Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- 200-Plus Members of Congress Opposing Expanded IRS Reporting Requirements
October 22, 2021Four Virginia Congressmen have now signed on to various letters opposing expanded IRS reporting requirements - Reps. Wittman, Good, Cline and Griffith. They are among the more than 200 members of Congress who have expressed opposition to the IRS reporting proposal.
- Scott, Colleagues Introduce Bill to Block IRS Snooping Proposal
October 22, 2021A bill from Sen. Tim Scott (R-S.C.) Thursday that would prohibit implementation of increased financial institution reporting to the Internal Revenue Service (IRS), the Prohibiting IRS Financial Surveillance Act. A House companion bill was introduced earlier this week by Rep. Drew Ferguson (R-Ga.).
- Ex-Obama Civil Rights Official Named Chief Enforcement Official for CFPB
October 22, 2021Eric Halperin, a longtime consumer advocate, fair lending litigator and civil rights official at the Justice Department in the Obama administration, has been named enforcement chief at the Consumer Financial Protection Bureau, sources said.
- Virginia's Redistricting Commission May Fail to Redraw Congressional District Map
October 21, 2021Virginia’s redistricting commission, continuing to split along partisan lines ahead of its Monday deadline, appears close to failure on fashioning a map of the state’s congressional districts.
- NCUA Board Finalizes CAMELS Rule; OKs CUSO Lending Rule
October 21, 2021In actions today, the National Credit Union Administration Board voted to add the “S” component (Sensitivity to Market Risk) to the existing CAMEL rating system and approved a final rule that will expand lending opportunities for credit union service organizations (CUSOs).
- IRS Reporting Requirements: We Urgently Need You to Keep Up Contacts to Congress
October 20, 2021Our fight against new IRS reporting requirements is proving tougher by the day, but we urge you to keep fighting! Here's the latest ...
- CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Discontinuation of LIBOR
October 20, 2021The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators Oct. 20 in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate). The CFPB is urging credit unions, banks and nonbanks alike to continue their efforts to transition to alternative reference rates to mitigate consumer protection, financial, legal, and operational risks.
- SCC Hearing Next Week for Hugely Significant CU Field-of-Membership Case
October 19, 2021Virginia Credit Union and your League will be back before the State Corporation Commission next week, for the latest formal hearing in a now years-long field-of-membership case.
- CU at the Polls! Election Day is Nov. 2
October 19, 2021Election Day is Nov. 2, but voting in Virginia’s general election began last month. Voters are casting ballots for governor, lieutenant governor, attorney general, members of the House of Delegates and several local races. We'll CU at the Polls!
- League Comments on Bank Regulators' Interagency Guidance on Third-Party Relationships
October 18, 2021Your League has submitted comments to the FDIC, OCC and the Fed on the "Proposed Interagency Guidance on Third-Party Relationships: Risk Management." Noting that credit unions and banks use many of the same vendors, the League wrote credit unions have a deep interest in the proposal and how future action by the NCUA might be shaped by information gleaned from the work of the banking regulators.