CA AB2862

Authorizes credit unions to invest in charitable donation accounts (CDAs) if aggregate investments do not exceed 5% of net worth and credit unions distribute at least 51% of total returns to qualified charities over five-year periods.

Permits credit unions to purchase and sell loans to members from any source, and to purchase loans originated by other credit unions made to non-member borrowers or to package loan pools for secondary market sales.

Allows credit unions to purchase otherwise impermissible investments if directly related to funding employee benefit plan obligations and held only while such obligations exist.

Eliminates provisions requiring credit unions to establish written savings capital structure policies and removes related requirements regarding share issuance, dividend declaration, and savings capital composition.

Exempts credit unions from Escrow Law licensing and regulation requirements.