League News

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS today also issued technical guidance regarding all of the cost?of?living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75.

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Your League is pleased to release its 2022-2023 Impact Report! With your support, we have seen state and federal advocacy wins, continued growth for our education and networking opportunities, and the expansion of our products and services.

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Your League today filed its written comments on the National Credit Union Administration’s 2024-2025 budget proposal. Our written comments expand on the testimony of League President/CEO Carrie Hunt last week at the agency’s in-person public hearing.

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Beginning November 27, 2023, the Federal Housing Administration (FHA) will implement security enhancements that will require the use of multi-factor authentication (MFA) when accessing FHA Connection (FHAC) and its applications. The MFA is designed to provide an added layer of security to verify an end user's identity when they sign into FHAC and supporting systems. Implementing the MFA reduces the risks of compromised passwords and enables greater security without compromising the user experience. This change does not impact Business-to-Government (B2G) users of FHAC.

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Let's dig into an incredibly busy week on the regulatory front, with League President/CEO Carrie Hunt testifying on the NCUA Budget proposal, the federal banking regulators appearing before the Senate and House banking committees and CFPB revisiting medical debt and the Fair Debt Collections Act.

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Three Virginia-based credit unions have been recognized with national financial education and member service awards.

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League President/CEO Carrie Hunt testified today during the National Credit Union Administration’s public hearing on the agency’s 2024-2025 budget proposal. During her testimony. Hunt noted three key areas of concern: cybersecurity, the agency’s allocation of resources as it relates to serving credit unions of every size, and an increased scrutiny on consumer compliance.

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Something to share with your members: the FTC now takes reports in multiple languages.

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During today's NCUA Board meeting, the Board received a quarterly update on the Share Insurance Fund. Part of this update includes data on the CAMELS codes of credit unions. While the CAMELS codes of individual credit unions are confidential, this aggregate data shows some trends and insights. Today's data shows growth in CAMELS code 3 credit unions - not only in the number of credit unions in this category but also in shares and deposits held in these credit unions.

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Ecority, a green-lending initiative supported by your League, has named Chuck Purvis as Interim CEO and Board Member. League President/CEO Carrie Hunt is serving on an advisory board for Ecority, an independent nonprofit seeking to secure for credit unions and Community Development Financial Institutions a share of funding from a $27 billion fund at EPA. Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union. “I’m proud of how credit unions and industry partners came together through Ecority to seize this unique opportunity. I wanted to ensure the Virginia League took a leadership role in this initiative, knowing what we could accomplish if credit unions are able to leverage GGRF funds in serving members and our communities,” said Hunt.

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