League News

An effort to void the Consumer Financial Protection Bureau’s (CFPB) section 1071 rule ended at the White House late Tuesday. As anticipated, President Joe Biden vetoed a resolution of disapproval (S.J. Res. 32) for the CFPB rule.  The Senate passed the measure in October, followed by the House on December 1, and CUNA and NAFCU?wrote in support?of the resolution. Section 1071 is currently under a nationwide stay for all covered entities, after CUNA, Cornerstone League, and Rally Credit Union in Corpus Christi, Texas,?successfully challenged?the rule in court.   

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The Senate voted to confirm Tanya Otsuka to serve on the NCUA board Wednesday. Otsuka currently serves as senior counsel for the Senate Banking Committee and was nominated by President Joe Biden in September. "The Virginia Credit Union League looks forward to working with Ms. Otsuka as a member of the NCUA board," said League President/CEO Carrie Hunt. "We are excited to see her bring her talents to the credit union industry."

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Advocates from Henrico Federal Credit Union, Langley Federal Credit Union, Virginia Credit Union and your League met with Congressman Rob Wittman (R-1st) yesterday and his District Director Joe Schumacher at Henrico FCU’s headquarters. The newly drawn 1^st Congressional District now includes parts of Chesterfield, Hanover, and Henrico as well as Williamsburg, the Middle Peninsula, and the Northern Neck.

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Chartway Credit Union congratulates Stephanie Harney on her recent promotion to the newly created position of vice president of member care.

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With a focus on the American Association of Credit Union Leagues’ (AACUL) recently updated mission, vision, and strategic pillars, credit union system leaders gathered in California this month for the 2023 AACUL Winter Conference. Over 200 attendees from across the League System as well as League Chairs, the CUNA board, federal and state regulators, and key business partners participated. The conference celebrated a renewed energy from Leagues for a sharp focus on advocacy impact, excitement for deepened collaboration throughout the League System, and intentional, strategic connection with the new America’s Credit Unions.

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The Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), and the African American Credit Union Coalition (AACUC) have released a statement on CNN’s misleading report on credit unions’ lending practices to minority and underserved communities. 

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Supporting organizations that have a meaningful impact within our communities is part of our mission of “Helping People Prosper – Helping Communities Thrive”. Freedom First Credit Union is pleased to announce the non-profit recipients of our 2023 Community Investment Grants program. Twenty non-profits located in the Roanoke, New River Valley, and Lynchburg areas received Community Investment Grants totaling $35,000.

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The Richmond Economic Development Authority (EDA) and the City of Richmond presented Virginia Credit Union (VACU) with its Outstanding Economic Development Partner award at the Second Annual Celebration of Business. The celebration was a significant event that highlighted the success of economic development initiatives over the past year and recognized the stakeholders who played a crucial role in making this success possible.

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We highlight key items of interest from the Dec. 14 NCUA Board Meeting, including the passage of the agency's 2024-2025 budget.

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From meetings with lawmakers and elected officials to engagement with regulators, your League highlights this week's advocacy work.

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