Credit unions.
- Extends the credit union notification period for officer suspensions from seven calendar days to seven business days.
- Requires supervisory committees to notify members when credit committee members or directors are suspended.
- Applies to all California-licensed credit unions regulated by the Commissioner of Financial Protection.
Assembly Member Chen's proposal to modify California's credit union notification requirements would change how quickly supervisory committees must inform members about leadership suspensions, extending the current seven-day notification period to seven business days.
Under existing California Credit Union Law, supervisory committees must notify credit union members within seven calendar days after suspending any member of the credit committee, board of directors, or other officers. The proposed amendment would calculate this deadline using business days instead of calendar days, excluding weekends and holidays from the notification timeline.
The change applies specifically to notifications required after the suspension of credit union officials, maintaining all other aspects of the current notification process. Credit unions operate under the oversight of the Commissioner of Financial Protection and Innovation, who would continue to enforce these notification requirements under the modified timeline.
 Phillip ChenR Assemblymember | Committee Member |  Not Contacted | |
 Blanca RubioD Assemblymember | Committee Member | Not Contacted | |
 Mike FongD Assemblymember | Committee Member | Not Contacted | |
 Diane DixonR Assemblymember | Committee Member | Not Contacted | |
 Pilar SchiavoD Assemblymember | Committee Member | Not Contacted |
Email the authors or create an email template to send to all relevant legislators.
Introduced By
- Extends the credit union notification period for officer suspensions from seven calendar days to seven business days.
- Requires supervisory committees to notify members when credit committee members or directors are suspended.
- Applies to all California-licensed credit unions regulated by the Commissioner of Financial Protection.
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Assembly Member Chen's proposal to modify California's credit union notification requirements would change how quickly supervisory committees must inform members about leadership suspensions, extending the current seven-day notification period to seven business days.
Under existing California Credit Union Law, supervisory committees must notify credit union members within seven calendar days after suspending any member of the credit committee, board of directors, or other officers. The proposed amendment would calculate this deadline using business days instead of calendar days, excluding weekends and holidays from the notification timeline.
The change applies specifically to notifications required after the suspension of credit union officials, maintaining all other aspects of the current notification process. Credit unions operate under the oversight of the Commissioner of Financial Protection and Innovation, who would continue to enforce these notification requirements under the modified timeline.
Phillip ChenR Assemblymember | Committee Member | Not Contacted | |
Blanca RubioD Assemblymember | Committee Member | Not Contacted | |
Mike FongD Assemblymember | Committee Member | Not Contacted | |
Diane DixonR Assemblymember | Committee Member | Not Contacted | |
Pilar SchiavoD Assemblymember | Committee Member | Not Contacted |