Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Congress Votes to Avert Government Shutdown
September 30, 2022The House has passed an interim funding bill to tide federal agencies over until mid-December. The vote came a day after the Senate approved the measure, and should prevent a government shutdown that would have gone into effect at midnight Saturday morning.
- CUNA’s Gose Details Pushback on Interchange Bills
September 29, 2022CUNA Chief Political Officer Richard Gose appeared on CUBroadcast this week to provide an update on CUNA, League, and credit union opposition to House and Senate interchange bills. The Credit Card Competition Act (S.4674 and H.R. 8874) would allow merchants to route payments through an unaffiliated network.
- CFPB Unlikely to Take Immediate Action on Buy-Now, Pay-Later Sector
September 29, 2022The Consumer Financial Protection Bureau balanced its view on buy now, pay later in its latest study by specifying areas of concern and recognizing the sector's potential to grow.
- NCUA Posts 2023–2024 Proposed Budget, Sets October 19 Public Briefing
September 29, 2022The National Credit Union Administration’s staff draft budget for 2023–2024 is now available on the agency’s website for review and comment. The staff draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Oct. 28, 2022.
- Interchange Bill Prioritizes Large Retailers Over Consumers
September 28, 2022CUNA joined other financial services organizations in a letter to House leadership highlighting strong opposition to the interchange bill from Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt. The organizations warn warning the bill would reduce access to credit, increase security risks associated with credit card use, and limit credit card rewards programs.
- Senate Moves Ahead on Short-Term Spending Bill
September 28, 2022The Senate moved ahead on a short-term spending bill to avoid a partial government shutdown later this week.
- CU Trades Argue Interchange Bill a Threat to Credit Access
September 28, 2022Credit union trade organizations CUNA and NAFCU, along with six other groups, delivered a letter to U.S. House of Representatives leaders to raise their dire concerns over a bill that could reduce access to credit and credit card use for consumers.
- President Biden Cites Bank 'Junk Fees' as Weighing Down Families
September 28, 2022Cracking down on so-called 'junk fees' is turning out to be good politics. President Biden admonished banks and specifically mentioned bank 'junk fees' in remarks Monday to the White House Competition Council in which the administration took credit for the dramatic drop in overdraft and nonsufficient-funds fees in the past year.
- CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees
September 28, 2022The Consumer Financial Protection Bureau has fined Regions Bank for charging customers "surprise" overdraft fees on certain ATM withdrawals and debit card purchases. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. Financial regulators have long cautioned banks against charging this type of overdraft fee.
- CFPB: Help Us Spur New Opportunities for Homeowners in the Mortgage Market
September 28, 2022New streamlined and automatic refinancing mortgage products could make sure that those buying a home now, or refinancing to cover other needs, are able to benefit from the next interest rate drop. The CFPB wants to better understand what barriers prevent people from taking advantage of falling interest rates and how competition can help all households increase their financial stability.