The African-American Credit Union Coalition (AACUC) expressed concern that the bill undermines the unique structure of credit unions. AACUC is a non-profit organization dedicated to increasing diversity, equity, and inclusion (DEI) within the credit union movement and closing the racial wealth gap.
California Community Banking Network (CCBN) worked with the California Bankers Association (CBA), the California Credit Union League, Mortgage Bankers Association, and others to advocate in opposition to AB 801.
CCBN and CBA wrote in a June 5 letter addressed to the Senate Judiciary Committee, chaired by Sen. Tom Umberg (D-Santa Ana), stating that AB 801 “risks driving up costs for consumers already struggling to afford a home.”
“AB 801 would require additional examinations and reporting obligations covering many of the same issues already evaluated through existing supervisory processes.
Although the bill contemplates consideration of examinations performed by other regulators, it does not eliminate the possibility of duplicative reviews, conflicting findings, or repetitive requests for information.”
On June 17, Rob Wilson, executive vice president for California’s Credit Unions, said AB 801 was “in a better place than it was last year,” but “we do still have some concerns with the bill.”
Wilson leads the organization’s strategic direction, advocacy, and state government affairs, working directly with lawmakers and credit union leaders.
“AB 801 creates a new regulatory framework that we believe is unnecessary and duplicative of existing oversight,” Wilson told the Senate Standing Committee on Banking and Financial Institutions. “We believe it may create some significant legal concerns, compliance, and most notably, cost concerns for California state-chartered credit unions.”
In 2024, a minimum annual income of roughly $221,200 was required to qualify for the statewide median-priced single-family home, costing approximately $865,000 to $875,000, according to the California Association of Realtors (CAR).