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 Notes Eventful Week in Advocacy; Urges CUs to Keep Up Efforts on Interchange
September 29, 2023Following an eventful week on the advocacy front, here's what you need to know on interchange legislation, the looming federal government shutdown and measures in Congress that would cap interest rates.
- League's CEO Summit Welcomes CUNA's Jim Nussle for Discussion on Federal Advocacy Issues, Proposed Merger Between CUNA, NAFCU
September 28, 2023The League today welcomed CUNA President/CEO Jim Nussle to the CEO Summit to discuss a host of pressing federal advocacy issues, including interchange, as well as the proposed CUNA/NAFCU merger.
- League Urges Rep. Good to Reconsider Support of Interchange Legislation; Communicates CUs Grave Concerns with Bill
September 27, 2023Despite intense efforts this summer by credit unions and the League to outline our deep concerns and the risks associated with interchange legislation, Rep. Bob Good (R-5th) has signed on as a co-sponsor for the House version of the bill.
- Senate Committee Passes Cannabis Banking Bill; Warner Votes in Favor of Measure
September 27, 2023The SAFER Banking Act, which would aid financial institutions in serving legal cannabis businesses, passed the Senate Banking Committee this morning in a 14-9 vote. Sen. Mark Warner (D-VA) voted in favor of the bill. This marks the first time the Senate has considered the legislation. An earlier version, the SAFE Banking Act, had passed the House seven times previously. The legislation went through several amendments during the markup as lawmakers wrestled with the appropriate amount of authority banking regulators should have, among other concerns.
- With Shutdown Looming, League Monitors Situation in Washington
September 26, 2023As we move closer to a federal government shutdown, your League is carefully monitoring the situation and engaging with lawmakers. We continue to make the point that a shutdown will harm credit union members, the regional economy, and credit unions themselves.
- League, CUs Continue Critical Fight Against Interchange Legislation; Email Sens. Warner, Kaine Today!
September 22, 2023The Senate co-sponsors of interchange legislation attempted to rev up support for the measure this week with a press conference and a show of support from small business groups. We continue to push back against efforts to move the interchange bill through ongoing engagement with our Congressional delegation and through our grassroots campaign that asks credit union supporters to write Sens. Warner and Kaine in opposition to the interchange measure.
- League Continues Outreach to Lawmakers on Looming Federal Government Shutdown
September 22, 2023There’s little movement in Washington on the looming federal government shutdown. Your League identified a potential federal government shutdown as a key issue for CUs and members as we met with lawmakers during a series of Legislative Receptions across the state this summer and during our Hike The Hill events last week.
- From SAFE to SAFER: What's New in the SAFER Banking Act?
September 21, 2023This week a group of Senators introduced the SAFER Banking Act - a new version of the previous SAFE Banking Act. The legislation aims to improve access to financial services for cannabis businesses by creating safe harbors for financial institutions and payment processors. While marijuana is legal in many states in some form, the fact that it is still illegal at the federal level has led to some hesitancy from banks, credit unions, and payments processors to serve cannabis businesses.
- League Supports NCUA's 'Financial Innovation' Rule; Salutes Board's Approach to Flexible, Principles-Based Regulation
September 21, 2023The National Credit Union Administration Board unanimously approved a final rule that amends the NCUA’s regulations regarding indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations and notes of liquidating credit unions. “We appreciate the NCUA Board’s commitment to providing regulatory clarity and fostering opportunities for credit unions by allowing them to leverage partnerships and marketplace innovation,” said Virginia Credit Union League Chief Advocacy Officer JT Blau.
- League Welcomes News of Tanya Otsuka's Nomination for NCUA Board
September 21, 2023The Virginia Credit Union League is pleased to learn of the nomination of Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."