Blog
- Senators Introduce Bill to Update FCU Meeting Requirements
March 2, 2023Sens. Kyrsten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced the CUNA-League led Credit Union Board Modernization Act (S.610) Wednesday. The bill would update the Federal Credit Union Act to allow federal credit union boards to meet six times per year (instead of the current once per month). The House passed the bill in January via voice vote. Sen. Tim Kaine signed on as a co-sponsor of this legislation during the last session of Congress and we lobbied for his support of this new measure during our meeting with him this week in Washington. In a meeting with Sen. Mark Warner, we also asked for his support.
- Virginia CU's Deb Wreden Continues Service on CFPB's Credit Union Advisory Council
March 2, 2023The CFPB announced yesterday the appointment of new members to multiple advisory committees, including four new members to the Credit Union Advisory Council (CUAC). Virginia Credit Union's Deb Wreden (EVP, Product and Delivery Strategy) continues to serve on the Advisory Council.
- CUs, League 'Hiking The Hill' in Support of Legislative Agenda
March 1, 2023Virginia credit union advocates are meeting with our congressional delegation today on Capitol Hill, including Sen. Tim Kaine and freshman lawmaker Rep. Jennifer Kiggans.
- Loan Participation Proposal is Helpful Update, Further Clarification Needed
March 1, 2023CUNA generally supports NCUA’s proposed rule on loan participations, it wrote to the agency Tuesday, but believes NCUA could do more to clarify the rules. NCUA’s proposal would amend rules regarding the purchase of loan participations and the purchase, sale, and pledge of eligible obligations and other loans.
- Bipartisan Senate Bill Would Exempt Veteran Business Loans from Cap
March 1, 2023Sens. Mazie Hirono, D-Hawaii, and Dan Sullivan, R-Alaska, introduced legislation Tuesday to exempt credit union loans made to veteran-owned businesses from the member business lending cap. Credit unions are restricted in business lending by current law to 12.25% of their total assets. This bill would amend the Federal Credit Union Act to exclude extensions of credit made to veterans from the MBL definition.
- Senators Introduce Bipartisan Bill to Extend CLF Flexibility
March 1, 2023Sens. Alex Padilla, D-Calif., and Kevin Cramer, R-N.D., introduced legislation Tuesday that would allow credit unions to purchase central liquidity facility (CLF) capital stock for specific members for the next three years. CUNA, the California Credit Union League, and Dakota Credit Union Association coordinated with policymakers on the bill. CLF flexibility enacted via the CARES Act in 2020 expired at the end of 2022.
- SCOTUS Will Hear Challenge to CFPB Funding Mechanism
February 28, 2023The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the CFPB. CUNA has long supported placing the CFPB under the traditional appropriations process.
- House Passes Remote Online Notary Bill
February 28, 2023The House passed the CU-supported Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act by voice vote Monday. The bill would authorize the use of remote online notarization and create national standards and protections for its use. In Virginia, notarizing a document “remotely” is already permissible, but a national standard and broader acceptance of such services will make it easier for Virginia-based credit unions to utilize this option.
- CUs, League Meet with Rep. Griffith; Thank Him for Support of Recent CU Legislation
February 28, 2023Credit union advocates from ValleyStar Credit Union, InFirst Federal Credit Union, Eastman Credit Union and Truliant Federal Credit Union met with Rep. Morgan Griffith (R-09) today.
- CUs Pleased With Legislative Wins, But General Assembly Adjourns Without Budget Deal
February 27, 2023The Virginia General Assembly ended its legislative session Saturday without reaching agreement on sweeping changes to the state budget, leaving both tax cuts and massive new spending on the table as Republicans and Democrats couldn’t break a late deadlock over priorities. Your League is pleased to note a couple of key wins this session, including our cryptocurrency custody services measure and a measure that codifies the Virginia Community Development Financial Institutions Fund.