Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- State Efforts to Regulate Earned Wage Access Heating Up
May 19, 2023Attempts across state legislatures to regulate earned wage access services are picking up steam. Several states, including Georgia, Kansas, Texas and Virginia, introduced bills this year. Others, including New Jersey and New York, have attempted to pass bills in recent years. California's Department of Financial Protection and Innovation (DFPI) recently issued a notice of proposed rulemaking on the subject.
- NCUA Chairman Harper Testifies Before the US House Committee on Financial Services
May 16, 2023National Credit Union Administration Chairman Todd M. Harper, along with other financial regulatory agency principals, testified today at a hearing before the U.S. House Committee on Financial Services.
- VACUPAC Golf Challenge: Registration Closes May 18
May 16, 2023The 34th Annual VACUPAC Golf Challenge will be held May 24 at the Golden Horseshoe Golf Club. Golfer registrations are being accepted through May 18! Join us in Williamsburg and help support credit unions' advocacy work.
- CUs, League Meet With State Sen. Lionell Spruill
May 12, 2023Credit union advocates from ABNB Federal Credit Union, BayPort Credit Union and your League today met with state Sen. Lionell Spruill (D-05) at an ABNB branch in Chesapeake.
- Lawmakers Try Again to Solve CDFI Liquidity Crunch
May 10, 2023Community development financial institutions are facing challenges similar to their customers — raising the funds vital to stay in business. A Senate bill aims to help CDFIs address liquidity shortfalls during the current economic uncertainties.
- CUs Must Have Parity with Banks in Deposit Reform Legislation
May 9, 2023Credit unions must receive parity with banks in any deposit reform legislation, CUNA wrote to House Financial Services and Senate Banking, Housing, and Urban Affairs Committee leadership Monday. Congress and the Federal Reserve have indicated interest in deposit insurance reform in the wake of recent high-profile bank collapses. This is an issue your League is following closely, as well.
- Richmond-Area CUs Hit the Links for VACUPAC
May 9, 2023Sixty golfers teed off in the Richmond-area Bill Dawson VACUPAC Golf Tournament on May 9. Hosted and organized by Henrico Federal Credit Union, the annual fundraiser supports the Virginia Credit Union Political Action Committee (VACUPAC), the political action committee for Virginia-based credit unions.
- Voting for Primary Elections Has Begun; Here's What You Need to Know
May 8, 2023Early voting for Virginia’s June 20 primary election began May 5. As we reported earlier, 44 primary races will be taking place throughout Virginia. Some of these races see newcomers running against long-time incumbents, other races have all new faces and only a couple pit incumbents against each other.
- Sen. Tim Kaine Signs On as Co-Sponsor of CU Legislation
May 4, 2023Sen. Tim Kaine has signed on as a co-sponsor of S.610, the Credit Union Board Modernization Act. This bipartisan measure would change the requirement for federally chartered credit union boards to meet once a month to not less than six times per year for qualifying credit unions. Sen. Kaine supported this same legislation in the last session of Congress.
- League Files Comment Letter on Credit Card Late Fees; Notes 'Negative Consequences' of CFPB Proposal
May 3, 2023Your League today filed a comment letter with the Consumer Financial Protection Bureau on a proposal that slashes what is effectively a regulatory cap on most credit card late fees.