League News

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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The Federal Reserve is proposing changes to the debit interchange cap and calculation methods, as well as proposing a new process to update these figures more frequently going forward. The changes would apply directly to financial institutions with $10 billion or more in total assets, though will have indirect, downstream effects on debit card issuers of all sizes.

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Registration has opened for the four Development Education (DE) programs to be hosted in 2024 by the National Credit Union Foundation. There will also be one virtual program.

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The U.S. Senate on Wednesday voted 53-to-44 in favor of a resolution to repeal the CFPB's small-business data collection rule. The Congressional Review Act resolution is now on its way to the House.

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It was another busy week on the advocacy front. From meetings with lawmakers to attending NCUA Board meetings to filing an amicus brief in a critical federal court case involving a Virginia-based credit union, your League was hard at work this week in serving as your champion and chief advocate!

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News, notes and insights from the regulatory compliance world, including highlights of Thursday's NCUA Board Meeting.

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NCUA Board meeting summary for Oct. 19. Staff provided an update on the state of cybersecurity. The Board issued a proposed rule to amend the NCUA’s regulations governing share insurance coverage, with trust accounts a particular area of focus. The Board also issued a "Fair Hiring in Banking" proposal to incorporate the agency’s “Second Chance” Interpretive Ruling and Policy Statement (IRPS 19-1).

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Tanya Otsuka, a nominee for the National Credit Union Administration Board, was before the Senate Banking Committee today for her nomination hearing. Otsuka was asked a handful of policy questions, general thoughts on financial services law, and the importance of consumer protection. Your League welcomed her nomination last month for the Board seat. "The Virginia Credit Union League looks forward to working with Ms. Otsuka should she be confirmed," said League President/CEO Carrie Hunt. "We are very excited to see how she will bring her talents to the credit union industry."

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