Blog
- League Engaged with Sens. Warner, Kaine Ahead of April 9 Hearing on Credit Card Competition Act
February 15, 2024Ahead of a planned April 9 hearing before the Senate Judiciary Committee, Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kansas) have added two new cosponsors to their bill that would overhaul the rules governing credit card interchange. Your League remains actively engaged with Sens. Mark Warner and Tim Kaine on the issue. The measure remains our top legislative priority as we ready for the Governmental Affairs Conference and our “Hike the Hill” efforts next month in Washington.
- NCUA Issues HMDA Reg Alert
February 15, 2024The NCUA issued a Regulatory Alert to provide information on which credit unions must comply with the Home Mortgage Disclosure Act (HMDA) reporting requirements under the CFPB’s Regulation C. In the alert, the NCUA explained that credit unions must collect HMDA data associated with mortgage loan applications processed during 2024 if the credit union meets the four following criteria ...
- NCUA Board to Meet Feb. 15; Share Insurance Fund Update, MDI Program on Agenda
February 9, 2024The NCUA released the agenda for its Feb. 15 Board meeting, noting that the agency will receive a briefing on the Share Insurance Fund’s (SIF) quarterly report and will issue a final interpretive ruling and policy statement on the Minority Depository Institution (MDI) Preservation Program.
- League Plans March 4 Legislative Reception on Capitol Hill
February 9, 2024Your League will host a Legislative Reception on March 4 in Washington, D.C. We have invited Virginia’s entire Congressional delegation as part of our Governmental Affairs Conference Hike the Hill efforts.
- REGular Blog: Big Banks Using the Credit Union Playbook - More Branches and a SEG Strategy?
February 9, 2024A couple of banking news articles caught my eye this week because they highlighted a couple of big banks using some familiar strategies for those of us in the credit union world.
- REGular Blog: Harper Signals Additional Reporting Requirement for Large CUs
February 6, 2024NCUA Chairman Todd Harper spoke today with the Brookings Institution. As is normally the case, the Chairman's prepared remarks were published on the NCUA's website and can be viewed here. However, the Chairman participated in some Q&A following the interview, during which he indicated that the NCUA will soon require credit unions with more than $1 billion in assets to report data on both overdraft and NSF fees separately to the NCUA, according to an article from American Banker.
- League Notes Concerns With NCUA Plan to Collect Overdraft, NSF Info From Large CUs
February 6, 2024Following a speech today at the Brookings Institution, National Credit Union Administration Chairman Todd Harper announced that the agency will soon require credit unions with more than $1 billion in assets to report data on both overdraft and nonsufficient funds fees separately to the NCUA. Read our REGular blog post for insights. “Credit unions have a long track record when it comes to overdraft and nonsufficient fees,” said League Chief Advocacy Officer JT Blau. “Credit unions have responsible programs that provide members with a valued service at a reasonable cost. We know, too, that these services carry risk, require back-office effort on the part of credit unions, and can be a meaningful deterrent that keeps members out of financial trouble. This signal from the agency adds to the legislative and regulatory headwinds credit unions are fighting when it comes to non-interest income. We continue to advocate on this critical issue with the NCUA, CFPB, and with Congress.”
- Peoples Advantage FCU CEO Amanda Habansky Participates in Interchange Meeting with Fed Board Vice Chair
February 6, 2024On Monday, Peoples Advantage Federal Credit Union CEO Amanda Habansky joined staff from America’s Credit Unions, various Leagues, and credit unions for a meeting with Federal Reserve Board of Governors’ Vice Chair Philip Jefferson. Credit unions met with Jefferson to discuss the pending rulemaking on Regulation II.
- Dinner Cruise to Benefit VACUPAC on May 2; Registration Open, Sponsorship Opportunities Available
February 2, 2024We'll host a sunset dinner cruise on May 2 in support of the Virginia Credit Union Political Action Committee (VACUPAC) and credit union advocacy! As part of IGNITE | the League Annual Meeting, the dinner cruise will feature a buffet meal and open bar aboard a luxury yacht.
- Credit Unions' Public Deposit Bill Fails to Advance in House Committee; Measure Dead for This Session
February 1, 2024Credit unions’ public deposits bill – H.B. 1205 – failed to advance in the House Labor and Commerce Committee today on a 13-to-9 vote. The Committee vote kills our bill for this session of the General Assembly. “Although disappointed with today’s vote, we can take some comfort in knowing we did all we could this past year to ensure this long-sought and important legislation received a fair hearing in the General Assembly,” said League President/CEO Carrie Hunt. “Unprecedented turnover in the General Assembly presented us with an opportunity and we seized it. The fight for this legislation enabled us to strengthen relationships with veteran lawmakers and build relationships with newly elected legislators that will pay dividends in the years to come.”