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California Assembly Unanimously Approves AB 1779

By Heather Anderson

SACRAMENTO, Calif. -- The California Credit Union League scored a significant legislative victory yesterday, when AB 1779, which forces retailers and government to take responsibility for consumer data breaches, was unanimously approved by the state's assembly by a 75-0 bipartisan vote.

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California Assembly Unanimously Approves AB 1779

Johnson Applauds Literacy Month

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Regulatory & Compliance Stories

April 15, 2008

Certain C&D Loans May Be Reclassified as MBLs, NCUA Says

ALEXANDRIA, Va. -- NCUA recently advised that credit unions may reclassify a construction and development loan as a member business loan when the level and kinds of risks for which those limits exist are no longer present.

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April 15, 2008

Senate Debates Housing Legislation; Bankruptcy Amendment Withdrawn

WASHINGTON -- Spurred by a groundswell of bad news in the mortgage and credit markets and hearing from constituents during a two-week break, the Senate stepped up efforts last week on housing legislation to help distressed homeowners.

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April 15, 2008

Strong Turnout at Public Forums for SBA's Lender Risk Rating System Proposal

WASHINGTON -- Nearly 120 people including representatives from a handful of credit unions have turned out at public forums held in early April to share their concerns and offer suggestions on the Small Business Administration's proposal to institute a lender risk rating system.

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April 14, 2008

Kansas FOM Bill Signed by Governor

TOPEKA, Kan. -- As expected, Kansas Gov. Kathleen Sebelius has signed the state's restrictive field of membership law which takes effect July 1 and within nine months will force a branching/member pullback by nine CUs, mostly in Wichita, Topeka and Kansas City.

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April 14, 2008

Frank Rebuts White House Letter on Housing

WASHINGTON -- Congressman Barney Frank, (D-Mass.) chairman of the House Committee on Financial Services has offered a rebuttal to White House claims in a letter sent to Speaker Nancy Pelosi (D-Calif.) regarding elements of Chairman Frank's housing rescue proposal.

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April 11, 2008

Senate Passes Housing Package; Focus Moves to House

WASHINGTON -- The Senate yesterday passed The Foreclosure Prevention Act of 2008 by a vote of 84-12 after discussions by Senators Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.) on its provisions resulted in a package that would gain wide support.

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April 09, 2008

Credit Union Reg Reform Suggestions Don't Make the Cut

WASHINGTON -- After reviewing some 80 nominations of regulations in need of review or reform, the Small Business Administration's Office of Advocacy has released the top ten submissions, none of which included suggestions from the credit union industry.

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