SACRAMENTO, Calif. (8/27/14)--Gov. Jerry Brown signed into law a bill that will allow the state's financial institutions to file their California Department of Business Oversight (DBO) weekly reports electronically instead of by mail.
"Even this small change in state law can make life easier for those in our credit unions responsible for submitting this weekly report to the DBO," said Bob Arnould, senior vice president of advocacy for the California and Nevada Credit Union Leagues, which supported Assembly Bill 2298 (CU Weekly Aug. 26).
Credit unions and other depository institutions must submit weekly reports regarding the total amount of all deposits they hold. The bill, written by Assemblyman Freddie Rodriguez (D-Pomona), authorizes the weekly report to be delivered to the Administrator of Local Agency Security via email or other approved electronic means.
Arnould also noted, "This fall we will be undertaking a large state-charter review process and looking for fixes just like AB 2298 that provide for efficiencies, modernization and opportunities for state-licensed credit unions."
The two-year session will end at midnight Sunday, and the leagues' advocacy teams continue to track legislation of interest.
It supports Assembly Bill 2293, proposed by Assemblyman Susan Bonilla (D-Concord), which clarifies insurance coverage by transportation network companies (TNCs) such as Uber and Lyft. The bill seeks to protect consumers by requiring TNCs to provide accident liability protection that covers physical damage.
Although credit unions require insurance for all vehicles they provide loans for, that insurance does not cover all instances when drivers enter their vehicle into TNC services. When accidents occur while these cars are "in service," there is no financial backstop to cover vehicle damages.
Ultimately, credit unions can be left with a significant reduction in collateral value.
"We need to make sure credit unions are protected by ensuring that damage coverage is also required for vehicles used to provide TNC services," leagues President/CEO Diana Dykstra said (CU Weekly Aug. 11).