Blog
- CFPB Makes Preemption Determination of Virginia Law
March 28, 2023Today the CFPB issued a determination that commercial financing disclosure laws in four states, including Virginia, are not preempted by the Truth In Lending Act (TILA). What is preemption? What laws were they looking at? Does this impact credit unions in Virginia? Let's dive in.
- Registration Now Open for NCUA Share Insurance Webinar on April 13
March 28, 2023Share insurance is fundamental to the credit union system, and it’s a complex topic. To help credit unions better understand share insurance, the National Credit Union Administration has scheduled a webinar for Thursday, April 13, to discuss how member accounts are covered.
- League Closely Watching Lawmakers' Review of Recent Bank Failures
March 28, 2023The Senate Banking Committee today held a hearing on the recent bank failures and the federal regulatory response. FDIC Chair Martin Gruenberg, Fed Vice Chairman for Supervision Michael Barr and Treasury Undersecretary for Domestic Finance Nellie Liang were the key witnesses.
- Demand Letters, Lawsuits Center on Wiretap Violations at Credit Unions
March 28, 2023In 2022, a nationwide rise in litigation activity centered on wiretapping violation claims was reported involving companies' use of “session replay” technology. It is important for credit unions to work with legal counsel to ensure that their website policies and technologies comply with the privacy laws and wiretap laws of each state where its website is accessed.
- Arlington Community FCU, League Meet With Rep. Don Beyer
March 27, 2023Arlington Community Federal Credit Union's Karen Rosales (President/CEO) and Jim Wilmot (Chief Lending Officer) joined League Chief Advocacy Officer JT Blau for a meeting today with Rep. Don Beyer (D-8th) in Arlington. They discussed a wide array of issues during the course of the 30-minute meeting, including the recent failures of Silicon Valley and Signature Bank.
- Compliance: FinCEN Issues BOI Reporting Guidance
March 27, 2023The Financial Crimes Enforcement Network (FiNCEN) issued guidance Friday on its Beneficial Ownership Information (BOI) reporting rule, which is effective Jan. 1, 2024.
- Special Election March 28 for Virginia Senate's 9th District
March 27, 2023Voters in the state Senate's 9th District go to the polls on March 28 for a special election.
- CUs, League Celebrate Gov. Youngkin's Signing of Virtual Assets Custody Measure
March 24, 2023Gov. Glenn Youngkin yesterday signed credit unions’ virtual currency custody services bill into law, making Virginia among the first states to codify such authority for credit unions.
- League Shares CUs' Input on Banking Sector Challenges With Senior U.S. Treasury Official
March 22, 2023League President/CEO Carrie Hunt today joined her fellow League presidents and CUNA staff on a call with Graham Steele, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. Asst. Secy Steele and the Biden Administration are gathering feedback from the Leagues about deposit outflows/inflows at member credit unions, as well as what we’ve heard from credit unions related to questions and concerns about the health of the banking sector.
- NCUA Board Passes League-Supported Final Rule on Subordinated Debt; Board Also Addresses Impact of Recent Bank Failures
March 16, 2023The NCUA Board today passed its final rule on subordinated debt, while also addressing the recent bank failures that have caused some concern for the overall health of the nation’s financial system. “We’ve been keenly interested in adoption of the subordinated debt rule as an important tool to aid credit unions eligible to participate in Treasury’s Emergency Capital Investment Program,” said League President/CEO Carrie Hunt, who attended today’s NCUA Board meeting in-person. “The rule also provides additional flexibility for credit unions interested in pursuing subordinated debt and makes minor modifications that make the process easier and more appealing to credit unions.”