League News

NCUA has released its supervisory priorities and other updates to the agency’s 2024 examination program. The agency says it is focused on the areas posing the highest risk to credit union members, the credit union industry, and the National Credit Union Share Insurance Fund (Share Insurance Fund).

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The NCUA Board unanimously approved the agency’s 2024 operating and capital budgets at its December 2023 meeting. As a result of that decision and other factors, federal credit union operating fees will increase by an average of approximately 16.36 percent in 2024. Additionally, the operating fee exemption threshold was increased from $1 million to $2 million. Federal credit unions with a four-quarter average of $2 million or less in total assets are exempt from the operating fee.

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While our credit unions were making their way up and down the halls of the General Assembly Building in Richmond, the NCUA Board was holding its January Board meeting, marking the first with NCUA's newest Board member, Tanya Otsuka. Board member Otsuka was sworn in by Chairman Harper last week, and she replaces Board member Rodney Hood, whose term expired last year.

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130 credit union advocates from across the Commonwealth traveled to Richmond today in support of credit union legislation and to educate lawmakers about the “Credit Union Difference.”

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The Senate overcame its first procedural hurdle Tuesday night to ward off a partial shutdown on Saturday, advancing another two-tiered stopgap spending bill that would kick government funding deadlines into March. Your League remains engaged with federal lawmakers, noting in all our communication to lawmakers and during recent meetings with our delegation that a shutdown would also pose a significant challenge for our credit unions and their members.

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Today, the CFPB issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z. "Your League is working its way through the 200-plus page proposed rule, but our initial take is this: While the rule targets institutions with more than $10 billion in assets, the realities of the marketplace mean that overdraft programs at all credit unions are endangered," said League President/CEO Carrie Hunt. 

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Northwest Federal Credit Union (NWFCU) is proud to announce that Washington Commanders, Partnerships Marketing Manager, Nathan Turner has been hired as the new SVP of Marketing and Communications. 

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Your League remains engaged with federal lawmakers as Congress finds itself facing a partial government shutdown on Friday, absent new action to fund the government. "While credit unions will step up to aid members in the event of a partial government shutdown, we continue to actively engage with lawmakers in hopes such a scenario can be avoided," said League President/CEO Carrie Hunt. "We've made it clear in all our communication to lawmakers and during recent meetings with our delegation that a shutdown would also pose a significant challenge for our credit unions."

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The NCUA Board will meet on Jan. 18 to consider two items: a Board briefing on NCUA’s 2024-2026 Diversity, Equity, Inclusion, and Accessibility strategic plan and a discussion of NCUA’s 2024 Annual Performance Plan. This will be the first official meeting for new Board member Tanya Otsuka, who was sworn in earlier this month.

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Northwest Federal Credit Union (NWFCU) is proud to announce that former CEO of the CORE Foundation Taralyn Tharp Kohler, was recently hired as VP of The NWFCU Foundation. Ms. Kohler brings with her more than 20 years of high-performing executive leadership experience in the telecom and nonprofit sectors with a proven track record in delivering revenue results, building high-performance teams, and developing strong partnerships.

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