Ontario, Calif. (9/14/15)--The California and Nevada Credit Union Leagues remained proactive with its advocacy efforts both nationally and on a state level last week.
In Washington D.C., league leaders met with representatives from the National Credit Union Administration and the Consumer Financial Protection Bureau (CFPB), driving home the message of regulatory relief (Current News Sept. 10).
Topics of discussions with the NCUA included the agency’s planned use of the new Federal Financial Institution Examination Council cybersecurity assessment tool, support of the proposed member business lending rule, concerns with the proposed risk-based capital rule and interest rate risk.
The focus of discussions with the CFPB centered on its expected rulemaking for overdrafts and payday lending. League representatives explained the credit union difference and advised the CFPB on how credit union overdraft programs are a service their members want and rely on.
League representatives also shared how credit union payday alternative loans are designed to help members escape from the cycle of repeated loans and encourage the bureau to exempt this already regulated product from their rulemaking.
Back home in California, the league’s advocacy team helped defeat SB 308, which would have dramatically increased the amount of assets a debtor could shield through bankruptcy leaving credit unions and their members holding the bag.
The bill received only 21 votes on the Assembly floor vote--20 votes short of what the bill needed for passage.