League News

League Director of Membership and Business Development Katie Bailey joined UVA Community Credit Union yesterday in Charlottesville to welcome NCUA Board Member Rodney Hood. Janine Williams (Vice President of Credit Union Affairs at UVA Community CU) and Belinda Tucker (COO of UVA Community CU) provided Board Member Hood with an overview of the credit union's services. Hood is on a 50-state tour visiting credit unions and state leagues as he approaches the end of his term as an NCUA board member.

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In a case of keen interest to the credit union industry, the Supreme Court today heard oral arguments in the case of Consumer Financial Protection Bureau v. Community Financial Services Association. The case came to the Supreme Court after a 5th Circuit Court ruled that the CFPB's funding structure was unconstitutional.

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While we were pleased to see Congress avert a shutdown of the federal government, we’re also quick to recognize we’re facing a fresh deadline for approval of appropriations measures for the coming fiscal year. Importantly, the risk that credit union-opposed legislation – specifically the Credit Card Competition Act (interchange bill) -- will find a way to advance via one of those measures remains extremely high. Your League continues its push this week to derail the CCCA with follow-up contacts to every member of our Congressional delegation.

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Your League will monitor the long-awaited case before the U.S. Supreme Court that may well decide the future of the Consumer Financial Protection Bureau.

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Just hours before a government shutdown, Congress passed and sent the president a last-minute, short-term spending measure on Saturday night that will fund the federal government through Nov. 17. While the short-term spending measure means a temporary reprieve from the threat of a government shutdown, your League remains engaged with lawmakers on the issue. We continue to urge lawmakers to avoid a costly government shutdown and we remain watchful for any move to advance credit union-opposed measures by tying them to must-pass appropriations bills. 

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Through the generosity of Vizo Financial Corporate Credit Union, Virginia's credit unions can apply for grants that will fund financial education projects or programs to empower members to reach financial goals and establish a better quality of life. Up to $50,000 annually will be allocated to each of the state’s Foundations.

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Following an eventful week on the advocacy front, here's what you need to know on interchange legislation, the looming federal government shutdown and measures in Congress that would cap interest rates.

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This week, U.S. Sen. Mark R. Warner (D-VA), joined by Sens. Roger Wicker (R-MS), Chris Van Hollen (D-MD), Cindy Hyde-Smith (R-MS), Gary Peters (D-MI), and Jerry Moran (R-KS), reintroduced bipartisan legislation to promote lasting economic prosperity in low-income, minority, and rural communities. The Community Development Investment Tax Credit would help unlock more equity and long-term financial capital for community development financial institutions (CDFIs).

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The League today welcomed CUNA President/CEO Jim Nussle to the CEO Summit to discuss a host of pressing federal advocacy issues, including interchange, as well as the proposed CUNA/NAFCU merger.

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Despite intense efforts this summer by credit unions and the League to outline our deep concerns and the risks associated with interchange legislation, Rep. Bob Good (R-5^th) has signed on as a co-sponsor for the House version of the bill.

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