Advocacy News
Join the conversation about the latest news and issues related to the laws, regulations, politics and issues impacting Virginia's credit unions.
- 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."
- League Amps Up Urgent Call to Lawmakers to Avoid Government Shutdown
September 20, 2023Your League this week wrote every member of the Virginia Congressional delegation, urging them to avoid a government shutdown and the hardships that would follow for Virginians and the Commonwealth. Note: Credit unions will find this CUNA document helpful! It outlines the implications of a government shutdown for credit unions and their members. It also includes resources that will prove useful in the event of a government shutdown.
- League Monitoring NCUA Board's Consideration This Week of 'Financial Innovation' Rule
September 20, 2023The National Credit Union Administration Board will tomorrow consider its financial innovation rule, which is designed to make fintech partnerships easier for federally insured credit unions. “We appreciate the NCUA Board’s commitment to providing regulatory clarity and addressing marketplace changes brought about by technology or evolving market opportunities,” said League President/CEO Carrie Hunt. “It’s important the industry continues to work with NCUA to identify opportunities to update regulations such as this. It’s why the League considers participation and engagement during the regulatory review process so important.”
- Credit Card Rate Cap Bill Would Hurt Consumers, Negatively Impact Access to Credit
September 20, 2023Your League today reached out to U.S. Sens. Mark Warner and Tim Kaine, asking that they oppose legislation from Sen. Josh Hawley, R-Mo., that would cap credit card interest rates at 18 percent.
- Registration Open for 2024 Governmental Affairs Conference
September 19, 2023Registration is now open for the Governmental Affairs Conference (GAC). The annual conference will be held at the Walter E. Washington Convention Center in Washington, D.C., and online, March 3–7, 2024. "We hope you'll join your League and fellow Virginians in Washington next year as we engage with our Congressional delegation and regulators," said Virginia League President/CEO Carrie Hunt. "Our advocacy work will be especially critical early next year as we work toward the finish line for the 118th Congress and what promises to be a challenging and eventful 2024 presidential and federal election cycle."