League News

Your League’s JT Blau offers insights and analysis of the NCUA’s 2024 Supervisory Priorities in two blog posts this week. The first looks at the 2024 Supervisory Priorities vs. 2023; the second offers a deeper dive into what made the list in 2024, and what credit unions can expect as they prepare for their exams.

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On Wednesday, League President/CEO Carrie Hunt sent a letter to member credit unions that outlines several service additions and enhancements your League is offering in 2024.

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The Consumer Finance Protection Bureau yesterdayday proposed what it characterized as a “proactive step” to prevent financial institutions from charging fees for transactions that are instantaneously declined. "CFPB continues to target legitimate fees that enable not-for-profit credit unions to cover the costs of doing business as they serve their members under the guise of consumer protection. We will vigorously oppose measures like this NSF fee ban, as well as the Bureau’s recent proposal on overdraft programs because both threaten our ability to operate in a free market system," said League President/CEO Carrie Hunt.

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Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule designed to eliminate NSF Fees. This rule comes on the heels of last week's proposed rule targeting overdraft fees charged by very large financial institutions. Let's take a look at the rules and their possible impact on credit unions here in Virginia.

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Rep. Jennifer McClellan (D-4^th) today visited Virginia Credit Union’s Church Hill branch, one of five branches recently opened by the credit union in the City of Richmond.

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The NCUA has released its Supervisory Priorities list for 2024. Every year, this list provides some insight into what areas the agency is paying close attention to in their examinations, rulemakings, and other actions. Seeing what items move up to the top, down to the bottom, or come off the list entirely gives us some idea of the NCUA's priorities for the coming year.

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Credit unions: We desperately need your help as we work to push our public deposits bill over the finish line! Please ask your staff, co-workers and officials to email lawmakers today in support of HB 1205. To date, we’ve generated 216 messages to lawmakers. We need significantly more support if lawmakers are going to consider this a top-of-mind concern for constituents.

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Small credit unions: Please be on the lookout for an email from League President/CEO Carrie Hunt, which outlines several service additions and enhancements your League will offer in 2024.

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The Federal Reserve extended the comment deadline on its interchange proposal to May 12, an additional 90 days past the original Feb. 12 deadline. “We have carefully examined the Federal Reserve Board’s proposal and will 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.

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League staff testified this week in support of two bills before the General Assembly that would allow for "trusted contacts" to be added to banking accounts to assist financial institutions in combating the abuse and exploitation of elderly and vulnerable adults.

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