadership, strengthening ties, and a bit of fun.

The California and Nevada Credit Union Leagues and the Richard Myles Johnson Foundation are excited to launch the Financial Counselor Academy in January 2023! In addition, the Leagues' Shapiro Group will provide four grants for Shapiro-size credit unions to participate.

The California and Nevada Credit Union Leagues and the Richard Myles Johnson Foundation are excited to launch the Financial Counselor Academy in January 2023! In addition, the Leagues' Shapiro Group will provide four grants for Shapiro-size credit unions to participate.

Improving digital capabilities is the top investment priority for financial services company leaders, according to Gartner research consulting firm, and the percentage of consumers using digital services will reach 80.4 percent by 2025 (up from 75.4 percent in 2021), eMarketer reports.

Total non-farm payroll employment in California has recovered 99.1 percent of jobs lost in the labor market two-and-a-half years since the COVID-19 pandemic recession devastated the economy. Meanwhile, Nevada’s job market remains well within new-record territory after recovering this past summer from its 2020 pandemic-era losses.

California and Nevada credit union leaders have access to a valuable new resource as discussion and regulatory scrutiny on overdraft and non-sufficient funds (NSF) litigation fees continues circulating with legislators and regulators in Washington, D.C.

With Assembly Bill 2311 going into effect in California this coming Jan. 1, the California Credit Union League has developed a detailed summary to assist credit unions in complying with the law's implementation.

The Consumer Financial Protection Bureau (CFPB) has issued a circular that addresses overdraft fees, particularly those that are unanticipated by consumers. The circular explains that overdraft fees, as described in the circular, can constitute unfair acts or practices.

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

The safety of staff and consumers is a top priority for any financial institution. As in-person experiences for banks and credit unions change and evolve, so must security solutions. 

A recent Credit Union Times article reported that, according to a new Mobiquity research study, the largest number of respondents said they preferred to conduct business with a large, national bank.

The National Credit Union Administration (NCUA) board met for its October board meeting this week, with key takeaways addressed herein.

During these unprecedented times, finding the car of your dreams with good value is more difficult than ever. Spending hours searching and going to the dealership isn’t exactly easy. A lot of online retailers and other buying services promise a hassle-free process, but ultimately with lower inventory levels than ever seen before credit union members may need to consider other models, expand their search criteria or order from the factory.

The California and Nevada Credit Union Leagues are hosting an exclusive one-day Advocacy Workshop for those seeking to amplify their credit union’s advocacy program!

The California and Nevada Credit Union Leagues and Zest AI have been working on something very special for Shapiro credit unions: the Select Model. The Select Model is an AI underwriting model built specifically for smaller credit unions and we invite you to learn more over virtual lunch! 

In celebration of its 70^th anniversary, Frontwave CU hosted a series of “Acts Of Kindness” activities from June – October, which was showcased throughout the Southern California communities it serves. Frontwave was able to give back in a big way by orchestrating a handful of thoughtful and “surprise” events during the entire campaign.

The Credit Union National Association (CUNA) filed an amicus brief on behalf of Golden 1 CU in a lawsuit (Burgardt v. The Golden 1 Credit Union), where the issue is whether the credit union can compel the plaintiff (Dwaine Burgardt) to arbitrate his claims.

Nevada credit union leaders can mark their calendars to join fellow industry advocates from across the state for the 2023 Nevada Government Relations Rally (GRR) — held this coming Feb. 15, 2023 in Carson City, NV!

To ensure the annual business meetings of the California Credit Union League and the Nevada Credit Union League remain inclusive to League members (held Monday, Nov. 14), these meetings will take place online/virtually (via Zoom) at 10 a.m. for the Nevada League’s 53^rd Annual Meeting, and at 11 a.m. for the California League’s 87^th Annual Meeting.

The National Credit Union Administration (NCUA) has released the first update of the Simplified CECL Tool (Current Expected Credit Loss), which enables credit unions to test and calibrate the tool to estimate the allowance for credit losses on loans and leases as of Sept. 30, 2022

The National Credit Union Administration (NCUA) has released an update to its Automated Cybersecurity Evaluation Toolbox or ACET, which credit unions will want to review..

The California Credit Union League’s 2022 State Legislative Recap is live, where you can view the latest wins, victories, and League-engaged bills on behalf of all credit unions across the state and their members!

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs.

The National Credit Union Administration (NCUA) Board will have the following two meetings next week on Wednesday (Oct. 19) and Thursday (Oct. 20):

A modest recession caused by an ongoing battle against consumer inflation will keep mortgage interest rates elevated, suppressing buyer demand and contributing to a weaker housing market in 2023 according to the California Association of Realtors' housing and economic forecast released this week (see forecast table/image below).

Damian Alarcon-Young, corporate relations manager for Travis CU (Vacaville, CA), was one of six panelists on a "How Credit Unions Serve and Empower Hispanic Consumers and Communities" webinar recently in recognition of National Hispanic Heritage Month (Sept. 15 – Oct. 15).

CU Solutions Group's team of experts focuses only on the credit union industry and provides expertise in website design and hosting for nearly 400 credit union and CUSO clients. When you put your credit union's website in the hands of our talented design and development, we will provide a clean, responsive, modern design that is customized to your needs and complies with the Americans with Disabilities Act (ADA) accessibility requirements.

In a recently published article, CreditUnions.com featured Excite CU Vice President of Community Relations John Hogan (headquartered in San Jose, CA): Like many cooperatives, Excite CU ($708 million in assets) has an established reputation for giving back to the communities it serves.

Even with our current global challenges, consumers are still ramping up their travel plans. Expedia is calling 2022 the year of the GOAT, or the “Greatest of All Trips.” This is an opportunity for credit unions to reach out and serve their members with a financial tool designed to meet their travel needs—the reloadable prepaid debit card.

The gap between those who say they need life insurance and those who say they have it is growing. In fact, it’s more than doubled since 2011.

In a recently published article, CreditUnions.com featured Valley Strong CU CEO Nick Ambrosini, as well as Vice President of Culture and Communication Jim Lawitz (headquartered in Bakersfield, CA): Just three years ago, Kern Schools FCU had 15 branches, $1.7 billion in assets, and 160,000 members.

California Gov. Gavin Newsom recently signed Assembly Bill 2311 and Senate Bill 1311, which set new policies related to guaranteed asset protection (GAP) coverage. Both bills take effect Jan. 1, 2023.

Register today for FinTech Credit Union Connection 2022, held this coming Nov. 17 at SAFE Credit Union Convention Center in downtown Sacramento! Additionally, a special visit will be made by Cloey Hewlett, commissioner of the California Department of Financial Protection and Innovation (DFPI).

Wescom CU was recently featured on The Balancing Act, a Lifetime Television morning show for Southern Californians offering sensible solutions and essential information in a fun and entertaining format to “help people do life better” — featuring legendary TV host Montel Williams and other personalities.

As 2023 funding pledges begin rolling in to the Credit Union Awareness program, participating credit unions are reminded they can measure online traffic from YourMoneyFurther.com directly to their own websites, as well as target and engage consumers who click-through from the locator/matcher tool.

The National Credit Union Administration (NCUA) invites credit unions to sign up for information on topics related to Call Reports and cybersecurity.

California CU has implemented ViClarity's compliance management solution to allow their team to easily manage all of their compliance obligations in one centralized place. The platform will allow users at California CU to benefit from a more consistent and efficient compliance monitoring program, led by the automation of compliance tasks and the availability of real-time reporting. ViClarity is a proud company of the California and Nevada Credit Union Leagues. 

As election day (Nov. 8) looms around the corner, the California and Nevada Credit Union Leagues’ 2022 Candidate Slates for California and Nevada have been posted! This interactive credit union voter guide is designed to help you make decisions on which candidates to support in the upcoming general election.

The California and Nevada Credit Union Leagues continue keeping industry leaders informed of an attempt by a pair of U.S. senators to interrupt the credit card payments system. Recently, not only have those senators found colleagues in the House to introduce their bill, they are now trying to add their measure to a bill dealing with national defense.

SchoolsFirst FCU CEO and long-time credit union leader Bill Cheney is one of four honorees of this year’s Herb Wegner Memorial Award announced this week by the National Credit Union Foundation — the U.S. credit union movement’s highest national honor!

Financial Partners CU hosted its 6th Annual Economic Forum this week, spotlighting a forecast, presentation, and expert commentary on whether the economy is entering a recession, the potential cure for inflation, and other hot topics on the minds of senior management teams at credit unions and local businesses.

On Thursday, the House of Representatives passed H.R. 6889, the Credit Union Board Modernization Act — a bill providing parity with state-chartered credit unions by allowing federally chartered credit unions to remove the monthly board meeting requirement and move to one per quarter (and no fewer than six per year).

Credit unions in California and Nevada that are driving social impact lending and safe-banking efforts for their members and local communities received good news this week from the Federal Housing Administration, U.S. Treasury Department, and the Community Development Financial Institutions (CDFI) Fund!

As hurricanes leave Florida and Puerto Rico devastated by flooding — and as regions across California and Nevada recover from summer’s devastating wildfires — CUAid is available to financially assist communities and members that local credit unions serve.

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

The California and Nevada Credit Union Leagues would like to congratulate Leagues President and CEO Diana Dykstra for her induction into the Herstory exhibit on Thursday morning in Manchester, N.H.!

The metaverse is a 3D integrated network of virtual worlds that is increasingly attracting the attention of major corporations looking to make a digital appearance in front of billions. Through augmented reality and virtual reality (AR users can create their own digital avatars to interact with each other in different worlds without leaving their homes. These worlds can immerse users in anything from gaming to social networking and beyond.

To increase the accessibility and functionality of the Credit Union Diversity Self-Assessment, the National Credit Union Administration (NCUA) has introduced several process improvements. These enhancements include additional details for submitting surveys, improved navigation, prepopulation of certain fields, and compliance with the 21st Century Integrated Digital Experience Act. The modernization also upgrades security and ensures data integrity and confidentiality.

The California Franchise Tax Board (FTB) has indicated the first wave of California’s Middle Class Tax Refund (MCTR) payments will soon be processed and disbursed to qualified taxpayers as early as Oct. 7.

A new report quantifies the current state of women’s and minority representation on credit union boards, spotlighting the extent to which there are (or aren’t) links between those two demographics and key measurements of member-centric performance and financial performance.

Whether the economy enters a recession sooner versus later, it’s important for credit union leaders to watch their members’ reactions to current interest rates, inflation, and assumptions about future rates and inflation. The latest FREE league-member webinar — Credit Unions & Members: Threading the Recession Needle — addresses those issues and more.

The California and Nevada Credit Union Leagues’ 2022 Credit Union Staff Salary Survey report — produced once every two years — is now available!

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) are doubling-down their efforts toward the Community Development Financial Institutions (CDFI)-certification cure period that looms over credit unions involved in this annual funding.

The National Credit Union Administration (NCUA) Board met for its September board meeting this week, the first in-person open board meeting since the COVID-19 pandemic began.

This week, California Gov. Gavin Newsom and State Treasurer Fiona Ma announced more than $1.1 billion in funding to support the state’s small businesses (see open enrollment lender information down below). The funding comes from the U.S. Treasury Department’s State Small Business Credit Initiative 2.0 (SSBCI 2.0) and is intended to leverage-up to an additional $18 billion more in capital.

Clark County CU has selected ViClarity’s governance, risk, and compliance (GRC) platform to automate risk and compliance management processes within the organization. ViClarity—a California and Nevada Credit Union Leagues company—is providing the perfect blend of technology and consulting solutions to help the team at Clark County CU stay on top risk and compliance obligations while reducing the time spent on manual tasks. The new journey will enable them to automate all components of their risk framework, including risk registers, risk controls, key risk indicators, and risk events, along with all compliance processes on one central platform.

Thanks to recent approval from the Nevada Legislature’s Interim Finance Committee, small businesses across Nevada could receive a $35 million boost over the next three years from the first tranche of the State Small Business Credit Initiative (also known as SSBCI 2.0).

Credit Union Awareness, which leads the industry’s only national and state-level consumer marketing program, recently announced increases in credit union membership in states where the YourMoneyFurther.com program has been launched — and the numbers for California and Nevada are significant.

Sen. Alex Padilla (D-CA) has introduced the Senate companion bill to H.R. 7003, the Expanding Financial Access for Underserved Communities Act. The House version — authored by House Financial Services Committee Chairwoman Maxine Waters (D-CA) — was included in H.R. 2543, which passed the House floor earlier this year.

Take a deep-dive into the world of advocacy with more than 50 other GAC Crashers at the biggest credit union industry event of the year in Washington, D.C. — the 2023 CUNA Governmental Affairs Conference (GAC)!

In July 2021, the National Credit Union Administration (NCUA) announced the implementation of Phase 1 of its phased approach to returning to onsite operations. In April 2022, the NCUA entered Phase 2. The agency will enter the third phase (Phase 3) of resuming its onsite operations on Oct. 17, 2022 as outlined in its Letter to Credit Unions (22-CU-11).

As we’ve seen, natural disasters and climate-related interruptions are on the rise nationwide. However, at Agility, we’ve noticed a shift in our customers needing our assistance in the last quarter that we wanted to share. Connect with a business continuity specialist to learn more about how the ever-changing landscape of business continuity could impact your credit union.

The Great Resignation is not ending any time soon. According to a survey in Joblist’s 2022 Market Report, three out of four full-time employees are planning to quit their jobs this year. This sobering news comes on top of the 47.4 million Americans who left their jobs voluntarily in 2021. There are many reasons credit union employees choose to leave their job. Historically, “bad managers” has most often been cited as the key reason employees decide to jump ship. “Job burnout”—mental exhaustion due to unrelenting pressure, lack of respect/resources, or simple boredom, is another common justification. Also, COVID-19 restrictions forced many employees, commonly women, to leave the workforce to tend to children who could no longer go to daycare or had to be supervised at home during remote schooling. But things may be changing.

The California and Nevada Credit Union Leagues will once again 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.

Total non-farm payroll employment in California has recovered 98.3 percent of jobs lost in the labor market two-and-a-half years since the COVID-19 pandemic recession devastated the economy. Meanwhile, Nevada’s job market has plateaued at new record highs after more than recovering from its pandemic-era losses this past summer.

California and Nevada credit union leaders returned to Washington D.C. this week for Hike The Hill, bringing their agenda to members of Congress and regulators, and fostering meaningful discussions on the credit union movement’s philosophy and purpose in local communities.

As deposit growth and loan growth at U.S. credit unions started taking very different paths in the second quarter of 2022, some additional interesting findings have been released on the industry’s operating return on assets (ROA), net-revenue growth, economy-of-scale ratio, relationship per member, product mix, and excess reserves.

Recently, the California and Nevada Credit Union Leagues and ViClarity performed a database cleanup to ViClarity’s member-only site. This robust online resource features a number of compliance materials such as newsletters, bulletins, frequently asked questions, state resources, and more — all available to you as a League-member benefit.

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

Nav Khanna joined $932 million-asset First City CU on June 1 as its new president and CEO, coming from Travis CU where he served as executive vice president and COO. Khanna offered his thoughts on executive leadership in a recent question-and-answer interview with Credit Union Magazine.

In a Letter to Credit Unions (22-CU-10), the National Credit Union Administration (NCUA) is providing a tool to assist small credit unions with determining their allowance for credit losses (ACL) on loans and leases as required under Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses, commonly referred to as Current Expected Credit Loss (CECL). The Simplified CECL Tool is designed for credit unions with less than $100 million in assets.The CECL Tool and its supporting documentation are available on the CECL Resources page at NCUA.gov.

Maple Street, Inc., the leader in vendor management for credit unions and community banks, and a business partner of the California and Nevada Creidt Union Leagues, is taking client and vendor relationships to a new level with its Performance Addendum.  

As we approach the month of October, recognized as National Cybersecurity Awareness Month, it is important also to acknowledge another milestone worth remembering. This September marks the fifth anniversary of the now famous Equifax data breach that impacted hundreds of millions of Americans (your members) and forever increased their level of risk against criminal attacks. 

The Community Development Financial Institutions (CDFI) Fund has released its CDFI Certification Cure-Related Frequently Asked Questions (FAQs) that it had been promising.

The California and Nevada Credit Union Leagues’ latest Chapter News and Notices (#LEAGUECHAPTERS) has arrived, bringing you quarterly news and information about League Chapters!

Nominations for the California Credit Union League’s 2022 - 2023 Board of Directors and Audit Committee elections opened on July 1, 2022. This year's open positions included one Asset Group B Director, one Asset Group D Director, two At-Large Directors, and one Audit Committee Member.

This week, the California Credit Union League and local credit union leaders held two important events for state and congressional candidates running for office.

As wildfires devastate parts of California and Nevada, CUAid is available to financially assist the communities and members that local credit unions serve. This action-response program harnesses the generosity of the credit union movement to provide grant assistance for disaster relief.

Angela Harden, facilities assistant manager with Bay FCU, has been named one of the five finalists in the 2022 CUES Emerge program (Credit Union Executives Society). CUES Emerge applicants are young credit union leaders and professionals from all over the nation.

In a recently published article, CreditUnions.com featured Ameet Seth, senior vice president and head of delivery channels, investments, and membership development for Patelco CU (headquartered in Dublin, CA): Visitors to the Patelco CU branch in San Ramon, CA can now have their cake and eat it, too, thanks to a unique partnership that has brought the credit union and the famed Sprinkles bakery under the same roof.

The National Credit Union Administration (NCUA) released updated guidance this week for addressing interest rate risk (IRR). The agency will also be hosting a webinar outlining these updates.

State legislators made up for lost time as the California Legislative Session drew nearer all month long, finally closing out at midnight on Aug. 31. Lawmakers introduced over 2,000 bills during the session, many of which impacted credit unions.

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) have been battling legislation to regulate credit card interchange fees. Much has been written — and will continue to be — regarding the issue.

What percentage of venture capital (VC) funding goes to Black, Latinx and female entrepreneurs?

The National Credit Union Administration (NCUA) has awarded more than $1.5 million in Community Development Revolving Loan Fund (CDRLF) grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.

Leaders, volunteers, credit unions, and organizations — including Leo H. Shapiro Lifetime Achievement Award recipient Jeff Napper — will be recognized during REACH 2022 in Palm Desert, CA this November as the California and Nevada Credit Union Leagues bestow this year's League Awards, Advocacy Awards, and Chapter Awards.

Annual deposit growth versus loan growth were taking very divergent paths as the U.S. credit union industry ended second-quarter 2022 (June 30, 2022). Lending to consumers and businesses accelerated at its highest year-over-year rate (16 percent) in nearly two decades, while deposit growth started slowing even more going into mid-year.

A new report published by the U.S. Joint Economic Committee says Nevada’s housing shortage could be completely remedied and California’s shortage significantly aided if the U.S. government authorized the sale of certain federal lands to state and local governments for home development projects.

Credit union regulatory and compliance professionals who have been following the California Privacy Protection Agency’s (CPPA) latest proposed changes to the California Consumer Privacy Act (CCPA), as implemented by the California Privacy Rights Act (CPRA), can click here to view the official comment letter recently submitted.

With Congress out of session for the August District Recess, credit union advocates have been highly engaged with their local lawmakers all over California and Nevada.

Wescom CU has been named the official banking partner of the UCLA Dashew Center for International Students and Scholars. As UCLA is home to more than 12,000 international students and scholars representing more than 120 countries, the Dashew Center — dedicated to promoting global connection, international understanding, and cultural sensitivity — serves as the central hub for visa services, support, and advocacy to students and scholars prior to their arrival and throughout their time at UCLA.

The cost of living is going up. The Bureau of Labor Statistics’ (BLS) April Consumer Price Index (CPI) rose 8.3% over the past year, higher than consensus estimates. From food, to energy, cars and shelter, no sector is safe from inflation.

Credit union leaders recently gathered at First Entertainment CU to show support for a friend of credit unions — California Assemblymember Jesse Gabriel (D-Encino).

More than 80 industry leaders from nearly 30 credit unions and affiliates attended this year’s 15th Annual Shapiro Summit at JW Marriott Anaheim Resort in Anaheim, CA, which provided a wealth of information designed to help credit unions under $200 million in assets solve real-life issues — including staffing issues, succession planning, due diligence, risks, safety, and so much more.

Leaders from three California credit unions recently joined other industry colleagues from around the nation to participate in The Lab at Filene's first-ever Lab Symposium in San Francisco. The research initiative is moving forward in testing new innovative products and ideas to help credit unions grow and make a positive impact on their members and communities.

Total non-farm payroll employment in California has recovered 97 percent of jobs lost in the labor market two-and-a-half years since the COVID-19 pandemic recession devastated the economy. Meanwhile, Nevada’s job market is reaching new record highs after more than recovering from its pandemic-era losses.

Thanks to nearly 600 credit union supporters and staff who sent messages to California State Assembly legislators and made important phone calls to those offices within a 48-hour period, Senate Bill 1323 will not be moving forward!

Housing demand in California cooled further in July as the effects of rising interest rates and high home prices hit would-be homebuyers, dragging home sales below the annualized 300,000 benchmark level for the first time since May 2020 according to the California Association of Realtors.

Three California Credit Union League member credit unions have won first place in the state-level 2022 Credit Union National Association (CUNA) Awards. These credit unions will now advance to the national competition.

In a recently published article, CreditUnions.com featured Carol Hauck, CEO of First U.S. Community CU (headquartered in Sacramento, CA), and California Community CU (headquartered in Sacramento, CA): While shared branching and cooperation among credit unions is nothing new to the industry, a recent partnership between two neighboring California credit unions showcases a relatively rare sort of collaboration.

You’ve finished your due diligence reviews – now what?

Through its wholly owned subsidiary called Greater Nevada Mortgage, Greater Nevada CU is now the 12^th credit union in Nevada and California participating in the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership (WISH) program.

The 2022 YP Crashers’ contest for Catalyst Corporate’s Economic and Payments Forum — Future Vision — is now accepting applications! This FREE conference-and-hotel opportunity is available to all credit union employees who qualify as young professionals under 40 years of age.

Designed for credit unions under $200 million in assets, this year’s Shapiro Summit (Aug. 19 – 20) will focus on solving real issues, including staffing, succession planning, due diligence, and risk and safety. What’s more: also joining us this year is National Credit Union Administration Chairman Todd Harper!

This week’s Monthly Bulletin from the California Department of Financial Protection and Innovation (DFPI) was published, with two items credit union professionals should take note of:

On July 29, more than 850 organizations and credit unions across 50 states and 11 countries took social media by storm for the 2nd annual #ILoveMyCreditUnion social media blitz. The goal of the grassroots campaign was to encourage authentic high-energy conversation across social media platforms to build credit union awareness. Approximately 60 credit unions and organizations from California and Nevada participated in the event.

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

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

• Merger Lessons Learned 
• Commercial Flood Insurance Compliance – Washing Away Common Pitfalls
• News from Washington: Regulatory Updates
• On the Docket: Recent Federal Court Opinions
• Regulatory Calendar
• Click here to download the entire issue (pdf download)
  
  

CUNA Mutual Group released its new What Matters Now™ consumer research that explores multicultural and multigenerational consumer insights. The report is the fifth in the series of research and this year includes data on Native American, Alaskan Native and Indigenous consumers, as well as qualitative data, shining a light on human experiences behind consumer data.

With the McKinney Fire blazing near Yreka, CA and no full containment in sight, Siskiyou CU is asking fellow credit unions across California for assistance as its members and the community grapple with the continuing economic impact of this latest disaster.

The California and Nevada Credit Union Leagues activated its grassroots action platform — Connect for the Cause — after two U.S. senators recently introduced credit card interchange legislation that would impact credit union members’ ability to use their cards.

Recent news and published research on California are calling attention to important housing, economic, worker, and demographic shifts that credit union leaders can study as they continue serving local members going into the second half of 2022 and beyond:

The California and Nevada Credit Union Leagues connect with Financial Partners CU for a Part 2 discussion of the credit union’s community development strategy to serve the underbanked.

With less than 100 days until the November mid-term election, California’s primary election results have been certified and are available here. The autumn ballot will include seven propositions, although many others failed to qualify, including one to raise the minimum wage to $18 an hour. You can view the complete list here.

ViClarity Board Chairman Murray Williams, Board Manager Diana Dykstra, and Global CEO Miriam De Dios Woodward recently met with senior management stationed out of the company’s Tralee, Ireland office to foster a dialogue on the forward-looking needs of credit unions in governance, risk, and compliance (GRC) and related technologies.

The latest Credit Union Awareness update webinar (Aug. 2) for California presented the most recent figures on how this unique digital advertising campaign continues making huge strides when it comes to increasing consumer consideration for credit unions while connecting consumers more directly to participating credit unions.

Nearly $75,000 was raised during the 2022 Richard Myles Johnson (RMJ) / Origence Annual Golf Classic on Aug. 1, which drew 110 golfers and 28 sponsors who took to the links at the Monarch Beach Resort in Dana Point, CA!

While financial anxiety is nothing new to many older generations, the type of financial anxiety weighing on Gen Z is uniquely problematic — not only for the people suffering from the numerous detrimental effects but for the general world population, as well. Additionally, Gen Z reports greater general anxiety as a whole, specifically relating to the uncertainty of their futures. 

Yesterday, representatives from FIS/ChexSystems gave an overview of its role in the national Bank On Initiative and partnership with the Cities for Financial Empowerment Fund (CFE) to deliver a Bank On Bundle to interested credit union leaders across California and Nevada.

In an effort to increase the availability of safe, low-cost transactional accounts for consumers, the California and Nevada Credit Union Leagues reached out to its member credit unions to offer an account that meets the National Bank On Standards. Nader Moghaddam, President and CEO of Financial Partners CU—who became Bank On-certified in 2019—stepped in to help lead the charge and share the credit union’s success with the initiative.

The demand for innovative solutions by credit union members is getting stronger every day. Tapping to order products online, book healthcare appointments, and have food delivered is the common expectation today. Employee and member experiences suffer with repeated out-of-wallet questions to prove identity⁠, and it can lead to a frustrated service moment.

The Credit Union Awareness campaign is officially launching in Nevada on Aug. 1, with four local credit unions participating!

The House Financial Services Committee advanced H.R. 6889 this week (the Credit Union Board Modernization Act), which provides federal credit unions with flexibility for scheduling their board meetings.

SCE FCU was recognized and honored on July 19 through a public proclamation made by the Clark County Board of Commissioners (Clark County, NV) for the credit union’s role in providing financial literacy and education to shape the minds of youth in entrepreneurship during the 2022 Summer Business Institute Program (SBI Program).

Origence, a CU Direct brand, has announced that it delivered a record amount in credit union loans through its lending platforms in the second quarter of 2022.

After three examinations, two projects, and several virtual and in-person sessions, the Western CUNA Management School (WCMS) “Tau” Class was celebrated and honored on July 21 at Pomona College in Claremont, CA. The ceremony for 89 graduates marked the conclusion of the 62nd annual session of WCMS and the 60th graduation commencement (view photos here).

Two-and-a-half years since the COVID-19 pandemic recession devastated the economy, total non-farm payroll employment in California has recovered nearly 94 percent of jobs lost in the labor market. However, Nevada’s job market just surpassed 100 percent last month, reaching a historical record high and more than recovering from its losses.

Nearly 150 golfers and volunteers from more than 25 credit unions participated in this year’s 12th annual Multi-Chapter PAC Golf Tournament, held July 18 at Glendora Country Club in Glendora, CA! Click here for a photo gallery of the event.

This week, the National Credit Union Administration (NCUA) board met for its July board meeting. This was the last meeting before the summer break, with the next board meeting occurring in September, where NCUA Board Chairman Todd Harper hopes to resume in-person.

Recently, two successful fundraisers were held for allies of the credit union movement: California Assembly Speaker Anthony Rendon (D-Lakewood) and Assemblymember Sabrina Cervantes (D-Riverside).

The California and Nevada Credit Union Leagues would like to congratulate Diana Dykstra, president and CEO of the Leagues, for stepping into the honorable role of board chair for the World Council of Credit Unions (WOCCU) during the third day of the 2022 World Credit Union Conference in Glasgow, Scotland!

Maple Street’s got your back, especially when it comes to due diligence and passing your exam. We know that no one likes the grunt work and seemingly endless drudgery associated with compliance. So, we’ve done something about it.

Western CUNA Management School (WCMS) students and faculty gathered this week for the Richard Myles Johnson Colloquium in Credit Union Philosophy to hear a special address from John Janclaes, a past James D. Likens Alumni Recognition Award recipient, former WCMS board director, and one of many distinguished alumni serving credit unions today.

The National Credit Union Administration (NCUA) Board will meet next week on Thursday (July 21) at 7 a.m. (Pacific). The board’s agenda includes:

A mounting shortage of workers is the main culprit behind the painstakingly slow job recovery playing out in California’s five major metropolitan regions, according to a recent analysis released by Los Angeles-based Beacon Economics.

Coming out of the online Your Economy—Your Credit Union Conference on Tuesday this week, inflation continued roaring through news headlines and fueling predictions about whether the Federal Reserve will raise its short-term interest rate target in late July by 50, 75, or 100 basis points from the current 1.5 – 1.75 percent range.

California credit unions should take note that on June 30, the invoice for the 2022-23 annual assessment by the California Department of Financial Protection and Innovation (DFPI) was emailed to credit unions, banks, and money transmitters (instead of sending a paper invoice through the mail).

The California Privacy Protection Agency (CPPA) has begun the formal rulemaking process to adopt proposed regulations implementing the Consumer Privacy Rights Act of 2020 (CPRA), a law amending and building on the California Consumer Privacy Act (CCPA).

The results are in for the Credit Union Legislative Action Council's (CULAC) June "$30 by the 30th" fundraising challenge! In just 30 days, California credit unions raised $6,245 toward the Federal PAC, with credit union leaders going above and beyond the fundraising goal of $5,000.

There are only two days left of the Summer of Demo Fridays with Eltropy, a California and Nevada Credit Union Leagues business partner. 

More than 70 credit union industry leaders from California and Nevada attended this year's two-hour online Your Economy—Your Credit Union Conference this week, equipping them for navigating 2023’s unpredictable economy, interest rates, volatile changes in the housing market, and local homeowner affordability issues.

The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

Credit unions have long nurtured a deep trust with members. Historically, that trust has been difficult for even the most formidable opponent to duplicate. Difficult, yet not impossible.

The thought of implementing a new Risk Management plan or changing a current model can often be a daunting task for management. Where does one begin and how does a plan become embedded in an organisation?

Expanding the construction of accessory dwelling units (ADUs) — a secondary, oftentimes backyard home on a single-family lot — offers benefits to individual homeowners and has the potential to increase the supply of affordable homes, according to a new study by UC Berkeley’s Terner Center for Housing Innovation and USC’s Lusk Center for Real Estate.

The California and Nevada Credit Union Leagues would like to congratulate 12 CEOs from both states whose credit unions recently made the "America's Best Credit Unions in Each State" rankings published by Forbes each year!

This week, credit unions met with California Assemblymember Mike Fong (D-Alhambra and Los Angeles communities), who represents Assembly District 49.

The Consumer Financial Protection Bureau (CFPB) issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act.

In a July 6 letter to credit unions, the National Credit Union Administration (NCUA), the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the U.S. Department of Treasury’s Financial Crimes Enforcement Network released a joint statement clarifying its position that banks and credit unions must take a risk-based approach to assessing individual customer (member) risk. The joint statement reinforces the NCUA’s position that no single customer type automatically presents a high risk of money laundering, terrorist financing, or other illicit financial activity risk.

The California and Nevada Credit Union Leagues have announced this morning that long-time team member Bob Arnould, Senior Vice President of Advocacy, will enter retirement today, July 1. Arnould has been a key leader of the Leagues’ advocacy department for almost three decades and has been the driving force behind building a political advocacy program that has become a model for state and national efforts.

The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe.