Around the States - California

Credit union parity bill signed
Sept. 6, 2018 -- Today, California Gov. Jerry Brown (D) signed a California Credit Union League-sponsored bill, AB 2862, which updates the California state credit union charter. The measure includes five provisions to clean up the code and give state-chartered credit unions parity with federally-chartered credit unions.

The provisions include:

  • Allowing state-chartered credit unions to purchase and sell whole loans.
  • Allowing investments in charitable donation accounts (CDAs).
  • Clearly exempting credit unions from the California escrow law.
  • Authorizing investments for employee benefits plan obligations without prior approval by the California Department of Business Oversight (DBO).
  • No longer requiring savings capital structure policies.

The bill is effective January 1, 2019.

Broad privacy measure gives consumers right to request data
July 10, 2018 -- A sweeping privacy measure, the California Consumer Privacy Act of 2018, recently passed both the State Assembly and the Senate without any opposition and was signed into law by Gov. Jerry Brown. When it goes into effect in 2020, the law will give consumers the right to request all the data businesses are collecting on them, as well as the right to request that businesses not sell any of their data.

The law also comes with strict disclosure rules about data collected by businesses, and it empowers the California Attorney General to fine businesses for non-compliance.

The bill was passed to prevent voters from passing stricter rules in November. Californians for Consumer Privacy, a group headed by real estate developer Alistair Mactaggart, had been preparing a ballot initiative to that would have gone even further than AB 375.

State fills deputy commissioner’s job
Jan. 17, 2018 -- Caitlin Sanford is the new deputy commissioner of the division of credit unions for the California Department of Business Oversight (DBO), and will take the job Feb. 1. The appointment to the position was announced by Gov. Edmund G. “Jerry” Brown Jr. Dec. 29. A user experience researcher for mobile financial services at Facebook since 2016, Sanford previously held positions for Bankable Frontier Associates, a consulting firm specializing in finance solutions for low-income people. Among her roles at the firm were director of consumer insights, acting director and associate. Prior that, she was a research intern at the World Bank in Brazil, and a program assistant at the United Nations Poverty Environment Initiative in Panama and in Kenya.

CA bill updating, modernizing charter moves forward
Aug. 16, 2016
-- Legislation updating and modernizing the state credit union charter -- giving California credit unions more flexibility – has moved another step forward in the state assembly. READ

Payday loan customers with 10 transactions outnumbered those with one in 2015
July 6, 2016 -- The number of California payday loan customers who made 10 transactions in 2015 outnumbered those who made just one, according to a report released today by the California Department of Business Oversight (DBO) READ

Online lending grew by more than 930% over five years
April 8, 2016 -- Financing provided to California consumers and small business by 13 major online lenders increased by 936% from 2010-2014, to $2.3 billion, and the state’s growth rate exceeded the national pace by 236 percentage points, according to data the firms supplied in a Department of Business Oversight (DBO) survey. READ

California credit union memberships reach record high
March 21, 2016 -- Membership levels at California credit unions are surging as more individuals across the state opt for “consumer owned banking,” the California Credit Union League said (Housing Wire).

Orange County CUs expanding lending at 'brisk clip'
June 20, 2015 – Orange County, CA -- Credit unions in Orange County are expanding their loan business at a brisk clip and taking in more customer deposits. According to new data released by the California Credit Union League outstanding loans by the county’s 26 credit unions – for automobiles, home purchases and credit cards – rose 12.7 percent to $9.4 billion in the 12 months that ended March 31.

First Credit Union President and CEO Elected to City Council in Southern California
March 27, 2015 – Glendora, Calif. – Mendell Thompson, President and CEO of America’s Christian Credit Union is the first credit union President and CEO to be elected to City Council in Southern California as he was sworn in yesterday to serve the City of Glendora.

California Credit Unions See Uptick in Business

March 19, 2015 – California credit unions are wielding increasing power, according to a report released this week.

Ventura County Credit Union and VCCU CEO Joe Schroeder Receive Awards

November 6, 2014 – Ventura, Calif. – The Ventura County Credit Union as well as its president and CEO Joe Schroeder received awards from the California Credit Union League at its annual meeting and conference on Oct. 21.

Credit Union CEO Presented Angel in Adoption Award by Congress

September 23, 2014 – Glendora, Calif. – On September 16, 2014, America’s Christian Credit Union (ACCU) President and CEO Mendell L. Thompson was presented with the Angel in Adoption™ award by the Congressional Coalition on Adoption Institute (CCAI), after being selected by Sen. Roger Wicker of Mississippi, for his outstanding advocacy of defending the cause of the fatherless.

Golden 1 Names Four VPs

May 5, 2014 – Sacramento, Calif. – The $8.5 billion Golden 1 Credit Union in Sacramento, Calif., filled four vice president positions.

California Earns NASCUS Reaccreditation
April 9, 2014 – The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the California Department of Business Oversight (DBO). The DBO, which is led by Commissioner Jan Lynn Owen and Deputy Commissioner of Credit Unions Erick Orellana, supervises 146 credit unions with combined assets of approximately $79.3 billion. The DBO was formed on July 1, 2013 through the consolidation of the former Department of Financial Institutions and the former Department of Corporations.



What's new with you?
Click here to submit your state-chartered credit union news stories to NASCUS Director of Communications Pat Keefe today!