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 Urging Lawmakers to Avoid Looming Partial Federal Government Shutdown
March 19, 2024White House and congressional negotiators agreed Monday evening to fund the Department of Homeland Security along with nearly three-quarters of the federal government — starting a sprint on Capitol Hill to pass the legislation before a government shutdown deadline this weekend. Your League continues to urge lawmakers to avoid a federal government shutdown, as even partial ones would have an outsized impact on our regional economy.
- Coming Call Report Changes for Large CUs On Overdraft, NSF Income Reporting: What You Need to Know
March 19, 2024We continue to field questions from credit unions about NCUA having amended the Call Report to require large credit unions (in this case meaning more than $1 billion in total assets) to report income from overdraft fees and NSF fees.
- League Welcomes News CFPB Taking Industry Feedback into Consideration on Final 1033 Rule, But Concerns Remain on Overall Impact
March 15, 2024In a speech on Thursday, CFPB Director Rohit Chopra said the bureau would be responsive to recommendations from the industry on the CFPB’s section 1033 proposed rule. The proposal covers consumer access to financial data and depends largely on the recognition of an organization to set a qualified industry standard to aid compliance. The proposal would require financial institutions and others to share information – at a consumer’s request and at no cost – with other businesses that offer competing products. "While we welcome the news that industry feedback will factor into some aspects of the final rule, we are justifiably concerned about the rule's overall impact on credit unions," said League Chief Advocacy Officer JT Blau.
- League Compliance Roundtable - March 2024
March 15, 2024Count on your League to help you manage today's complex regulatory compliance environment! In our March 13 virtual meeting, topics included news and notes from the Virginia General Assembly, recent proposals by the CFPB on fees, coming changes to the NCUA Call Report and small estate affidavits. JT Blau (Chief Advocacy Officer of the League) and Vanessa Carter (Woods Rogers Vandeventer Black law firm) led the discussion.
- CUs Continue Fight Against CFPB's Small Biz Lending Collection Rule
March 13, 2024The CFPB’s small business lending data collection rule should be set aside, America’s Credit Unions, Cornerstone League, Rally Credit Union, and other organizations wrote in a consolidated motion for summary judgment filed in the U.S. District Court for the Southern District of Texas. The CFPB finalized its rule requiring financial institutions to collect and report certain data on applications for credit for women-owned, minority-owned, and small businesses in March 2023. Credit unions led a successful push last year to stop the rule's implementation.
- CFPB Mischaracterizes Home Closing Costs as ‘Junk Fees’
March 12, 2024The CFPB released a blog post Friday outlining their belief that home closing costs include some “junk fees,” under the bureau’s definition, and are too much of a burden for mortgage borrowers who are already taking on a huge financial undertaking.
- Senate Stablecoin Bill Gains Traction with Pro-Bitcoin Sen. Lummis
March 12, 2024In a significant move toward the regulation of stablecoins, Senator Cynthia Lummis, a prominent advocate for Bitcoin, alongside Senator Kirsten Gillibrand, has been diligently crafting legislation aimed at bringing clarity and safeguards to this burgeoning sector of the cryptocurrency market.
- League Will Monitor CFPB’s Information-Gathering Effort for Mortgage Closing Cost Fees
March 12, 2024The Biden Administration’s war on what it terms “junk fees” has entered new territory - the real estate finance process. Last week, the Consumer Financial Protection Bureau asked that consumers weigh in on how fees in the mortgage closing process affect them.
- Regulatory Compliance Weekly Roundup: March 8, 2024
March 8, 2024Happy Friday everyone! It's been quite a week. I was in DC for the Governmental Affairs Conference, which was not only the first one put on by the newly formed America's Credit Unions, but the first one with Carrie Hunt on board as the organization's new Chief Advocacy Officer. Carrie not only gave some terrific remarks on the big stage but also had an insightful one-on-one with NCUA Chairman Todd Harper. Virginia had a great showing at the GAC, and it was wonderful to see everyone who made it. Let's look at some highlights from this week.
- CUs, League Note Opposition to Interchange Bill in Meeting Sen. Tim Kaine
March 7, 2024Our "Hike The Hill" efforts are off to a fast start today! Credit union and League representatives met with Sen. Tim Kaine (D-Va.) to discuss our legislative priorities, including our opposition to the Credit Card Competition Act, a measure that would alter the current interchange system and negatively impact credit unions' ability to fight fraud.