SACRAMENTO, Calif. - California’s Department of Financial Institutions has named long-time supervisory examiner Bert McLane to the newly-created new position of chief examiner in its Division of CUs.
The move comes during one of the worst stretches for CUs 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.
McLane will report directly to the governor-appointed Deputy Commissioner of Credit Unions. “We think this is a positive change for the department,” said Bob Arnould, SVP, governmental affairs, for the California and Nevada Credit Union League. “It provides more institutional memory as changes take place.”
Arnould said the motivator behind the creation of the new position was to have continuity in times of changes in the department. “Bert McLane has a favorable relationship with credit unions here,” Arnould said.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
