CURRENT Newsletter | January 9, 2024

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With Months of Prep Behind Us, CUs Ready for Busy General Assembly Session

With a year’s worth of preparation and planning behind us, credit unions are eager to see tomorrow’s start of the 2024 session of the Virginia General Assembly.
 
This promises to be a busy 60-day session that will include consideration of a measure to provide credit unions with the authority to hold public deposits. This authority would allow public entities – city and county governments and their various subdivisions, for example – to deposit public funds at local credit unions, providing greater choice, boosting competition, and benefitting taxpayers by providing better rates on deposits. 
 
“More than half the states allow public entities to hold deposits at credit unions, so we believe it’s past time Virginia’s credit unions have this authority,” said League President/CEO Carrie Hunt. “We can expect fierce opposition from the bankers, but our member credit unions understand the importance of advancing the credit union charter and pursuing new authority and new opportunities for credit unions whenever possible.” 
 

Join Us Jan. 18 in Richmond for Credit Union Day at the General Assembly

Credit Union Day at the Virginia General Assembly returns Jan. 18, and we need you in Richmond! We're looking for at least 200 credit union champions to join us as we educate state lawmakers about the "Credit Union Difference.” Advocates from all of Virginia’s credit unions, all positions, and all advocacy experience levels are encouraged to join us.
 

League’s Carrie Hunt Leads Effort in Support of Green-Lending Initiative for CUs

League President/CEO Carrie Hunt assisted in leading an effort to help secure funding from the Environmental Protection Agency for green-lending initiatives at Virginia-based credit unions, as well as nationally.
 
A green-lending initiative supported by your League submitted an application in November in pursuit of funding through the Environmental Protection Agency’s Greenhouse Gas Reduction Fund (GGRF). Hunt presented at a meeting Monday before the EPA as part of the application process, outlining how credit unions could quickly deploy grant funds as community-focused, experienced and regulated lenders.
 

With Federal Government Shutdown a Possibility, League Engaged with Lawmakers

Your League is carefully monitoring the situation in Washington and engaging with lawmakers as Congress nears the first of two deadlines to agree on appropriations bills for 2024. We continue to make the point that a shutdown will harm credit union members, the regional economy, and credit unions themselves.
 

League Eager to Work on CU Issues with New NCUA Board Member Tanya Otsuka

The Honorable Tanya Otsuka became the 25th Board Member of the National Credit Union Administration following a private swearing-in ceremony held at the agency’s Alexandria, Virginia, headquarters today. "The Virginia Credit Union League congratulates Ms. Otsuka and looks forward to working with her as a member of the NCUA board to ensure credit unions have the tools they need to serve members," said League President/CEO Carrie Hunt. "We are excited to see her bring her talents to the credit union industry."
 

FinCEN Begins Accepting Beneficial Ownership Reports; League Notes Considerations for CUs

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has started to accept beneficial ownership information reports, in accordance with the Corporate Transparency Act. 
 
As for credit union impact - credit unions themselves are exempt from being required to report. However, credit unions will still be impacted by this rule. Credit unions that offer commercial accounts have been obtaining beneficial ownership information during account opening since May 2018, when the customer due diligence (CDD) rule became effective. Now, with this new rule, businesses will be reporting beneficial ownership information directly to FinCEN, as well. Again, it's important to note credit unions are still required to obtain and verify their members’ BOI to satisfy customer due diligence (CDD) requirements.
 

Interested in Serving on a League Committee? Let Us Know!

The League Board is accepting nominations for our working committees! Interested in serving? Complete the nomination form here.
 

Jan. 11 Webinar From New League Partner Motivosity: Learn How to Engage, Retain Employees

• Together, the TRGroup and the Virginia Credit Union League are excited to introduce our new partner company, Motivosity! If you're looking for an employee rewards and recognition program that goes above and beyond to build the culture of your dreams, you'll want to join us on Jan. 11 at 2 p.m. for a webinar overview of Motivosity.

In Other News ...

• EPN of Southeast Virginia, Tidewater Chapter to Host Networking, Advocacy Event Jan. 11

• League, TRGroup Ask CUs to Complete Compensation Salary Survey
• Let League Partner Dynamic Quest Help Protect Your CU from Cyber Threats
• Vizo Financial Onboards Credit Unions to the FedNow® Service Through the Federal Reserve
• TruStage: Evolving to Meet Consumers’ Changing Needs
• Registration Open for 2024 Governmental Affairs Conference