Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Notes CFPB's 'Large Institution' Overdraft Proposal Endangers Such Programs at All Credit Unions
January 17, 2024Today, the CFPB issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z. "Your League is working its way through the 200-plus page proposed rule, but our initial take is this: While the rule targets institutions with more than $10 billion in assets, the realities of the marketplace mean that overdraft programs at all credit unions are endangered," said League President/CEO Carrie Hunt.
- League Urging Lawmakers to Address Looming Partial Shutdown of Federal Government
January 16, 2024Your League remains engaged with federal lawmakers as Congress finds itself facing a partial government shutdown on Friday, absent new action to fund the government. "While credit unions will step up to aid members in the event of a partial government shutdown, we continue to actively engage with lawmakers in hopes such a scenario can be avoided," said League President/CEO Carrie Hunt. "We've made it clear in all our communication to lawmakers and during recent meetings with our delegation that a shutdown would also pose a significant challenge for our credit unions."
- New NCUA Board Member Otsuka Will Have First Official Board Meeting Thursday
January 16, 2024The NCUA Board will meet on Jan. 18 to consider two items: a Board briefing on NCUA’s 2024-2026 Diversity, Equity, Inclusion, and Accessibility strategic plan and a discussion of NCUA’s 2024 Annual Performance Plan. This will be the first official meeting for new Board member Tanya Otsuka, who was sworn in earlier this month.
- League’s Advocacy Work in High Gear as State, Federal Legislatures Back in Session
January 12, 2024Credit unions and the League are working on issues and legislation at both the state and federal levels this week, with the General Assembly session having kicked off Wednesday and Congress facing a partial government shutdown next week.
- CALL TO ACTION: Write State Lawmakers Today in Support of Credit Union Legislation
January 11, 2024Take action today in support of our newly introduced legislation in the Virginia General Assembly. We're lobbying for a measure to provide credit unions with the authority to hold public deposits (HB 1205). This authority would allow public entities – city and county governments and their various subdivisions, for example – to deposit public funds at local credit unions, providing greater choice, boosting competition, and benefitting taxpayers by providing better rates on deposits. Please encourage staff, officials and members to contact their lawmakers, as well!
- League at Work as General Assembly Convenes; Credit Union Legislation Introduced
January 10, 2024The League was on site today at the General Assembly Building and Capitol as the Virginia legislature convened for its 2024 session. The League advocacy team is combing through the roughly 1,900 bills already introduced, with more to follow in the coming days. HB 1205, our legislation that would authorize state- and federally-chartered credit unions to hold public deposits, will likely be referred to the House Commerce and Labor Committee for consideration.
- With Federal Government Shutdown a Possibility, League Engaged with Lawmakers
January 9, 2024Your League is carefully monitoring the situation in Washington and engaging with lawmakers as Congress nears the first of two deadlines to agree on appropriations bills for 2024. We continue to make the point that a shutdown will harm credit union members, the regional economy, and credit unions themselves.
- With Months of Prep Behind Us, CUs Ready for Busy General Assembly Session
January 9, 2024With a year’s worth of preparation and planning behind us, credit unions are eager to see tomorrow’s start of the 2024 session of the Virginia General Assembly. This promises to be a busy 60-day session that will include consideration of a measure to provide credit unions with the authority to hold public deposits. This authority would allow public entities – city and county governments and their various subdivisions, for example – to deposit public funds at local credit unions, providing greater choice, boosting competition, and benefitting taxpayers by providing better rates on deposits.
- Rep. Rob Wittman Signs on as Co-Sponsor of Veterans Members Business Loan Act
January 9, 2024Following credit union and League advocacy efforts, Rep. Rob Wittman (R-1st) has signed on to H.R. 4867 (Veterans Members Business Loan Act) as a co-sponsor. At present, the bill has garnered the support of 18 House members in a show of bipartisan support.
- League Eager to Work on CU Issues with New NCUA Board Member Tanya Otsuka
January 8, 2024The Honorable Tanya Otsuka became the 25th Board Member of the National Credit Union Administration following a private swearing-in ceremony held at the agency’s Alexandria, Virginia, headquarters today. "The Virginia Credit Union League congratulates Ms. Otsuka and looks forward to working with her as a member of the NCUA board to ensure credit unions have the tools they need to serve members," said League President/CEO Carrie Hunt. "We are excited to see her bring her talents to the credit union industry."