Blog
- Report: CFPB Examines Credit Card Rewards Challenges
May 16, 2024The Consumer Financial Protection Bureau (CFPB) recently turned its attention to issues in credit card rewards programs, which could impact credit unions significantly. Their findings highlight concerns like vague terms, reward devaluation, and redemption issues—common problems that can frustrate cardholders and complicate credit management.
- Assessing the Impact of High Interest Rates on Inflation
May 16, 2024The Federal Reserve's recent strategy of increasing interest rates to temper inflation has shown mixed results, as detailed in recent statements from Fed officials. While the rates have reached a 23-year peak, their direct impact on consumer behavior and inflation remains uncertain, pointing to potentially prolonged high rates.
- REGular Blog: Weekly Roundup May 10, 2024
May 10, 2024It's been another busy week in the world of regulatory compliance! Let's take a look at some of this week's headlines.
- Senator’s Warner and Kaine Reject Including the Credit Card Competition Act in Must-Pass Legislation
May 9, 2024Virginia’s U.S Senators Mark Warner and Tim Kaine voted against including the Credit Card Competition Act (CCCA) S.1838 and other non-germane amendments in the Federal Aviation Administration (FAA) reauthorization bill. The Virginia Credit Union League thanks Senators Warner and Kaine for not allowing this harmful legislation to be included in must-pass legislation.
- Andy Grimm Represents Credit Unions in Joint Hearing
May 9, 2024Today the Consumer Financial Protection Bureau and the Department of Transportation held a joint hearing on Airline and Credit Card Rewards Programs. Andy Grimm, President/CEO of Apple FCU, served as a panelist representing the credit union industry.
- Déjà vu All Over Again: Incoming Proposed Rule on Incentive Compensation
May 6, 2024A few weeks ago, several media outlets began reporting that banking regulators were preparing to re-attempt a rulemaking on incentive compensation. The rulemaking - an outstanding requirement of the 2010 Dodd-Frank Act - had been previously attempted twice but never made it to a final rule. Late last week, a financial regulation newsletter account posted on X/Twitter that the proposed rulemaking could be coming this week.
- REGular Blog: Weekly Roundup: April 25th
April 25, 2024In the past week we've gotten an ANPR from NCUA on records preservation, an analysis from FinCEN on elder financial exploitation SARs and CTRs, and some updated FAQs on Beneficial Ownership Information reporting. Let's dive in!
- League Celebrates a Win During Reconvene Session, but Commonwealth Remains Without Budget
April 25, 2024Each year, the Virginia General Assembly reconvenes in April to act upon the Governor’s amendments and vetoes to legislation the House and Senate Passed during the regular session. During the 2024 General Assembly Session 1,046 bills made it through both the House and Senate Chambers to the Governor’s desk. Wednesday, April 17th, the Virginia General Assembly held its Reconvene Session, also known as the veto session.
- The Job Growth Paradox: Strong Numbers Hide Struggles of Small Businesses
April 25, 2024While overall employment figures show robust job growth, the National Federation of Independent Business (NFIB) has unveiled a contrasting scenario for small businesses. Virginia's credit unions can help local businesses overcome hiring challenges and contribute to a resilient local economy and legislative landscape.
- REGular Blog: Weekly Roundup: April 18th
April 18, 2024Today is NCUA Board Meeting Thursday, after an unexpected month off in March. They are back with a proposed rulemaking. Let's take a look at that and some of the other top stories of the week in regulatory compliance.