League News

Kara Cardona has been announced as Navy Federal Credit Union’s next Chief Operating Officer. Cardona replaces Dietrich Kuhlmann, who recently succeeded Mary McDuffie as Navy Federal’s Chief Executive Officer. All transitions were effective as of March 1, 2024. Cardona has nearly 25 years of experience at Navy Federal, the past three of which she spent as its executive vice president for Contact Center Operations and Greater Pensacola Operations. Here, she led the credit union's largest business unit and oversaw functions of its three campus locations. As COO, Cardona reports directly to Kuhlmann out of the credit union’s headquarters in Vienna, VA.

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America's Credit Unions Compliance Blog: Many credit unions choose ChexSystems reports to determine whether a person may open a share account. Ultimately, this method is a risk-based business decision for the credit union to make, but you may want to understand a few basic things when pulling this type of report to confirm or deny a share account.

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White 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.

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We 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.

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Module 5 of the EMERGE Certification Program is slated for May 1 in Washington, D.C.! While this in-person event is part of our EMERGE Leadership Certification, anyone can attend! Through this workshop, leaders will learn how to shape employee mindset, develop effective behaviors, coach to skills, and improve results through coaching and accountability.

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Virginia Governor Glenn Youngkin has announced additional key administration and board appointments, including current and former credit union professionals.

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In 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.

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Count 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.

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The 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.

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According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion over the year ending in the fourth quarter of 2023. Insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion. The delinquency rate at federally insured credit unions was 83 basis points in the fourth quarter of 2023, up 21 basis points from one year earlier.

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