Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Seeks Delegation's Support for Bipartisan Credit Union Board Modernization Act
January 27, 2023Your League this week asked members of Virginia's Congressional delegation to support H.R. 582, the Credit Union Board Modernization Act. Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., introduced the CUNA-League-led bill that would update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.
- League's Blau Testifies on Bill That Sought to Prohibit Many Companies From Pulling Credit Reports on Prospective Hires
January 26, 2023League Chief Advocacy Officer JT Blau testified on credit unions' behalf this week on a bill (HB 2116) that would prohibit employers from pulling credit reports on prospective hires.
- Zest AI Loves Credit Unions ... and They're Ready to Prove It By Helping You With Community Projects!
January 25, 2023We understand that credit unions not only serve their members financially, they also strive to support their communities in infinite ways. Our goal is to shine a spotlight on these efforts. Zest would like to highlight the amazing service projects credit unions are doing. This would involve Zest employees coming on-site to help. We really want to get in there with the rubber gloves and all.
- League Closely Watching NCUA Board's Discussion on Interest Rate Ceiling; Urges Agency to 'Modernize' Approach to Interest Cap
January 25, 2023Your League will be monitoring tomorrow’s NCUA Board Meeting, particularly the Board’s planned discussion of the interest rate ceiling set for federal credit unions. “We worry that the failure of the NCUA Board to act in raising the interest rate ceiling poses an unnecessary risk to federal credit unions and their earnings, which would directly affect capital, growth and liquidity,” said League President/CEO Carrie Hunt.
- NCUA Board to Consider Interest Rate Ceiling at Jan. 26 Meeting
January 20, 2023The NCUA Board will discuss extending the Federal Credit Union loan interest rate ceiling at its Jan. 26 meeting. The Federal Credit Union Act provides a default interest rate limit for federal credit union loans of 15%, it also permits the NCUA Board to increase the rate cap if certain conditions are met. The board last voted to maintain the ceiling at 18% (in place since the late 1980s) in June 2021, meaning it must vote to approve a new ceiling by March 31, or it reverts back to 15%.
- CFPB Cracks Down on Subscription Fees
January 20, 2023The Consumer Financial Protection Bureau on Jan. 19 told companies they need to "clearly and conspicuously" disclose terms of subscription services that automatically renew or those with recurring fees—a move that could have a significant impact on banks and financial services companies.
- U.S. Begins ‘Extraordinary’ Steps to Avoid Debt Ceiling
January 20, 2023The Biden administration began “extraordinary measures” Thursday to prevent the federal government from breaching its debt limit and hurtling toward default, a grim scenario with the potential to destabilize markets and devastate the economy. Treasury Secretary Janet L. Yellen told lawmakers that officials will alter certain federal investments to preserve the nation’s credit until summer — largely through technical moves that will buy lawmakers time to pass legislation that raises or suspends the amount the government is allowed to borrow, currently capped at $31.4 trillion.
- League’s Blau Testifies Before State Senate Committee in Support of CDFI Measure
January 20, 2023League Chief Advocacy Officer JT Blau testified Wednesday in support of a CDFI bill before a state Senate committee. SB1320 codifies the Virginia Community Development Financial Institutions Fund, originally created in the 2021 Appropriation Act, and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund.
- Credit Union Day 2023: CUs Meet with Lawmakers In Support of Legislation; Showcase 'Credit Union Difference'
January 19, 2023More than 170 credit union advocates gathered in Richmond today for Credit Union Day at the General Assembly, lobbying for continued support of HB1727, credit unions' digital assets custody services bill, and showcasing the "Credit Union Difference" by sharing our service to members and our communities.
- Could Credit Card Late Fees Drop to $10?
January 19, 2023Credit card late fees could drop dramatically under a proposal expected to be released soon by the Consumer Financial Protection Bureau. Some analysts are predicting that late fees could be cut in half to as low as $15, while consumer advocates want the CFPB to reduce late fees to as low as $9 or make them proportional to the debt owed by a cardholder.