League News

Peoples Advantage Federal Credit Union on Oct. 28 celebrated the grand opening for its Richmond Financial Empowerment Center at 3601 Dill Road, Richmond, Virginia. The event had over 200 attendees from the community. The Credit Union’s mission is to enable the underserved, unbanked and no-credit population to build and fulfill dreams by taking the People “Advantage.”

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During the months of July and August, DCCU credit card holders received additional reward points or cash back for their grocery purchases. In turn, DCCU would make a donation to the Blue Ridge Area Food Bank (BRAFB) in relation to the dollars spent on grocery purchases. Thanks to the campaign and member support, DCCU donated $20,000 to the Food Bank.

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Langley Federal Credit Union has donated $3,000 to the Food Bank of Central & Eastern North Carolina to help celebrate the opening of the credit union’s newest branch, in Raleigh, North Carolina. The branch at 6308 Falls of Neuse Road welcomed its first members on Sept. 11. As part of the opening week festivities, Langley pledged to donate $100 for every new member who joined the branch, up to $3,000.

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Interested in attending the Governmental Affairs Conference next year as a Crasher? Gain a deeper understanding of our industry's advocacy work and how we showcase the "Credit Union Difference." The GAC is our opportunity to highlight the meaningful work credit unions are doing to improve the financial well-being of their members and communities. Apply to CRASH the GAC 2024 and take your career to the next level! Applications are due no later than Nov. 20.

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Registration is open for two upcoming League virtual events! Both are free. League Compliance Roundtable (Dec. 6) and the Member Call-In (Dec. 12).

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Advocacy news and notes for the week ended Oct. 27.

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Credit unions are now protected by a nationwide injunction preventing implementation of the Consumer Financial Protection Bureau’s Section 1071 rule, thanks to quick legal action by CUNA, Cornerstone League and Rally Credit Union of Corpus Christi, Texas.

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The National Credit Union Administration’s staff draft budget for 2024–2025 is now available on the agency’s website for review and comment. The draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Nov. 21. Your League has been an active participant in the NCUA's budget review and comment process, providing written comments and testimony from League President/CEO Carrie Hunt.

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The BayPort Foundation has partnered with Habitat for Humanity Peninsula and Greater Williamsburg and Newport News Shipbuilding to co-sponsor a 3D-printed home in the southeast neighborhood of Newport News. The home is the first of its kind in Newport News and is anticipated to be completed in December.

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The Board of Governors of the Federal Reserve (FRB) today proposed a rule that would reduce the debit interchange fee cap contained in Regulation II. “We will carefully examine the Federal Reserve Board’s proposal and 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. “The League remains engaged with policymakers on this issue because we understand the debit interchange fee cap had an impact on every financial institution, not just those issuers with $10 billion or more in assets. We know, too, that the price cap imposed on debit interchange fees is a failed policy that’s had a disastrous impact on the cost and availability of basic banking services, harming low- and moderate-income Americans.”

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