Blog
- League Concerned, Engaged as Federal Reserve Considers Lowering Decade-Old Debit Interchange Fee Cap
October 18, 2023Your League is prepared to engage with policymakers following news yesterday that the Federal Reserve is preparing a proposal that would lower interchange fees merchants pay when consumers pay with debit cards. “Technically only the largest financial institutions were subjected to this cap on debit card fees, but we know the cap has had a negative impact industrywide,” said League President/CEO Carrie Hunt. “If the Fed pursues lowering the fee cap, your League stands ready to engage with policymakers and lawmakers during the comment period and during any discussions in Congress. With fraud both a constant and critical concern for credit unions, the interchange battle is vitally important, requiring our vigilance and our engagement.”
- League Joins With National Trades on Amicus Brief in Critical Federal Court Case Involving Virginia-Based Credit Union
October 17, 2023The Virginia Credit Union League, the National Association of Federally-Insured Credit Unions and the Credit Union National Association today filed a joint amicus brief in a federal court case with broad implications for financial institutions’ liability in fraud cases involving misdirected payments.
- League's Carrie Hunt Notes Challenges for State Charters, Need to Modernize State Rules for CUs
October 17, 2023In an article posted to CUToday.info, Virginia Credit Union League President/CEO Carrie Hunt notes her growing concern for the future of the dual chartering system in the Commonwealth.
- Nomination Hearing Oct. 19 for NCUA Board Nominee Tanya Otsuka
October 16, 2023The Senate Banking, Housing, and Urban Affairs Committee will meet Thursday to consider nominations, including a nominee for the NCUA Board, Tanya Otsuka. President Joe Biden nominated Otsuka — current senior counsel for the majority staff of the Senate Banking Committee — to take the place of current board member Rodney Hood. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."
- New Uncertainty in Washington, But League Remains Focused on Derailing CU-Opposed Measures
October 13, 2023The situation in Washington remains unchanged. The expected vote for a House Speaker has yet to materialize, but we’re continuing to engage with lawmakers and their offices. Once business resumes in the House, it’s possible we’ll see a flurry of activity around the appropriations measures given that the temporary funding for the government ends in a month.
- NCUA Board Announces 2024 Meeting Schedule
October 12, 2023The National Credit Union Administration Board today released its monthly meeting schedule for 2024. Open Board meetings are scheduled to begin at 10 a.m.
- CFPB Issues Advisory Opinion on Consumer Information Requests to Large Banks, Credit Unions
October 11, 2023Today the CPFB issued an advisory opinion regarding Section 1034(c) of the Consumer Financial Protection Act (CFPA), which requires large banks and credit unions to comply with consumer requests for information about their account. These requests can include balance inquiries, information about recent transactions, loan balances, interest rates, recent bill payments, fee schedules, lien statuses and more.
- Virginia-Based Credit Unions Reach 45,000 Individuals With Personal Finance Lessons
October 10, 2023Virginia-based credit unions reported reaching 28,144 students and 17,568 adults with lessons on personal finance during the year ended June 30, 2023. To reach those numbers, Virginia’s credit unions collectively conducted 570 presentations to students and 428 presentations to adults.
- 1,000 Emails to Lawmakers in the Past Month in Opposition to Interchange Bill
October 10, 2023We’re closing in on 1,000 emails sent to Virginia’s congressional delegation in opposition to the Credit Card Competition Act (interchange legislation). We launched our most recent campaign a month ago, and you’ve responded by mobilizing your staff, officials and members!
- As House Readies for Election of New Speaker, CUs Urged to Maintain Efforts to Fight Interchange Bill
October 9, 2023As the U.S. House of Representatives readies to select a new Speaker, your League is urging credit unions to maintain communications with lawmakers on the Credit Card Competition Act (interchange legislation).