Blog
- CFPB Issues Final League-Opposed Credit Card Penalty Fee Rule
March 5, 2024The Consumer Financial Protection Bureau today issued its final rule on credit card penalty fees. "We maintain that the Bureau's rule fails to consider the negative consequences likely to result from the regulation, including interest rate hikes and changes to other terms and fee amounts," notes League Chief Advocacy Officer JT Blau. "The proposal also does not take into account credit unions' member-owned, not-for-profit business model, which incentivizes credit unions to keep fees reasonable and proportionate to the costs of providing the service."
- REGular Blog: CFPB Issues Final Rule Limiting Credit Card Late Fees
March 5, 2024Today the CFPB issued its final rule on credit card late fees, which lowers the safe harbor on credit card late fees for large issuers. The rule was proposed last year, and it did change slightly from the proposed version. The Final Rule is a hot conversation topic here at GAC!
- NCUA Memo: Credit Unions Are Not Purchasing Banks at Fast Pace
March 4, 2024Despite the outcry by the banking community, credit unions are not purchasing banks at a quickening pace, according to a National Credit Union Administration memo obtained by Washington Credit Union Daily under the Freedom of Information Act. Banking trade groups have called for congressional hearings on bank purchases by credit unions, contending that credit unions can leverage their tax exemptions to offer better deals to banks than banks are able to offer.
- The Impact of Rising Debit Card Fraud and How to Defend Against It
March 4, 2024In 2023, 34% of financial institutions with assets at or under $5 billion saw a growth in debit/prepaid fraud while 56% of larger institutions also witnessed an increase (PYMNTS). The impact of compromised cards and the resulting fraud can be significant for both credit unions and their members. Taking a closer look at the trending tactics for collecting card information and using it for fraud attacks can help credit unions take more effective, proactive steps to guard against it.
- Sen. Mark Warner Meets With Virginia CU Representatives at League's Capitol Hill Reception
March 4, 2024As part of our advocacy efforts at GAC today, Sen. Mark Warner (D-VA) was the guest of honor at the League's Legislative Reception on Capitol Hill.
- League Joins Other Trades in Pushing Back Against Banker Attacks on Tax Exemption
March 4, 2024Your League joined with other state leagues to push back against banker attacks on credit unions' tax exemption.
- League Meets with NCUA Board Vice Chair Kyle Hauptman
March 4, 2024Chief Advocacy Officer JT Blau met Sunday with National Credit Union Administration Board Vice Chairman Kyle Hauptman to discuss a number of issues, including credit union board meeting frequency, challenges facing board and supervisory committee members, and upcoming call report changes.
- League Advocacy Efforts at GAC Include Scheduled Meetings, Engagement with All 13 Members of Congressional Delegation
March 1, 2024Your League anticipates meeting with the offices of all 13 members of Virginia's Congressional delegation during next week's Governmental Affairs Conference (GAC) in Washington, D.C. "GAC represents a unique opportunity to engage with federal lawmakers, not only to discuss our legislative priorities but also to showcase the 'Credit Union Difference,'" said League Chief Advocacy Officer JT Blau. "Our advocacy efforts are increasingly important as we face a challenging regulatory landscape and a host of issues that impact our ability to compete in today's marketplace, including fraud, threats to critical revenue streams, and the growing need to enhance the credit union charter."
- Transparency Needed in Any Future NCUA Call Report Changes
February 29, 2024Credit unions support a more transparent process for changes to NCUA’s call report, America’s Credit Unions’ Ann Petros wrote to NCUA Chairman Todd Harper Wednesday. Changes to the call report—proposed by the NCUA Board in December and effective March 31—require credit unions with more than $1 billion in assets to list income related to overdraft fees and non-sufficient funds (NSF) fees in the call report.
- House Passes Bill to Avert Government Shutdown, Measure Heads to Senate
February 29, 2024House lawmakers approved a temporary spending bill to prevent a partial government shutdown this weekend, with Speaker Mike Johnson (R., La.) forced once again to turn to a coalition made up mostly of Democrats to pass it. The vote was 320 to 99, with slightly more than half of Republicans joining with almost all Democrats to support the measure.