Leaders and staff across California should mark their calendars for an important webinar on July 10 that will spotlight the implications of Assembly Bill 801 for credit unions and their members. AB 801 is California’s proposed Community Reinvestment Act (CRA) bill in Sacramento.

Inside Assembly Bill 801: The Future of CRA Legislation in California and Its Impact on Credit Unions will provide attendees with a comprehensive understanding of:

• The key provisions of AB 801 and what potential compliance could entail.
• How the proposed state legislation diverges from current federal CRA requirements.
• The credit union movement’s rationale for opposing AB 801 and how it might impede their community-focused mission.
• The California Credit Union League’s proactive advocacy strategy and ongoing engagement with lawmakers.
• Actionable steps credit union leaders and staff can take to actively participate in the advocacy efforts and ensure their voices are heard.

AB 801 is scheduled to be heard in the Senate Banking and Financial Institutions Committee on July 2 and then the Senate Judiciary Committee on July 15. Now is the time to contact your legislators via Connect For The Cause and express your opposition to the bill.

Many legislators in the Senate have concerns about the bill, but there are political complexities that are helping the bill advance. The League has sent well over 2,200 messages so far, but it would like to see this number increase to make sure credit union voices are heard before the next bill hearing on July 2.

Simultaneously, the July 10 webinar will offer an in-depth analysis of the bill’s potential ramifications for credit unions and the communities they serve. AB 801, if enacted, could significantly alter the regulatory landscape for credit unions in California, introducing new compliance requirements that differ from existing federal CRA mandates. The League has voiced strong opposition to the bill, arguing that it could inadvertently hinder the ability of credit unions to fulfill their mission of serving underserved communities.

Robert Wilson, senior vice president of state advocacy for the League, will present on the webinar. His expertise will offer attendees a nuanced perspective on the challenges and opportunities presented by AB 801.

This upcoming session is important for professionals involved in credit union compliance, government relations, community development, lending, and advocacy. By joining forces, credit union leaders and advocates can protect the unique “credit union difference” and make sure future policies accurately reflect their distinct structure and mission to serve their members and communities effectively.

Don’t miss this vital opportunity to understand the future of CRA legislation in California and its potential impact on your credit union. Register today.