Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Monitors Fall-Out from Bank Failures; Working with NCUA and Others
March 13, 2023The failures of Silicon Valley Bank and Signature Bank of News York will continue to have future policy ramifications as the Federal Reserve, Treasury and the FDIC took swift action to instill consumer confidence in the banking system. These actions may prompt members to ask questions about account insurance at credit unions.
- Calling All Golfers, Sponsors: VACUPAC Classic Tees Off May 24
March 10, 2023Kickstart your IGNITE | Annual Meeting experience by hitting the links in the 34th Annual VACUPAC Golf Classic, being held May 24 in Williamsburg. Proceeds from the tournament support the Virginia Credit Union Political Action Committee (VACUPAC), the non-partisan PAC working for the benefit of all Virginia-based credit unions. You can support the tournament as a golfer, as a sponsor, and even better, both!
- NCUA to Distribute $178 Million Under Corporate System Resolution Program
March 9, 2023The National Credit Union Administration, in its role as liquidating agent, announced today a $109.6 million distribution to more than 100 membership and paid-in capital shareholders of the former Constitution and U.S. Central corporate credit unions. The NCUA will also distribute $68.6 million in dividends to more than 2,500 Members United and Southwest Corporate shareholders.
- League Attends Swearing-In Ceremony for Rep. Jennifer McClellan
March 8, 2023Rep. Jennifer McClellan took the oath of office on Tuesday evening, assuming the 4th Congressional District seat held by her friend and mentor, the late Donald McEachin. League Chief Advocacy Officer JT Blau attended the ceremony.
- League Notes Change Coming to General Assembly; CU Involvement in Coming Elections Critical
March 6, 2023Change is coming to the General Assembly with more new faces expected to be filling legislative seats next year than at any time in recent memory. “With so many new lawmakers, we can expect to be incredibly busy in the run up to the 2024 General Assembly session,” says Virginia Credit Union League President/CEO Carrie Hunt. “Credit union involvement in legislative campaigns and our political fundraising efforts will go a long way toward positioning us for success next year and beyond..."
- Rep. McHenry, Sen. Lummis Send Letter to Federal Regulators Demanding Digital Asset Regulatory Clarity
March 3, 2023Rep. Patrick McHenry (R-NC), Chair of the House Financial Services Committee, and Sen. Cynthia Lummis (R-WY), have co-authored a letter addressed to federal regulators demanding regulatory clarity on digital assets.
- House Financial Services Committee, Subcommittees Holding Hearings Next Week
March 3, 2023Various subcommittees of the House Financial Services Committee have hearings slated for next week, including hearings titled, “Consumer Financial Protection Bureau: Ripe for Reform” and “Coincidence or Coordinated? The Administration’s Attack on the Digital Asset Ecosystem.”
- League Immediately Contacts Sen. Warner Following Lawmaker's Letter to Regulators on Zelle Network Fraud
March 3, 2023Your League immediately contacted Sen. Mark Warner today in response to a letter co-signed by the senator to federal banking regulators that urged the agencies to "closely review and examine the customer reimbursement and anti-money laundering (AML) practices of depository institutions that participate in the Zelle network."
- Trade Groups Seek More Time to Comment on CFPB's Proposed Credit Card Fee Cuts
March 2, 2023Seven banking and credit union trade groups asked the Consumer Financial Protection Bureau for more time to comment on its controversial proposed rules that would drastically cut credit card late fees. The group said the current deadline is likely to result in "arbitrary agency action" and asked the CFPB to extend it from April 3 to the later of June 3 or 90 days after the rules are published in the Federal Register. Your League strongly supports the extended comment period.
- Senators Introduce Bill to Update FCU Meeting Requirements
March 2, 2023Sens. Kyrsten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced the CUNA-League led Credit Union Board Modernization Act (S.610) Wednesday. The bill would update the Federal Credit Union Act to allow federal credit union boards to meet six times per year (instead of the current once per month). The House passed the bill in January via voice vote. Sen. Tim Kaine signed on as a co-sponsor of this legislation during the last session of Congress and we lobbied for his support of this new measure during our meeting with him this week in Washington. In a meeting with Sen. Mark Warner, we also asked for his support.