Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Member Credit Union Call-in with Carrie Set for Dec. 12
December 4, 2023League President/CEO Carrie Hunt hosts our virtual membership meeting on Dec. 12, with updates on the coming General Assembly session, federal advocacy issues, and more! We want to hear from you on the issues and concerns that weigh on your credit union and your thoughts on the League's direction and services.
- House Passes Resolution to Void Section 1071 Rule
December 1, 2023The House passed a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule Friday. The Senate passed the resolution in October and it will now head to President Joe Biden’s desk, who is expected to veto it.
- NCUA Reinstates Civil Money Penalties for Late Call Report Filing
November 28, 2023The National Credit Union Administration today announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024.
- League Submits Comment Letter on NCUA Budget Proposal
November 21, 2023Your League today filed its written comments on the National Credit Union Administration’s 2024-2025 budget proposal. Our written comments expand on the testimony of League President/CEO Carrie Hunt last week at the agency’s in-person public hearing.
- Regulatory Compliance Weekly Roundup: November 17, 2023
November 17, 2023Let's dig into an incredibly busy week on the regulatory front, with League President/CEO Carrie Hunt testifying on the NCUA Budget proposal, the federal banking regulators appearing before the Senate and House banking committees and CFPB revisiting medical debt and the Fair Debt Collections Act.
- Senate Passes Short-Term Spending Measure, Averting Federal Government Shutdown
November 16, 2023Your League was pleased to see the passage late Wednesday in the U.S. Senate of a stopgap spending measure that will fund the federal government until at least mid-January. We urged lawmakers to avoid a federal government shutdown, knowing the hardships it would create for credit union members, and by extension, credit unions.
- NCUA Board Meeting: CAMELS Code 3 on the Rise
November 16, 2023During today's NCUA Board meeting, the Board received a quarterly update on the Share Insurance Fund. Part of this update includes data on the CAMELS codes of credit unions. While the CAMELS codes of individual credit unions are confidential, this aggregate data shows some trends and insights. Today's data shows growth in CAMELS code 3 credit unions - not only in the number of credit unions in this category but also in shares and deposits held in these credit unions.
- League Holds Virtual Meetings with NCUA Vice Chair Hauptman; Treasury Official
November 14, 2023The League last week held virtual meetings with NCUA Vice Chairman Kyle Hauptman and Assistant Secretary of the Treasury for Financial Institutions Graham Steele. During the meetings, the League and member credit unions had the opportunity to discuss marketplace, economic and regulatory issues that impact credit unions and our members.
- Credit Union Advocates Join League in Congressional Meetings
November 14, 2023The Virginia Credit Union League held meetings today with Congresswoman Abigail Spanberger (D-7th) and the office of Congresswoman Jennifer McClellan (D-4th).
- NCUA Board to Issue Final Rule on Charitable Donation Accounts; League's Carrie Hunt to Attend Meeting
November 13, 2023The NCUA Board has announced the agenda for their November board meeting. In addition to a Quarterly Share Insurance Fund Briefing, the Board will issue a Final Rule on Charitable Donation Accounts (CDAs). The Proposed Rule on CDAs was issued earlier this year. In 2013, the NCUA Board approved the CDA rule and permitted federal credit unions to fund a CDA. This account could hold investments that were otherwise impermissible for FCUs, but the account could only be used to provide charitable contributions to qualified entities. The 2013 rule defines "qualified charity" as a charitable organization or other non-profit entity recognized as exempt from taxation under 501(c)(3) of the Internal Revenue Code.