League News

Credit unions: There are new developments on interchange legislation that need your urgent attention. Your League today contacted the offices of Sen. Mark Warner and Tim Kaine urging them to oppose any efforts to advance the Credit Card Competition Act (CCCA). Now, we need you to mobilize at your credit union and ensure staff, officials and members reach out to Virginia's senators.

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In Hike The Hill events this week in Washington and through a series of legislative events across the Commonwealth this summer, the Virginia Credit Union League and member credit unions met with every member of Virginia’s Congressional delegation in preparation for a busy end-of-year agenda on Capitol Hill.

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News and Notes for and about Virginia's Credit Unions. In today's edition: Join Initiative to Help Industry Secure Share of $27 Billion to Provide Green Loans to Aid Your Members, Communities; CUs, League Meet in Washington with Offices of Reps. Wittman, Kiggans, Beyer; Additional Legislative Meetings Set for Today; GROWTH Conference Sept. 20-22: Still Time to Register; and Save the Date: CEO Forum Set for Oct. 17.

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The Federal Financial Institutions Examination Council (FFIEC) has updated the Home Mortgage Disclosure Act (HMDA) website. Regulation C requires lending institutions to report public loan data. In this section of the website, you can find out more about the regulation and its interpretation. The updated Filing Instructions Guide (FIG) and Supplemental Guide for Quarterly Filers for data collected in 2023 are now available.

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Tuesday was another busy day on Capitol Hill for the League advocacy team and member credit unions. Credit union advocates met with Sen. Mark Warner (D-VA) and the offices of Sen. Tim Kaine (D-VA), Rep. Bobby Scott (D-3rd), Rep. Jennifer McClellan (D-4th) and Rep. Gerry Connolly (D-11th).

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The Northern Virginia Chamber of Commerce, today presented PenFed Credit Union President/CEO and PenFed Foundation CEO James Schenck with the Lifetime Service Award for his outstanding contributions to help veterans succeed. The award ceremony was attended by hundreds of business leaders and held at the Army Navy Country Club.

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Your League and Virginia-based credit unions are in Washington this week to meet with federal lawmakers as part of NAFCU's Congressional Caucus. There are a host of issues of keen interest to credit unions on the Congressional agenda for the remainder of this year, including our ongoing battle against interchange legislation, funding the federal government, measures related to CFPB, and legislation that would provide new flexibility for federal credit union board meetings. Credit unions and your League met today with the offices of Reps. Rob Wittman (R-1st), Jennifer Kiggans (R-2nd) and Don Beyer (D-8th), covering those issues and others.

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NextMark Credit Union is thrilled to announce the grand reopening of its Fairfax branch, featuring futuristic self-serve technology designed to enhance the banking experience for its valued members. This innovative upgrade reflects NextMark's value-centric brand and its commitment to providing cutting-edge financial services while ensuring utmost convenience and accessibility. The newly revamped Fairfax branch introduces state-of-the-art self-serve technology, aimed at streamlining transactions, and empowering members to take control of their financial journey.

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We want to make you aware of an exciting opportunity that could provide significant grant funds for credit unions interested in green lending. Ecority, an independent nonprofit, is asking credit unions and Community Development Financial Institutions to submit an electronic letter of interest which it will use to demonstrate the breadth and depth of industry interest in leveraging some $20 billion from the Greenhouse Gas Reduction Fund (GGRF) being administered by the U.S. Environmental Protection Agency. As of this date, Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union.

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Your League’s 3Q2023 Compliance Roundtable is now available online. Join the League’s JT Blau (Chief Advocacy Officer) and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, for a deep dive into Fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule; NCUA’s new cyber incident reporting requirement; FFIEC’s update of their examination manual; Recent IRS info on credit unions’ eligibility to claim the Employee Retention Credit; and the importance of reviewing your BSA policies, procedures and oversight.

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