Credit unions.

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.