Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's 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.
- Comments on Federal Reserve Interchange Proposal Due Feb. 12; League Will Oppose Changes to Current Interchange System
November 13, 2023The Federal Reserve published its interchange proposal Tuesday in the Federal Register with a comment deadline of Feb. 12. The Fed Board of Governors proposed the changes at its Oct. 25 meeting. Credit unions strongly oppose changes to the current interchange system and your League will voice its opposition to the Federal Reserve Board proposal.
- NCUA's Harper to Testify Before Senate, House Banking Committees
November 13, 2023The House and Senate are in Washington, D.C., and both chambers are expected to work on legislation funding the government past Nov. 17. Federal financial regulators—including NCUA Chairman Todd Harper and Fed Vice Chairman for Supervision Michael Barr—will testify before committees this week.
- Comment Period Open on Fair Hiring in Banking Proposed Rule
November 13, 2023The NCUA invites public comment on a Fair Hiring in Banking proposed rule. For more information or to submit a comment, please visit Regulations.gov. Comments must be received by January 8, 2024.
- League Showcases CU Service to Veterans Ahead of Senate Banking Hearing
November 3, 2023Your League wrote Sen. Mark Warner on Wednesday to tout credit unions’ good work in supporting servicemembers, veterans and their families. In a letter sent ahead of Thursday’s Senate Banking Committee hearing on financial protections for servicemembers and veterans, the League asked Sen. Warner to remain mindful of credit unions’ continued commitment in this area. We noted the proud history of credit unions here in Virginia that were chartered initially to serve various military bases and servicemembers.
- League President/CEO Carrie Hunt to Testify on NCUA Budget Proposal
November 3, 2023League President/CEO Carrie Hunt will be among the industry stakeholders testifying on the NCUA budget at a public hearing on Nov. 16. The agency will hold a public budget briefing at its Central Office, beginning at 2 p.m. The meeting will be livestreamed on NCUA.gov.
- League Reaching Out to Senators to Spotlight Work of Credit Unions in Serving Military, Families Ahead of Thursday Hearing
October 31, 2023Many of our Virginia-based credit unions proudly serve servicemembers and their families. The Senate Banking Committee will hold a hearing on Thursday titled, “Ensuring Financial Protection for Servicemembers, Veterans and Their Families.” Considering the good work of our credit unions, your League will submit a letter ahead of the hearing to spotlight Virginia credit unions’ long, proud record of service to members of the military and their families.