Blog
- Regulatory Compliance Weekly Roundup: November 17, 2023
November 17, 2023Let's dig into an incredibly busy week on the regulatory front, with League President/CEO Carrie Hunt testifying on the NCUA Budget proposal, the federal banking regulators appearing before the Senate and House banking committees and CFPB revisiting medical debt and the Fair Debt Collections Act.
- Biden Signs Stopgap Spending Measure, Averting Federal Government Shutdown
November 17, 2023President Joe Biden signed the stopgap spending bill into law on Thursday, averting a shutdown of the federal government. Your League was pleased to see the passage and enactment of the stopgap spending measure that will fund the federal government..
- Senate Passes Short-Term Spending Measure, Averting Federal Government Shutdown
November 16, 2023Your League was pleased to see the passage late Wednesday in the U.S. Senate of a stopgap spending measure that will fund the federal government until at least mid-January. We urged lawmakers to avoid a federal government shutdown, knowing the hardships it would create for credit union members, and by extension, credit unions.
- NCUA Board Meeting: CAMELS Code 3 on the Rise
November 16, 2023During today's NCUA Board meeting, the Board received a quarterly update on the Share Insurance Fund. Part of this update includes data on the CAMELS codes of credit unions. While the CAMELS codes of individual credit unions are confidential, this aggregate data shows some trends and insights. Today's data shows growth in CAMELS code 3 credit unions - not only in the number of credit unions in this category but also in shares and deposits held in these credit unions.
- League Holds Virtual Meetings with NCUA Vice Chair Hauptman; Treasury Official
November 14, 2023The League last week held virtual meetings with NCUA Vice Chairman Kyle Hauptman and Assistant Secretary of the Treasury for Financial Institutions Graham Steele. During the meetings, the League and member credit unions had the opportunity to discuss marketplace, economic and regulatory issues that impact credit unions and our members.
- Credit Union Advocates Join League in Congressional Meetings
November 14, 2023The Virginia Credit Union League held meetings today with Congresswoman Abigail Spanberger (D-7th) and the office of Congresswoman Jennifer McClellan (D-4th).
- House Passes Short-Term Government Funding Bill
November 14, 2023Your League was pleased to see passage this afternoon in the House of a short-term funding bill that would avert a government shutdown Saturday. The Senate must still pass the measure and the president must sign it.
- NCUA Board to Issue Final Rule on Charitable Donation Accounts; League's Carrie Hunt to Attend Meeting
November 13, 2023The NCUA Board has announced the agenda for their November board meeting. In addition to a Quarterly Share Insurance Fund Briefing, the Board will issue a Final Rule on Charitable Donation Accounts (CDAs). The Proposed Rule on CDAs was issued earlier this year. In 2013, the NCUA Board approved the CDA rule and permitted federal credit unions to fund a CDA. This account could hold investments that were otherwise impermissible for FCUs, but the account could only be used to provide charitable contributions to qualified entities. The 2013 rule defines "qualified charity" as a charitable organization or other non-profit entity recognized as exempt from taxation under 501(c)(3) of the Internal Revenue Code.
- Comments on Federal Reserve Interchange Proposal Due Feb. 12; League Will Oppose Changes to Current Interchange System
November 13, 2023The Federal Reserve published its interchange proposal Tuesday in the Federal Register with a comment deadline of Feb. 12. The Fed Board of Governors proposed the changes at its Oct. 25 meeting. Credit unions strongly oppose changes to the current interchange system and your League will voice its opposition to the Federal Reserve Board proposal.
- NCUA's Harper to Testify Before Senate, House Banking Committees
November 13, 2023The House and Senate are in Washington, D.C., and both chambers are expected to work on legislation funding the government past Nov. 17. Federal financial regulators—including NCUA Chairman Todd Harper and Fed Vice Chairman for Supervision Michael Barr—will testify before committees this week.