Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League, CUs Host Federal, State Regulators at CEO Forum
October 18, 2022Virginia’s credit unions and your League welcomed National Credit Union Administration Vice Chairman Kyle Hauptman and Virginia Bureau of Financial Institutions Commissioner Joe Face Jr. to an exclusive event today for CEOs from the Commonwealth’s credit unions with less than $100 million in assets.
- League President Carrie Hunt Preparing to Testify Wednesday on NCUA Budget
October 17, 2022League President/CEO Carrie Hunt is preparing to testify Wednesday during an NCUA hearing on its 2023-2024 budget and the agency’s justification for its proposed expenditures.
- NCUA Board to Hear Cybersecurity, CLF Briefings Oct. 20
October 14, 2022The NCUA board will hear briefings on cybersecurity and the Central Liquidity Fund (CLF) at its Oct. 20 board meeting. The meeting will be streamed live starting at 10 a.m. via NCUA.gov.
- MBA Lobbies for Mortgage Insurance Premium Cut
October 14, 2022Department of Housing and Urban Development Secretary Marcia Fudge is the latest recipient of a letter — this time from an affordable housing coalition led by the Mortgage Bankers Association — asking for a reduction in Federal Housing Administration premiums.
- Wells Fargo Failing to Protect Customers as Zelle Scams Soar, Sen. Warren Charges in Letter
October 14, 2022Sen. Elizabeth Warren is tightening the pressure on Wells Fargo CEO Charles Scharf, just one among major bank executives that the Massachusetts Democrat is targeting amid evidence of repeat fraud on Zelle, the instant-payments system owned by seven of the U.S.’s largest banks.
- CFPB's Credit Card Late Fee Project Could Hit Small Institutions Hard
October 14, 2022Impending changes to how much credit card issuers can charge in late fees could have a big impact on small institutions. The Federal Reserve's late fee rules are under review by the Consumer Financial Protection Bureau in a move that could result in a formal notice of proposed rulemaking early next year, according to CFPB Director Rohit Chopra. A key question is what may happen to a safe harbor permitting credit card issuers to charge a specific amount without fearing action by the government, enacted under the CARD Act in 2009.
- League's NoVA-Area Legislative Reception Draws 12 Federal, State Lawmakers
October 12, 2022Forty credit union supporters and 12 federal and state lawmakers attended the League's legislative reception Tuesday night in Fairfax. Apple Federal Credit Union hosted the event.
- Credit Card Competition Act, NCUA Third-Party Authority Absent from Senate NDAA Agreement
October 12, 2022Lawmakers have released the text of the bipartisan agreement on a Senate substitute amendment for the National Defense Authorization Act (NDAA), which is likely be considered by the Senate in November. Absent from the list of amendments included in the substitute are the Credit Card Competition Act of 2022 and NCUA Third Party Vendor Authority, marking wins for the credit union industry, which has fought hard against the inclusion of those two measures in the NDAA and a third proposal that seeks to study interchange costs for those in the military, which is also absent from the substitute amendment.
- CUNA, Leagues Support Bipartisan Senate Fair Hiring Bill
October 12, 2022CUNA and Leagues support the Senate Fair Hiring in Banking Act (H.R. 5025), introduced by Sens. Joe Manchin, D-W.V., Thom Tillis, R-N.C., Chris Van Hollen, D-Md., and Chris Coons, D-Del. The bill would allow for greater employment opportunities at federally insured financial institutions by reducing barriers to employment based on past criminal offenses.
- Virginia's Luria Among Candidates Garnering Support from CUNA, CULAC's $2.5M Spend on Campaign Ads
October 5, 2022Rep. Elaine Luria is getting a boost from credit unions this election season, with CUNA and the Credit Union Legislative Action Council (CULAC) funding an ad touting the Congresswoman's work to support veterans and their families.