CURRENT Newsletter | July 28, 2023

CURRENT Newsletter | July 28, 2023

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Happy #ILoveMyCreditUnion Day! The 3rd annual credit union social media blitz, the #ILoveMyCreditUnion initiative, takes place today! Encourage your members, staff and officials to post why they love their credit union on their social media platform of choice using the #ILoveMyCreditUnion hashtag!

Voice of CUs Heard on Capitol Hill; Senate Passes NDAA Without Interchange

The U.S. Senate passed its version of the National Defense Authorization Act (NDAA) for fiscal year 2024 Thursday night without the interchange amendment the credit union industry fought to exclude.

“We thank Virginia’s credit unions for their grassroots and grasstops efforts to fight interchange legislation. From email campaigns to meetings with lawmakers, we fought hard to keep interchange from being attached to the NDAA in both the House and Senate,” said League Chief Advocacy Officer JT Blau. “This win in the Senate is particularly important, but we recognize we may well be fighting this fight for another year and a half. Big box retailers and merchant trade groups will continue to push this issue, which means we’ll need to remain especially vigilant in the weeks ahead.”

Legislative Receptions Set for August; Registration for Roanoke-Area Event Now Open!

Your League and credit unions will host a series of legislative receptions across the Commonwealth in August. Join us in advocating for your credit union and the Virginia credit union system at an event in your area!

• Aug. 8 – Shenandoah Valley Legislative Reception with Congressman Cline (R-06) – Hosted by UVA Community Credit Union / Member Options Mortgage Center (2060 Pro Pointe Lane, Harrisonburg, 22801)
• Aug. 22 - Roanoke Region Legislative Reception with Congressman Griffith (R-09) - Twisted Track Brewpub, 523 Shenandoah Ave. NW, Roanoke, 24016)
• Aug. 24 – Richmond Metro Legislative Reception – Hosted by Credit Union House of Virginia (108 N. 8th Street, Richmond, 23875)
• Aug. 30 – Northern Virginia Legislative Reception with Congresswoman Wexton (D-10) – Hosted by Northwest FCU (200 Spring Street, Herndon, 20170)

Member Expulsion Part 3: The Hearing, the Vote, and Requests for Reinstatement

We continue our series on the NCUA's Final Rule on Member Expulsion! In Part 1 we covered the criteria for expulsion, and in Part 2 we walked through all the required notices involved in this process. Today we're looking at the expulsion hearing with the member, the Board vote, and requests for reinstatement. Let's dive in.

League Offers Scholarships to Attend Upcoming Small CU Conferences in Pennsylvania, Alabama

Your League is joining CUNA and other Leagues to host two regional conferences for small credit unions in 2023. Geared toward management and board members, these low-cost events will focus on how smaller credit unions can strengthen their operations and remain competitive long into the future. Your League is pleased to offer scholarships for these events to qualifying credit unions.

GROWTH Conference: How Embedded Finance is Shaping Financial Services

While credit unions face the threat of disintermediation in the face of the new embedded finance value chain, this shift also offers us a tremendous growth opportunity. Embedded finance services allow almost any business to manage and market innovative financial services. Companies – even those outside traditional financial services -- can now seamlessly integrate banking products such as payment, debit, credit and insurance into end-user experiences. Join us at the GROWTH Conference (Sept. 20-22, Virginia Beach) to learn how embedded finance meets the needs of members today and how credit unions can identify the opportunities that will allow them entry into this new value chain.

Discovery Conference Set for Aug. 10

Discovery2023 will focus on delivering engaging thought leadership content centered around the challenges and opportunities that resonate with credit union leaders and executives. Gain insights to fuel your strategic planning initiatives as we near the end of 2023 and head into 2024.

TruStage Risk Forum Aug. 16: Transactions & Fraud

Regardless of channel, crafty fraudsters know how to pressure people to make unwise decisions. Bad actors go to great lengths to manipulate execs, employees, and members to commit theft.

In this two-hour informative session, we’re going deep into these critical topics: Real-time payments; Check fraud/stolen mail from a claim’s perspective; and BEC, fraudulent instruction, and website spoofing.

In Other News …

• Peoples Advantage, RRHA Are Making Homeownership A Reality For All
• BayPort Foundation Gives $25,000 to Fund Summer Programming at Local Boys & Girls Clubs
• Chartway Welcomes Vanessa Coria, VP of Communications
• Virginia Credit Union League, Dynamic Quest in New Partnership to Provide CUs with IT Assistance
• TRGroup, League Hosting 2nd Annual Women's Conference
• TRGroup, Virginia League Plan Compliance, HR Conferences This September
• Vizo Financial Plans Financial Conference Sept. 13-15
• NCUA to Host Aug. 2 Webinar on New Cyber Incident Reporting Rule
• Deadline Is August 28 to File Comment on NCUA’s MDI Proposal
• House Bill Would Exempt Loans Made to Veteran-Owned Businesses
• Arizona & New York Credit Unions Settle OD/NSF Lawsuits for $11 Million
• Fed Raises Rates to Highest Point Since 2001; Here's What CU Economists Are Saying
• Supreme Court Case in Which Credit Unions Have Interest Is Set for October