Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Committee Passes ILC Loophole, Down-Payment Assistance Bills
June 24, 2022The House Financial Services Committee advanced two CUNA-supported bills Thursday: the Close the ILC Loophole Act (H.R. 5912) and Downpayment Toward Equity Act of 2021 (H.R. 4495). CUNA wrote in support of both bills prior to the committee’ markup.
- CFPB, NCUA Rules on Spring 2022 Unified Agenda
June 24, 2022Federal regulators, including the Consumer Financial Protection Bureau and NCUA—issued the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions. The agendas identify projects under consideration from the agencies from June 1 to May 31, 2023.
- Cannabis Banking Reform Removed from U.S.-China Bill
June 23, 2022A bill that would provide banks a legal safe harbor to work with cannabis firms was removed from a larger legislative package focused on bolstering U.S. economic competitiveness with China, lawmakers announced Thursday.
- CFPB Announces Review of Credit Card Financial Institution Late Fees, Penalties
June 23, 2022The CFPB Wednesday announced an Advance Notice of Proposed Rulemaking (ANPR) in an effort to sharply reduce the $12 billion in late credit card fees that financial institutions, including credit unions, collect each year.
- Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
June 23, 2022The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month.
- HFSC Drops CU-Opposed Overdraft Protection Act from Markup
June 23, 2022The House Financial Services Committee pulled the credit union-opposed Overdraft Protection Act during its rescheduled markup Wednesday. The system has been united in its opposition to the bill, as it would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees (NSF).
- Kiggans to Challenge Luria in Expected Close 2nd District Race
June 22, 2022Republicans in coastal Virginia chose state Sen. Jen Kiggans, R-Virginia Beach, on Tuesday as their nominee against Rep. Elaine Luria, D-2nd, in what could be one of the country’s most competitive fall congressional races. Two candidates supported by the League and the Credit Union Legislative Action Council (CULAC) also won primary battles with Democrat Rep. Don Beyer winning handily in the 8th and Republican Rep. Ben Cline breezing to a win in the 6th.
- 2022 General Assembly Sessions: Overview of Legislation of Interest to Credit Unions
June 20, 2022Your League and Woods Rogers have compiled a summary of legislation of interest to credit unionsfrom the 2022 General Assembly regular and special sessions.
- NCUA Board Briefed on Post-Examination Survey Project
June 17, 2022Through a live webcast, the National Credit Union Administration Board held its sixth open meeting of 2022 and was briefed on the results of the NCUA Post-Examination Pilot Survey. The pilot survey focused on pre-examination, reporting, and post-examination requirements along with one open-ended question. View the entire press release?.
- BREAKING NEWS: House Passes Bill Modernizing Credit Union Fields-of-Membership
June 15, 2022The House passed the CUNA-League-led Expanding Financial Access for Underserved Communities Act Wednesday as part of a larger financial services bill. CUNA, Leagues, credit unions, and system partners strongly support the bill, and engaged House members throughout the process.