Home News CURRENT Newsletter | February 16, 2024

CURRENT Newsletter | February 16, 2024

2/16/2024

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NOTE: The League Office is closed on Monday, Feb. 19, in observance of Presidents Day. Have a safe holiday weekend!

League Engaged with Sens. Warner, Kaine Ahead of April 9 Hearing on Credit Card Competition Act

Ahead of a planned April 9 hearing before the Senate Judiciary Committee, Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kansas) have added two new cosponsors to their bill that would overhaul the rules governing credit card interchange. Your League remains actively engaged with Sens. Mark Warner and Tim Kaine on the issue. The measure remains our top legislative priority as we ready for the Governmental Affairs Conference and our “Hike the Hill” efforts next month in Washington.

NCUA Share Insurance Fund Update: Diving into CAMELS Code Data

NCUA held its February Board meeting Thursday, which included a quarterly update on the share insurance fund. We've seen a growth in both the number of CAMELS 3/4/5 credit unions, as well as the shares and assets they hold, in recent quarters. Let's see how things looked at year-end…

REGular Blog: FFIEC Issues Statement on Exam Principles Related to Real Estate Valuation Discrimination and Bias

This week, the Federal Financial Examination Council (FFIEC) issued a statement to communicate principles for the examination of residential property appraisal and evaluation (valuation) practices to mitigate risks that may arise due to potential discrimination or bias in those practices; and to promote credible valuations. When it comes time for your exam, whether it is a safety and soundness exam or a specific consumer compliance exam, expect a review of risk management processes for residential lending activity. Here are some things to consider as you prepare for your next exam!

League Offers Update on Key Legislative Issues at General Assembly's Halfway Point

Feb. 13 was Crossover Day in the Virginia General Assembly. This marked the halfway point of the 2024 Session and is the deadline for bills to pass out of their chamber of origin to be considered by the other body. Here is a synopsis of this year’s major issues and where they currently stand…

Large Banks Offer Worse Card Rates Than CUs, Small Banks, New CFPB Report Finds

The Consumer Financial Protection Bureau (CFPB) said it has found that large banks are offering worse credit card terms and interest rates than credit unions and small banks, regardless of credit risk. That’s according to CFPB’s newly updated Terms of Credit Card Plans survey. “Your League continues to make the case to both regulators and legislators that credit unions' member-owned, not-for-profit business model incents credit unions to keep rates reasonable and fees proportionate to the costs of providing a product or service,” said League Chief Advocacy Officer JT Blau. “Credit cards are a vital product for expanding financial inclusion and helping families everywhere manage their finances. In the case of credit unions, credit cards are also among the most highly regulated products we offer.”

League Plans March 4 Legislative Reception on Capitol Hill

Your League will host a Legislative Reception on March 4 in Washington, D.C., starting at 3 p.m. We have invited Virginia’s entire Congressional delegation as part of our Governmental Affairs Conference Hike the Hill efforts. To aid us in planning, we do ask that you register for this event.

Dinner Cruise to Benefit VACUPAC on May 2: Sponsorship Opportunities Available

We'll host a sunset dinner cruise on May 2 in support of the Virginia Credit Union Political Action Committee (VACUPAC) and credit union advocacy! As part of IGNITE | the League Annual Meeting, the dinner cruise will feature a buffet meal and open bar aboard a luxury yacht. Credit unions, business partners and vendors: sponsorship opportunities are available! Note: our top-tier sponsorship levels include attendance on the cruise.

Just interested in the cruise? Register by April 10 to secure your spot!

register here

In Other News …

Tags: IGNITE, Annual Meeting, InterContinental Washington DC, The Wharf, IGNITE 2024, VACUPAC, Virginia Credit Union Political Action Committee, General Assembly, public deposits, Glenn Youngkin, trusted contacts, PACE loans, foreclosure, subordinate mortgages

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