League News

Last 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.

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Your 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.”

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The 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.

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In 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.

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Chartway Credit Union is proud to announce it has received the distinguished Juntos Avanzamos designation from Inclusiv, an organization dedicated to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Credit unions dedicated to serving and empowering Hispanic and immigrant communities receive this designation. Out of more than 4,000 credit unions in the United States, only 134 have earned this designation, spanning 28 states, Puerto Rico, and the District of Columbia.

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The Senate Banking, Housing, and Urban Affairs Committee will meet Thursday to consider nominations, including a nominee for the NCUA Board, Tanya Otsuka. President Joe Biden nominated Otsuka — current senior counsel for the majority staff of the Senate Banking Committee — to take the place of current board member Rodney Hood. "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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News and notes from the world of regulatory compliance for the week that was! Covered in this post is the upcoming NCUA Board meeting (Oct. 19); NCUA Board Nominee Tanya Otsuka; and the CFPB's recent opinion on how fees can be a barrier to complying with requests for information. 

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Hampton Roads Educators Credit Union, Inc. (HRECU) was awarded a $10,000 grant to implement additional features to improve the member’s online experience.

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The situation in Washington remains unchanged. The expected vote for a House Speaker has yet to materialize, but we’re continuing to engage with lawmakers and their offices. Once business resumes in the House, it’s possible we’ll see a flurry of activity around the appropriations measures given that the temporary funding for the government ends in a month.

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Michael Huff, vice president of government relations and public policy at Vienna, Virginia-based Navy Federal Credit Union, has been appointed to the Virginia Credit Union League’s Board of Directors. He will serve as an At-Large Director until the League Board’s 2024 elections.

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