League News Releases
- CUs’ Public Deposits Bill: Your Help Needed!
January 30, 2024Our grassroots efforts to fight for HB 1205, our public deposits bill, continue and we’re urging credit union champions to email lawmakers today in support of the measure.
- League Comments on CFPB's Move to Ban NSF Fees on Real-Time Payments
January 25, 2024The Consumer Finance Protection Bureau yesterdayday proposed what it characterized as a “proactive step” to prevent financial institutions from charging fees for transactions that are instantaneously declined. "CFPB continues to target legitimate fees that enable not-for-profit credit unions to cover the costs of doing business as they serve their members under the guise of consumer protection. We will vigorously oppose measures like this NSF fee ban, as well as the Bureau’s recent proposal on overdraft programs because both threaten our ability to operate in a free market system," said League President/CEO Carrie Hunt.
- League Staff Testifies on 2 Bills Designed to Combat Elder Financial Abuse
January 23, 2024League staff testified this week in support of two bills before the General Assembly that would allow for "trusted contacts" to be added to banking accounts to assist financial institutions in combating the abuse and exploitation of elderly and vulnerable adults.
- Credit Union Day at the General Assembly: Advocates Lobby for CU Legislation; Educate Lawmakers About CU Difference
January 18, 2024130 credit union advocates from across the Commonwealth traveled to Richmond today in support of credit union legislation and to educate lawmakers about the “Credit Union Difference.”
- League Notes CFPB's 'Large Institution' Overdraft Proposal Endangers Such Programs at All Credit Unions
January 17, 2024Today, the CFPB issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z. "Your League is working its way through the 200-plus page proposed rule, but our initial take is this: While the rule targets institutions with more than $10 billion in assets, the realities of the marketplace mean that overdraft programs at all credit unions are endangered," said League President/CEO Carrie Hunt.
- League Urging Lawmakers to Address Looming Partial Shutdown of Federal Government
January 16, 2024Your League remains engaged with federal lawmakers as Congress finds itself facing a partial government shutdown on Friday, absent new action to fund the government. "While credit unions will step up to aid members in the event of a partial government shutdown, we continue to actively engage with lawmakers in hopes such a scenario can be avoided," said League President/CEO Carrie Hunt. "We've made it clear in all our communication to lawmakers and during recent meetings with our delegation that a shutdown would also pose a significant challenge for our credit unions."
- New NCUA Board Member Otsuka Will Have First Official Board Meeting Thursday
January 16, 2024The NCUA Board will meet on Jan. 18 to consider two items: a Board briefing on NCUA’s 2024-2026 Diversity, Equity, Inclusion, and Accessibility strategic plan and a discussion of NCUA’s 2024 Annual Performance Plan. This will be the first official meeting for new Board member Tanya Otsuka, who was sworn in earlier this month.
- CALL TO ACTION: Write State Lawmakers Today in Support of Credit Union Legislation
January 11, 2024Take action today in support of our newly introduced legislation in the Virginia General Assembly. We're lobbying for a measure to provide credit unions with the authority to hold public deposits (HB 1205). 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. Please encourage staff, officials and members to contact their lawmakers, as well!
- IGNITE | League Annual Meeting Schedule Announced; Register for Event; Reserve Your Hotel Stay
January 11, 2024We’re proud to announce our schedule for IGNITE | League Annual Meeting! Registration is now open for our premier networking and education event, which is being held May 1-3 on the waterfront in Washington, D.C. at InterContinental (The Wharf).
- League at Work as General Assembly Convenes; Credit Union Legislation Introduced
January 10, 2024The League was on site today at the General Assembly Building and Capitol as the Virginia legislature convened for its 2024 session. The League advocacy team is combing through the roughly 1,900 bills already introduced, with more to follow in the coming days. HB 1205, our legislation that would authorize state- and federally-chartered credit unions to hold public deposits, will likely be referred to the House Commerce and Labor Committee for consideration.