Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- State Senate Passes CUs' 'Secondary Capital' Bill
January 21, 2022Our secondary capital bills continue to advance in the General Assembly, with the state Senate voting unanimously today to pass SB326. Companion bill HB268 is on the House floor and looks to pass that chamber next week. The legislation would fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code.
- Nomination of NCUA Chairman Harper Advances Out of Banking Committee
January 20, 2022The nomination of current NCUA Board Chairman Todd Harper to serve a full term on the NCUA Board was advanced to the full Senate by the Senate Banking Committee in a 17-7 bipartisan vote while meeting in Executive Session on Wednesday, according to a report from NAFCU. The full Senate will still need to consider the nomination for Harper to be confirmed.
- CUNA Files Brief with Appellate Court in FDCPA Lawsuit
January 20, 2022CUNA joined the Chamber of Commerce and multiple bank trade associations in filing an amicus brief this week in a Fair Debt Collection Practices Act (FDCPA) case that will be heard en banc by the 11th Circuit Court of Appeals. Hunstein v. Preferred Collection and Management Services, Inc. could expand the potential actions that would violate the FDCPA.
- NCUA Provides Updates on Examination Program
January 20, 2022NCUA’s latest Letter to Credit Unions (22-CU-02) provides credit unions with an update on the agency’s examination programs. It also covers NCUA’s supervisory priorities for 2022.
- League Seeks Participants for 2022 Credit Union Day at the General Assembly
January 20, 2022Join us Jan. 27 to lobby for our credit union legislation! Due to COVID-19, we are limiting the number of individuals to 27 who can participate in-person at this year’s Credit Union Day at the General Assembly. We have two credit union-specific bills this session - a secondary capital measure (companion bills HB268 and SB326) and a parity powers measure (companion bills HB209 and SB329)!
- House Committee OKs CU Secondary Capital Bill
January 20, 2022Our credit union bill (HB268) that would fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code passed the House Commerce and Energy Committee today without opposition.
- CU 'Secondary Capital' Bill Passes Senate Committee
January 18, 2022Our credit union bill (SB326) that would fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code passed the Senate Commerce and Labor Committee yesterday without opposition.
- NCUA Outlines Supervisory Priorities for 2022
January 18, 2022A recent letter to credit unions outlines the National Credit Union Administration’s supervisory priorities and other aspects of the agency’s examination program for 2022. The NCUA remains committed to focusing its examination activities on the areas that pose the highest risk to credit unions, credit union members, and the National Credit Union Share Insurance Fund, the letter notes.
- League, Credit Unions Push Secondary Capital, 'Parity Powers' Bills in General Assembly
January 13, 2022The League and credit unions have two bills that were introduced this session – companion bills HB268/SB326 will fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code. Companion bills HB209/SB329 will make the process easier for state-chartered credit unions to exercise the same powers as federally chartered credit unions. Currently, state-chartered credit unions must seek permission to do this; we are asking that be changed to a notice requirement.
- McPike, Torian, Carroll Foy out of race for 7th Congressional District
January 12, 2022The field of potential Democratic challengers to Rep. Abigail Spanberger in the new 7th Congressional District has narrowed as a number of high-profile elected officials have dropped out of the race for the nomination in a Democratic-leaning district that is expected to be highly competitive for Republicans.