CURRENT Newsletter | October 27, 2023

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Week’s Advocacy Issues Dominated By Interchange, Injunction Blocking CFPB’s Reporting Rule on Small Biz Lending

• The Board of Governors of the Federal Reserve (FRB) proposed a rule Wednesday that would reduce the debit interchange fee cap contained in Regulation II. “We will carefully examine the Federal Reserve Board’s proposal and submit comments. We know the fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League President/CEO Carrie Hunt.
• Your League also produced an analysis of the Federal Reserve Board’s proposed rule.
• Credit unions are now protected by a nationwide injunction preventing implementation of the Consumer Financial Protection Bureau’s Section 1071 rule.
• Following a House Financial Services subcommittee meeting on the topic, credit unions expressed concern that the growth of “Buy Now Pay Later” products has outpaced regulatory oversight.

League Reviewing NCUA Budget Proposal

Your League is carefully reviewing the NCUA's just-released budget proposal. "It’s vitally important the industry remains engaged with NCUA on its budget priorities, with the goal of striking a balance between protecting against risk, while also fostering an environment of innovation that best positions credit unions to succeed,” said League President/CEO Carrie Hunt.

NCUA Vice Chair Kyle Hauptman, League’s Carrie Hunt Plan Nov. 8 Virtual Event on Regulation, Agency Issues

Credit unions: You’re invited to a special virtual event on Nov. 8 with National Credit Union Administration Vice Chairman Kyle Hauptman and League President/CEO Carrie Hunt. Join us for a candid conversation on the issues, regulations and challenges the agency is navigating, and their potential impact on credit unions.

Leadership, Communication Styles Seminar Set for Nov. 16

Join us on Nov. 16 for a seminar focused on leadership and communication, specifically “authentic leadership” and how best to use our personal strengths and communication skills in the workplace.

Crash the GAC 2024! Applications Must Be Submitted by Nov. 20

Interested in attending the Governmental Affairs Conference next year as a Crasher? Gain a deeper understanding of our industry's advocacy work and how we showcase the "Credit Union Difference.” Applications are due no later than Nov. 20.

Registration Opens for League Compliance Roundtable and Member Call-In

Registration is open for two upcoming League virtual events! Both are free.

• League Compliance Roundtable (Dec. 6) - Count on your League to help you manage today's complex regulatory compliance environment.
• Member Call-In (Dec. 12) – League President/CEO Carrie Hunt hosts our virtual membership meeting, with updates on the coming General Assembly session, federal advocacy issues, and more!

In Other News …

• BayPort Co-Sponsors First-Ever 3D-Printed Home in Southeast Newport News
• Langley Federal Credit Union Donates $3,000 to Food Bank of Central, Eastern North Carolina
• ABNB Federal Credit Union Proud to Announce Several Internal Staff Promotions, New Hires Effective Immediately
• IGNITE | League Annual Meeting 2024: Registration Opens!
• League Partnership Will Offer C-Suite Level Leadership Training to Member Credit Unions
• Virginia Chapter of Global Women's Leadership Network Plans Nov. 7 Program; Registration Open
• NCUA and CDFI Hosting Nov. 8 Webinar on Small Dollar Lending Program