League News

ABNB Federal Credit Union is proud to announce several internal staff promotions in our Digital Services department effective immediately.

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Additional information has been added to the Cybersecurity topic in the Security Channel of Virginia InfoSight for the Automated Cybersecurity Evaluation Toolbox (ACET).

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As we move closer to a federal government shutdown, your League is carefully monitoring the situation and engaging with lawmakers. We continue to make the point that a shutdown will harm credit union members, the regional economy, and credit unions themselves.

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The Senate co-sponsors of interchange legislation attempted to rev up support for the measure this week with a press conference and a show of support from small business groups. We continue to push back against efforts to move the interchange bill through ongoing engagement with our Congressional delegation and through our grassroots campaign that asks credit union supporters to write Sens. Warner and Kaine in opposition to the interchange measure.

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There’s little movement in Washington on the looming federal government shutdown. Your League identified a potential federal government shutdown as a key issue for CUs and members as we met with lawmakers during a series of Legislative Receptions across the state this summer and during our Hike The Hill events last week.

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This week a group of Senators introduced the SAFER Banking Act - a new version of the previous SAFE Banking Act. The legislation aims to improve access to financial services for cannabis businesses by creating safe harbors for financial institutions and payment processors. While marijuana is legal in many states in some form, the fact that it is still illegal at the federal level has led to some hesitancy from banks, credit unions, and payments processors to serve cannabis businesses.

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The National Credit Union Administration Board unanimously approved a final rule that amends the NCUA’s regulations regarding indirect lending, the purchase of loan participations, and the purchase, sale, and pledge of eligible obligations and notes of liquidating credit unions. “We appreciate the NCUA Board’s commitment to providing regulatory clarity and fostering opportunities for credit unions by allowing them to leverage partnerships and marketplace innovation,” said Virginia Credit Union League Chief Advocacy Officer JT Blau.

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The Virginia Credit Union League is pleased to learn of the nomination of Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. "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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Your League this week wrote every member of the Virginia Congressional delegation, urging them to avoid a government shutdown and the hardships that would follow for Virginians and the Commonwealth. Note: Credit unions will find this CUNA document helpful! It outlines the implications of a government shutdown for credit unions and their members. It also includes resources that will prove useful in the event of a government shutdown.

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Yesterday the CFPB issued guidance on the use of artificial intelligence in loan underwriting, specifically on how to properly issue an Adverse Action Notice (AAN) when you use AI or complex credit models in your decisioning process.

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