Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Credit Unions: What Are Your Plans to Assist Members in the Event of Government Shutdown?
September 7, 2023Credit unions: With so many of you serving government agencies, contractors and others who might be affected by a federal government shutdown, how are you planning to aid members should a shutdown occur?
- League Files Comment Letter on Proposed Changes to NCUA's Operating Fee Methodology
September 5, 2023Your League today filed a comment letter with NCUA on the agency’s Operating Fee Schedule Methodology. The NCUA Board is requesting comment on proposed changes to the methodology it uses to determine how it apportions operating fees charged to federal credit unions (FCUs).
- IRS Weighs In on FCU Eligibility for the ERC
August 31, 2023In the last couple years, many credit unions have been exploring whether they were eligible to claim the Employee Retention Credit (ERC) that was part of the CARES Act. This law made credits available for eligible employers whose operations were fully or partially suspended due to orders from the government. Credit unions, auditors, and third party vendors began parsing through the limitations and restrictions of the legislation and guidance.
- CUs, League Host 15 Lawmakers, Candidates at NoVA-Area Legislative Reception
August 31, 2023Credit unions and the League continued a successful series of statewide Legislative Receptions last night with an event in northern Virginia that drew 50 credit union advocates and 15 elected officials and candidates from across the region.
- NoVA-Area Legislative Reception Aug. 30; We Need Additional Credit Union Attendees!
August 29, 2023NoVA credit unions: There’s still time to join us tomorrow (Aug. 30) for our Legislative Reception at Northwest Federal Credit Union (6 p.m.-8 p.m.)!
- Regulatory Compliance Weekly Roundup: Aug. 25, 2023
August 25, 2023Happy Friday, everyone! Time for a quick recap of some recent happenings in the regulatory compliance world!
- League Legislative Receptions in Roanoke, Richmond Draw Dozens of Lawmakers, 100 CU Champions
August 25, 2023Your League’s legislative receptions this week in Roanoke and Richmond drew more than 100 credit union supporters and two dozen lawmakers and political candidates.
- REGular Blog: More Developments in CFPB Court Cases
August 11, 2023We wrote last week about a Texas court that issued an injunction to stop the implementation of the CFPB's Section 1071 Rule. This rulemaking would impose additional reporting requirements on lenders who make a certain number of loans to small businesses. The reason for the injunction was that the Supreme Court will soon hear arguments on the Fifth Circuit's ruling that the CFPB's funding structure is unconstitutional, and the Texas court ruled that the CFPB cannot enforce the rule against the plaintiffs in their case until the Supreme Court rules in their case. There were a couple of related developments this week.
- Upcoming Legislative Receptions: Join Us in Roanoke, Richmond & NoVA
August 11, 2023We’re excited to continue our summer series of legislative receptions all across the Commonwealth, including upcoming events in Roanoke, Richmond and NoVA! Join us in advocating for your credit union and the Virginia credit union system at an event in your area. We are working with members of Congress to schedule our final reception in Hampton Roads. We will share this date and location as soon as it's set.
- CUs Urge Parity by Filing Motion to Intervene in District Court 1071 Ruling
August 11, 2023CUNA, working together with the Cornerstone League and Rally Credit Union, is taking action to broaden a court decision so credit unions have parity in an injunction to stop implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Rule. The CFPB’s rulemaking requires financial institutions to make additional reporting for small business loans.