SACRAMENTO, Calif. – California’s Department of Financial Institutions on Friday said it has created a new position of chief examiner in its Division of CUs, and named long-time supervisory examiner Bert McLane to the role.
Creation of the new position comes during one of the worst stretches for credit unions in state history, as an estimated third of the state’s credit unions reported losses for the first quarter, according to a recent review. Regulators are busy merging troubled credit unions, including one of the biggest failures ever, one-time $460 million Cal State 9 CU.
As chief examiner, McLane will report directly to the governor-appointed Deputy Commissioner of Credit Unions.
McLane began his career with the state in 1985 as a savings and loan examiner, then transferred to the credit union division in 1990, where he became chief examiner in 1993.
