Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CFPB Mischaracterizes Home Closing Costs as ‘Junk Fees’
March 12, 2024The CFPB released a blog post Friday outlining their belief that home closing costs include some “junk fees,” under the bureau’s definition, and are too much of a burden for mortgage borrowers who are already taking on a huge financial undertaking.
- Senate Stablecoin Bill Gains Traction with Pro-Bitcoin Sen. Lummis
March 12, 2024In a significant move toward the regulation of stablecoins, Senator Cynthia Lummis, a prominent advocate for Bitcoin, alongside Senator Kirsten Gillibrand, has been diligently crafting legislation aimed at bringing clarity and safeguards to this burgeoning sector of the cryptocurrency market.
- League Will Monitor CFPB’s Information-Gathering Effort for Mortgage Closing Cost Fees
March 12, 2024The Biden Administration’s war on what it terms “junk fees” has entered new territory - the real estate finance process. Last week, the Consumer Financial Protection Bureau asked that consumers weigh in on how fees in the mortgage closing process affect them.
- Richmond-Area VACUPAC Golf Tournament Set for May 10
March 12, 2024Sponsored by Henrico Federal Credit Union, the Bill Dawson VACUPAC Golf Tournament tees off May 10, at the Hunting Hawk Golf Club. It’s another great way to support our advocacy efforts! Golfers and sponsors are needed!
- Regulatory Compliance Weekly Roundup: March 8, 2024
March 8, 2024Happy Friday everyone! It's been quite a week. I was in DC for the Governmental Affairs Conference, which was not only the first one put on by the newly formed America's Credit Unions, but the first one with Carrie Hunt on board as the organization's new Chief Advocacy Officer. Carrie not only gave some terrific remarks on the big stage but also had an insightful one-on-one with NCUA Chairman Todd Harper. Virginia had a great showing at the GAC, and it was wonderful to see everyone who made it. Let's look at some highlights from this week.
- CUs, League Note Opposition to Interchange Bill in Meeting Sen. Tim Kaine
March 7, 2024Our "Hike The Hill" efforts are off to a fast start today! Credit union and League representatives met with Sen. Tim Kaine (D-Va.) to discuss our legislative priorities, including our opposition to the Credit Card Competition Act, a measure that would alter the current interchange system and negatively impact credit unions' ability to fight fraud.
- League Notes Growing Pressure and Attacks on Fees, CU Business Model
March 7, 2024Your League has reported widely on the growing pressure credit unions are facing on the fees they charge. In recent weeks, we’ve seen new fee reporting requirements for some credit unions, a move from the CFPB to eliminate NSF fees, a proposal targeting overdraft fees charged by very large financial institutions, and days ago, CFPB’s issuance of a final rule on credit card penalty fees. “Your League continues to push back against these measures, many of which we know will negatively impact credit availability, result in higher interest rates across the board, and threaten the credit union business model,” said League Chief Advocacy Officer JT Blau.
- FinCEN: Alabama Court Ruling on Corporate Transparency Act Only Covers Named Plaintiffs; Other Must Comply with Reg
March 7, 2024Attorney Brandy Bruyere made note of a press release from FinCEN in response to Friday's ruling from a federal court in Alabama that the Corporate Transparency Act is unconstitutional.
- CUs, League Celebrate Productive Day of Legislative Meetings on Capitol Hill
March 7, 2024Credit unions and the League are celebrating another successful “Hike The Hill,” having met with eight Congressional offices today. Learn more about yesterday’s meetings here, our reception with Sen. Mark Warner here and our meeting with Sen. Tim Kaine here.
- FIs, Chamber Sue Over Late Fee Cap Slated to Cost $10 Billion
March 7, 2024As expected, the U.S. Chamber of Commerce and banking trade associations have sued to block a Consumer Financial Protection Bureau rule capping credit card late fees at $8.