CURRENT Newsletter | March 15, 2024

Share Your News!

• Email Us
• 800.768.3344, ext. 629

We appreciate our loyal readers! Please send your comments and feedback to pr@vacul.org.

IGNITE | League Annual Meeting: Networking, Education, Business Solutions—The Only Thing That Could Be Missing is You!

IGNITE | the League Annual Meeting is fast approaching, and we’re thrilled to host our signature networking and education event on the waterfront in Washington, D.C.! Slated for May 1-3, we’ll welcome financial education and money management guru Michelle Singletary and award-winning journalist and author Jonathan Karl. On tap are a half-dozen breakout sessions, including timely topics such as cybersecurity, artificial intelligence, and payments.
Register Here    

Book Your Stay

• Related: IGNITE Keynote Announced: Personal Finance Columnist and Acclaimed Author Michelle Singletary
• Related: Jonathan Karl Joins IGNITE Lineup as Keynote
• Related: TruStage’s Steven Rick to Offer Economic Outlook Session at IGNITE
• Related: IGNITE 2024: Education Sessions Announced!

Dinner Cruise to Benefit VACUPAC on May 2; Registration Open, 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.

Registration for the Cruise

Sponsorship Opportunities

League Welcomes News CFPB Taking Industry Feedback into Consideration on Final 1033 Rule, But Concerns Remain on Overall Impact

In a speech on Thursday, CFPB Director Rohit Chopra said the bureau would be responsive to recommendations from the industry on the CFPB’s section 1033 proposed rule. The proposal covers consumer access to financial data and depends largely on the recognition of an organization to set a qualified industry standard to aid compliance. The proposal would require financial institutions and others to share information – at a consumer’s request and at no cost – with other businesses that offer competing products. 
"While we welcome the news that industry feedback will factor into some aspects of the final rule, we are justifiably concerned about the rule's overall impact on credit unions," said League Chief Advocacy Officer JT Blau.

CUs Continue Fight Against CFPB's Small Biz Lending Collection Rule

The CFPB’s small business lending data collection rule should be set aside, America’s Credit Unions, Cornerstone League, Rally Credit Union, and other organizations wrote in a consolidated motion for summary judgment filed in the U.S. District Court for the Southern District of Texas. The CFPB finalized its rule requiring financial institutions to collect and report certain data on applications for credit for women-owned, minority-owned, and small businesses in March 2023. Credit unions led a successful push last year to stop the rule's implementation.
"While we recognize that CFPB had a statutory mandate to issue this rule, we fought for a rule that represented the least possible burden to credit unions. Our concerns remain that the scope of the rule and the regulatory burden it represents might well disincentivize some credit unions from offering small business lending, depriving small businesses of an important source of credit for fueling growth and creating jobs," notes League Chief Advocacy Officer JT Blau. "We would note that existing data already demonstrates credit unions' strong history of small business lending."

Compliance Roundtable: Archived Video Now Available

Count on your League to help you manage today's complex regulatory compliance environment! In our March 13 virtual meeting, topics included news and notes from the Virginia General Assembly, recent proposals by the CFPB on fees, coming changes to the NCUA Call Report and small estate affidavits. JT Blau (Chief Advocacy Officer of the League) and Vanessa Carter (Woods Rogers Vandeventer Black law firm) led the discussion.

League Website Issues Resolved; Deadline for Kirsch, Farley Awards Now March 20

Our web host experienced connectivity issues earlier today, which made our website and some other services unreachable. We apologize for any inconvenience. Owing to the website outage, we will push the deadline dates to March 20 for those working on nominations for the Kirsch and Farley Awards or completing an application for the Vizo Financial Education grants.

In Other News …