CURRENT Newsletter | September 5, 2023

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League Compliance Roundtable Sept. 6; Register Now for Free Webinar

Join us on Sept. 6, for the League’s free Quarterly Compliance Roundtable. JT Blau, Chief Advocacy Officer of the League, and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, will discuss the following: 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; FinCEN’s update of their examination manual; and other recent hot topics from the League Compliance Hotline.

Emerge Certification Module: Overview of CU System, Philosophy, Financials, and Advocacy

Gain an understanding of what makes credit unions tick and our role in the financial services marketplace, including the financials that drive our success, the philosophy on which our industry was built, and the obligation each of us has in advocating for credit unions. Note: While this session has plenty to offer anyone wanting to know more about our industry, it would be incredibly beneficial for newer employees and officials.

GROWTH Conference: Leveraging All Facets of Your Operations to Drive Growth & Fuel Success

Join us at the Virginia Beach oceanfront for an informative, thought-provoking conference that seeks to answer that all-important question: How do we deliver enterprise-wide strategy, differentiation and performance to fuel the growth and success of our credit union?

League Files Comment Letter on Proposed Changes to NCUA's Operating Fee Methodology

Your League today filed a comment letter with NCUA on the agency’s Operating Fee Schedule Methodology. The NCUA Board is requesting comment on changes to the methodology it uses to determine how it apportions operating fees charged to federal credit unions (FCUs). The Board uses operating fees to fund part of the NCUA’s annual budget.

In our letter, your League urges the Board to consider raising the threshold to $5 million, instead of its proposed $2 million, providing much-needed relief for the nation’s small FCUs. The threshold currently sits at $1 million. We also asked the Board to consider an important safeguard in its formula for adjusting the threshold in future years.

Lastly, in answer to the agency’s call for additional changes to the operating fee methodology it should consider, we asked the agency to offer specific proposals for review and comment, believing that would yield a more focused and beneficial discussion.

Tidewater Chapter Meets Sept. 14

CUNA's Richard Gose (Chief Political Officer) and the Virginia League's JT Blau (Chief Advocacy Officer) will present a program on key state and federal legislative issues at the Tidewater Chapter's Sept. 14 meeting.

EPN Event Sept. 7 in Shenandoah Valley

Our Emerging Professionals Network (EPN) will host an event at Hazy Mountain Vineyards in Afton, VA, on Sept. 7. RSVP here.

In Other News ...

• Chartway Welcomes Melissa Stratton Moffa, Chief Legal Officer
• ABNB Opens New Wards Corner Branch
• NCUA examination priorities center on risk, information security, and consumer financial protection
• Congress returns with the clock ticking to avert government shutdown, fund U.S. disaster response
• Senators call on CFPB to stay 1071 rule effective date for all CUs
• Credit Union Auto Share Fell Again in Q2, Experian Report Shows
• How big banks won the banking crisis
• CUNA economics: Job market continues to cool
• CUNA, NAFCU: Jobs Report Gives Fed Cause for Pause
• Fed Governor Waller agrees the central bank can ‘proceed carefully’ on interest rates
• As payments on federal student loans resume, federal student loan borrowers may be eligible for cancellation or lower payments
• 4 million have enrolled in Biden’s new student loan repayment plan
• Drivers squeezed as auto insurance costs soar across U.S.