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Latest News Posts
- Federal Reserve Proposes Changes to Debit Interchange Cap
October 25, 2023The 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.
- Senate Votes for Resolution to Repeal CFPB’s Small-Business Data Collection Rule; League Noted Issues with Scope, Potential Burden of Rule
October 20, 2023The 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.
- League Highlights Busy Week of Advocacy Work
October 20, 2023It 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!
- Regulatory Compliance Weekly Roundup: October 20, 2023
October 20, 2023News, notes and insights from the regulatory compliance world, including highlights of Thursday's NCUA Board Meeting.
- NCUA Board Receives Cybersecurity Update; Proposed Rules for Insurance Coverage, Fair Hiring Issued
October 19, 2023NCUA 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).
- Following Nomination Hearing for NCUA Board Nominee Tanya Otsuka, League Highlights Key Engagement Issues with Agency
October 19, 2023Tanya 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."
- League-Supported WaWa Data Breach Settlement Advances; Proves Importance of Merchant Accountability, Interchange Fees
October 18, 2023Last week, a federal judge granted preliminary approval for a settlement in credit unions’ years-long data security breach lawsuit against WaWa convenience stores. Your League was among the many plaintiffs to sign on to the suit in 2020 on behalf of member credit unions. In total, the settlement calls for $28.5 million for credit unions, plus $9 million in attorneys’ fees. An estimated 5,000 financial institutions were affected.
- League Concerned, Engaged as Federal Reserve Considers Lowering Decade-Old Debit Interchange Fee Cap
October 18, 2023Your League is prepared to engage with policymakers following news yesterday that the Federal Reserve is preparing a proposal that would lower interchange fees merchants pay when consumers pay with debit cards. “Technically only the largest financial institutions were subjected to this cap on debit card fees, but we know the cap has had a negative impact industrywide,” said League President/CEO Carrie Hunt. “If the Fed pursues lowering the fee cap, your League stands ready to engage with policymakers and lawmakers during the comment period and during any discussions in Congress. With fraud both a constant and critical concern for credit unions, the interchange battle is vitally important, requiring our vigilance and our engagement.”
- League Joins With National Trades on Amicus Brief in Critical Federal Court Case Involving Virginia-Based Credit Union
October 17, 2023The Virginia Credit Union League, the National Association of Federally-Insured Credit Unions and the Credit Union National Association today filed a joint amicus brief in a federal court case with broad implications for financial institutions’ liability in fraud cases involving misdirected payments.
- League's Carrie Hunt Notes Challenges for State Charters, Need to Modernize State Rules for CUs
October 17, 2023In an article posted to CUToday.info, Virginia Credit Union League President/CEO Carrie Hunt notes her growing concern for the future of the dual chartering system in the Commonwealth.