Advocacy News
Join the conversation about the latest news and issues related to the laws, regulations, politics and issues impacting Virginia's credit unions.
- League Showcases CU Service to Veterans Ahead of Senate Banking Hearing
November 3, 2023Your League wrote Sen. Mark Warner on Wednesday to tout credit unions’ good work in supporting servicemembers, veterans and their families. In a letter sent ahead of Thursday’s Senate Banking Committee hearing on financial protections for servicemembers and veterans, the League asked Sen. Warner to remain mindful of credit unions’ continued commitment in this area. We noted the proud history of credit unions here in Virginia that were chartered initially to serve various military bases and servicemembers.
- League President/CEO Carrie Hunt to Testify on NCUA Budget Proposal
November 3, 2023League President/CEO Carrie Hunt will be among the industry stakeholders testifying on the NCUA budget at a public hearing on Nov. 16. The agency will hold a public budget briefing at its Central Office, beginning at 2 p.m. The meeting will be livestreamed on NCUA.gov.
- League Reaching Out to Senators to Spotlight Work of Credit Unions in Serving Military, Families Ahead of Thursday Hearing
October 31, 2023Many of our Virginia-based credit unions proudly serve servicemembers and their families. The Senate Banking Committee will hold a hearing on Thursday titled, “Ensuring Financial Protection for Servicemembers, Veterans and Their Families.” Considering the good work of our credit unions, your League will submit a letter ahead of the hearing to spotlight Virginia credit unions’ long, proud record of service to members of the military and their families.
- Crash the GAC 2024! Applications Must Be Submitted by Nov. 20
October 27, 2023Interested 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." The GAC is our opportunity to highlight the meaningful work credit unions are doing to improve the financial well-being of their members and communities. Apply to CRASH the GAC 2024 and take your career to the next level! Applications are due no later than Nov. 20.
- Registration Opens for League Compliance Roundtable and Member Call-In
October 27, 2023Registration is open for two upcoming League virtual events! Both are free. League Compliance Roundtable (Dec. 6) and the Member Call-In (Dec. 12).
- Week’s Advocacy Issues Dominated By Interchange, Injunction Blocking CFPB’s Reporting Rule on Small Biz Lending
October 27, 2023Advocacy news and notes for the week ended Oct. 27.
- CUNA-Led Litigation Results in Nationwide Stay of CFPB’s 1071 Rule
October 26, 2023Credit unions are now protected by a nationwide injunction preventing implementation of the Consumer Financial Protection Bureau’s Section 1071 rule, thanks to quick legal action by CUNA, Cornerstone League and Rally Credit Union of Corpus Christi, Texas.
- NCUA Posts 2024-2025 Proposed Budget, Sets Nov. 16 Public Briefing
October 26, 2023The National Credit Union Administration’s staff draft budget for 2024–2025 is now available on the agency’s website for review and comment. The draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Nov. 21. Your League has been an active participant in the NCUA's budget review and comment process, providing written comments and testimony from League President/CEO Carrie Hunt.
- League Will Comment on Federal Reserve Board's Proposed Rule for Revision of Debit Interchange Fee Cap
October 25, 2023The Board of Governors of the Federal Reserve (FRB) today proposed a rule 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. “The League remains engaged with policymakers on this issue because we understand the debit interchange fee cap had an impact on every financial institution, not just those issuers with $10 billion or more in assets. We know, too, that the price cap imposed on debit interchange fees is a failed policy that’s had a disastrous impact on the cost and availability of basic banking services, harming low- and moderate-income Americans.”
- Senate Votes for Resolution to Repeal CFPB’s Small-Business Data Collection Rule; League Noted Issues with Scope, Potential Burden of Rule
October 20, 2023The U.S. Senate on Wednesday voted 53-to-44 in favor of a resolution to repeal the CFPB's small-business data collection rule. The Congressional Review Act resolution is now on its way to the House.