ONTARIO, Calif.–The California Credit Union League is calling on its member CU to oppose Senate Bill 1176, the California Community Reinvestment Act (CRA).
This bill is scheduled to be heard in committee the first week of April, which, the league noted, is the same time many credit union leaders will be attending the league's 2022 Government Relations Rally (GRR) in Sacramento.
“Credit union employees and volunteers need to ACT NOW and alert all state senators of the industry's opposition to this bill to protect credit unions,” the league said. “Even if a credit union is federally chartered, it is imperative it participates in this campaign. If SB 1176 passes in California, there will be a push to pass it at the federal level.
The league is urging credit unions, their management, employees and boards to use its Connect for the Cause solution to tell senators to vote no on SB 1176.
“Credit unions are not subject to the federal CRA for good reason. SB 1176 (introduced by State Senator Monique Limón) would take the federal CRA and expand the scope of the examination process and data collection, applying it to state-chartered credit unions across California,” the league said. “Credit unions would also face major compliance issues under SB 1176 due to field-of-membership limitations and the member business lending cap restriction.”
The league added that while it agrees with SB 1176’s intent to serve the underserved, subjecting credit unions to a state CRA is unnecessary.
Don’t Forget to Check the Spam Folder!
Don’t forget to check your Spam/Junk email folder if you didn’t receive your free, popular and daily CUToday.info news headlines on Monday.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.