Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CUs Concerned with CFPB Position on Fees, Data Collection
December 16, 2022The Consumer Financial Protection Bureau has missed opportunities to recalibrate its regulatory approach to fulfill its consumer protection mission without impeding access to credit, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
- CULAC Names 2023-24 Board of Trustees; 1st Advantage FCU's Paul Muse Represents Virginia
December 15, 2022The Credit Union Legislative Action Council, CUNA’s federal political action committee—confirmed 25 new members of its Board of Trustees this week. These trustees will serve from Jan. 1, 2023, to Dec. 31, 2024. Paul Muse (1st Advantage Federal Credit Union) represents Virginia.
- CFPB Has Missed Opportunities to Leverage Credit Union Mission
December 15, 2022The Consumer Financial Protection Bureau (CFPB) has missed many opportunities to leverage credit unions’ mission and history to benefit consumers, CUNA wrote to House Financial Services Committee leadership Wednesday. CFPB Director Rohit Chopra testified before the committee Wednesday, and is scheduled to testify before the Senate Banking, Housing, and Urban Affairs Committee Thursday.
- NCUA Leaves NOL Unchanged; Approves 2023-2024 Budget
December 15, 2022The National Credit Union Administration left the normal operating level unchanged at 1.33 percent, with the Board also approving a 2023-2024 budget slightly smaller than the one originally proposed by staff and unanimously advancing a proposed rule designed to provide clarity and ease credit unions’ foray into loan participations and fintech collaborations.
- League Statement on the Passing of Del. Ronnie Campbell
December 13, 2022"Our deepest condolences to the family, friends and colleagues of Del. Ronnie Campbell,” said Virginia Credit Union League President/CEO Carrie Hunt. “We are saddened to learn of the delegate’s passing, and we appreciate his service to his constituents and the Commonwealth.”
- League's Hunt to Serve as CUNA Examination & Supervision Subcommittee Vice Chair; Named to Board of Statewide Financial Education Organization
December 13, 2022League President/CEO Carrie Hunt has been named Vice Chair of the CUNA Advocacy Committee’s Examination & Supervision Subcommittee, and also recently joined the board of the Virginia Council of Economic Education, a nonprofit organization dedicated to providing Virginia’s K-12 students with the knowledge and personal finance skills necessary to succeed in today’s dynamic economy.
- Senate Banking Committee Outlines Priorities for 2023
December 9, 2022The Senate Banking Committee outlined the priorities of its Democrat majority for 2023. Included in the to-do list is addressing cryptocurrency and shadow bank risk, affordable housing, public transportation, climate-related risks, consumer protection and consumer debt, and defending the Consumer Financial Protection Bureau.
- House Votes to Ease FIs' Hiring of Ex-Convicts
December 9, 2022The House of Representatives on Thursday passed its version of the National Defense Authorization Act, including provisions to make it easier for financial institutions to hire rehabilitated ex-convicts — something that FIs and regulators have been pushing for years.
- Subordinated Debt Rule Would Help Lending to Underserved Communities
December 8, 2022CUNA supports NCUA’s subordinated debt proposal, it wrote to the agency in comments filed Monday. The current subordinated debt rule limits the maturity of Subordinated Debt Notes to a maximum of 20 years and terminates regulatory capital treatment for Grandfathered Secondary Capital (GSC) after 20 years beginning on the later of the date of issuance or Jan. 1, 2022.
- CUs, League Meet With Gov. Glenn Youngkin on CU Issues and Economic Challenges
December 2, 2022Representatives from more than a dozen credit unions and the League met today with Gov. Glenn Youngkin and key administration officials.