Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- NCUA Board Receives Cybersecurity Update; Proposed Rules for Insurance Coverage, Fair Hiring Issued
October 19, 2023NCUA Board meeting summary for Oct. 19. Staff provided an update on the state of cybersecurity. The Board issued a proposed rule to amend the NCUA’s regulations governing share insurance coverage, with trust accounts a particular area of focus. The Board also issued a "Fair Hiring in Banking" proposal to incorporate the agency’s “Second Chance” Interpretive Ruling and Policy Statement (IRPS 19-1).
- Following Nomination Hearing for NCUA Board Nominee Tanya Otsuka, League Highlights Key Engagement Issues with Agency
October 19, 2023Tanya Otsuka, a nominee for the National Credit Union Administration Board, was before the Senate Banking Committee today for her nomination hearing. Otsuka was asked a handful of policy questions, general thoughts on financial services law, and the importance of consumer protection. Your League welcomed her nomination last month for the Board seat. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
- League-Supported WaWa Data Breach Settlement Advances; Proves Importance of Merchant Accountability, Interchange Fees
October 18, 2023Last week, a federal judge granted preliminary approval for a settlement in credit unions’ years-long data security breach lawsuit against WaWa convenience stores. Your League was among the many plaintiffs to sign on to the suit in 2020 on behalf of member credit unions. In total, the settlement calls for $28.5 million for credit unions, plus $9 million in attorneys’ fees. An estimated 5,000 financial institutions were affected.
- League Concerned, Engaged as Federal Reserve Considers Lowering Decade-Old Debit Interchange Fee Cap
October 18, 2023Your League is prepared to engage with policymakers following news yesterday that the Federal Reserve is preparing a proposal that would lower interchange fees merchants pay when consumers pay with debit cards. “Technically only the largest financial institutions were subjected to this cap on debit card fees, but we know the cap has had a negative impact industrywide,” said League President/CEO Carrie Hunt. “If the Fed pursues lowering the fee cap, your League stands ready to engage with policymakers and lawmakers during the comment period and during any discussions in Congress. With fraud both a constant and critical concern for credit unions, the interchange battle is vitally important, requiring our vigilance and our engagement.”
- League Joins With National Trades on Amicus Brief in Critical Federal Court Case Involving Virginia-Based Credit Union
October 17, 2023The Virginia Credit Union League, the National Association of Federally-Insured Credit Unions and the Credit Union National Association today filed a joint amicus brief in a federal court case with broad implications for financial institutions’ liability in fraud cases involving misdirected payments.
- League's Carrie Hunt Notes Challenges for State Charters, Need to Modernize State Rules for CUs
October 17, 2023In an article posted to CUToday.info, Virginia Credit Union League President/CEO Carrie Hunt notes her growing concern for the future of the dual chartering system in the Commonwealth.
- Nomination Hearing Oct. 19 for NCUA Board Nominee Tanya Otsuka
October 16, 2023The Senate Banking, Housing, and Urban Affairs Committee will meet Thursday to consider nominations, including a nominee for the NCUA Board, Tanya Otsuka. President Joe Biden nominated Otsuka — current senior counsel for the majority staff of the Senate Banking Committee — to take the place of current board member Rodney Hood. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
- New Uncertainty in Washington, But League Remains Focused on Derailing CU-Opposed Measures
October 13, 2023The situation in Washington remains unchanged. The expected vote for a House Speaker has yet to materialize, but we’re continuing to engage with lawmakers and their offices. Once business resumes in the House, it’s possible we’ll see a flurry of activity around the appropriations measures given that the temporary funding for the government ends in a month.
- NCUA Board Announces 2024 Meeting Schedule
October 12, 2023The National Credit Union Administration Board today released its monthly meeting schedule for 2024. Open Board meetings are scheduled to begin at 10 a.m.
- CFPB Issues Advisory Opinion on Consumer Information Requests to Large Banks, Credit Unions
October 11, 2023Today the CPFB issued an advisory opinion regarding Section 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply with consumer requests for information about their account. These requests can include balance inquiries, information about recent transactions, loan balances, interest rates, recent bill payments, fee schedules, lien statuses and more.