Blog
- Fed Governors Offer Differing Views on Rate Cuts in 2024
December 27, 2023Some of the governors with the Federal Reserve have offered some additional insights into their thinking around the direction of rates in 2024, although there is some disagreement around how many rate cuts might take place and when.
- Carrie Hunt Departing Virginia Credit Union League to Serve as Chief Advocacy Officer for America's Credit Unions
December 21, 2023The Virginia Credit Union League Board of Directors announced today that President/CEO Carrie Hunt will be leaving the League to serve as Chief Advocacy Officer for America’s Credit Unions, effective March 1, 2024.
- Regulatory Compliance Weekly Roundup: December 21, 2023
December 21, 2023Happy…Thursday everyone! With the holidays upon us, the weekly roundup is one day early this week! Here's a quick overview of some of the headlines from the week in regulatory compliance.
- Biden Vetoes Resolution to Void CFPB Section 1071 Rule
December 20, 2023An effort to void the Consumer Financial Protection Bureau’s (CFPB) section 1071 rule ended at the White House late Tuesday. As anticipated, President Joe Biden vetoed a resolution of disapproval (S.J. Res. 32) for the CFPB rule. The Senate passed the measure in October, followed by the House on December 1, and CUNA and NAFCU?wrote in support?of the resolution. Section 1071 is currently under a nationwide stay for all covered entities, after CUNA, Cornerstone League, and Rally Credit Union in Corpus Christi, Texas,?successfully challenged?the rule in court.
- NCUA: Request for Comment Regarding Overhead Transfer Rate Methodology
December 20, 2023The NCUA Board (Board) is inviting comment on the methodology used to determine the Overhead Transfer Rate (OTR). The Board applies the OTR to the NCUA's operating budget to determine the portion of the budget that will be funded from the National Credit Union Share Insurance Fund (Share Insurance Fund). In response to industry recommendations, the Board has provided more detail, clarity, and transparency so the public can better understand the OTR methodology. Comments must be received on or before Feb. 20, 2024.
- Senate Confirms Otsuka to Serve on NCUA Board
December 20, 2023The Senate voted to confirm Tanya Otsuka to serve on the NCUA board Wednesday. Otsuka currently serves as senior counsel for the Senate Banking Committee and was nominated by President Joe Biden in September. "The Virginia Credit Union League looks forward to working with Ms. Otsuka as a member of the NCUA board," said League President/CEO Carrie Hunt. "We are excited to see her bring her talents to the credit union industry."
- CUs, League Meet With Rep. Wittman; Congressman Supports CUs on Biz Lending Measure for Vets, Interchange Bill
December 19, 2023Advocates from Henrico Federal Credit Union, Langley Federal Credit Union, Virginia Credit Union and your League met with Congressman Rob Wittman (R-1st) yesterday and his District Director Joe Schumacher at Henrico FCU’s headquarters. The newly drawn 1st Congressional District now includes parts of Chesterfield, Hanover, and Henrico as well as Williamsburg, the Middle Peninsula, and the Northern Neck.
- Credit Union Groups Call Out CNN’s Misleading Report on Credit Union Mortgage Lending Data
December 18, 2023The Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), and the African American Credit Union Coalition (AACUC) have released a statement on CNN’s misleading report on credit unions’ lending practices to minority and underserved communities.
- Advocacy In Action: League Highlights Week’s State, Federal Advocacy Work
December 15, 2023From meetings with lawmakers and elected officials to engagement with regulators, your League highlights this week's advocacy work.
- Our Premier State-Level Advocacy Event is Back! Join Us In Richmond Jan. 18 for Credit Union Day at the General Assembly
December 14, 2023Credit Union Day at the Virginia General Assembly returns on Jan. 18, and we need you in Richmond!