Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Credit Unions' Public Deposit Bill Fails to Advance in House Committee; Measure Dead for This Session
February 1, 2024Credit unions’ public deposits bill – H.B. 1205 – failed to advance in the House Labor and Commerce Committee today on a 13-to-9 vote. The Committee vote kills our bill for this session of the General Assembly. “Although disappointed with today’s vote, we can take some comfort in knowing we did all we could this past year to ensure this long-sought and important legislation received a fair hearing in the General Assembly,” said League President/CEO Carrie Hunt. “Unprecedented turnover in the General Assembly presented us with an opportunity and we seized it. The fight for this legislation enabled us to strengthen relationships with veteran lawmakers and build relationships with newly elected legislators that will pay dividends in the years to come.”
- REGular Blog: When Do Credit Union Mergers Not Need Member Approval?
January 31, 2024Credit unions acquiring banks has gotten a lot of headlines in the banking press world this year, with four bank asset acquisitions announced so far in 2024. However, another interesting merger story has played out behind the scenes a couple of times in recent weeks: NCUA approving mergers without a member vote.
- CUs’ Public Deposits Bill: Your Help Needed!
January 30, 2024Our grassroots efforts to fight for HB 1205, our public deposits bill, continue and we’re urging credit union champions to email lawmakers today in support of the measure.
- Feb. 8 CDFI Fund Webinar to Cover Application Questions
January 29, 2024The Community Development Financial Institutions (CDFI) Fund will conduct a webinar Feb. 8 to help organizations understand the requirements of its revised CDFI Certification Application.
- NCUA Sets Feb. 8 Webinar on 2024 Supervisory Priorities
January 29, 2024The NCUA released details on an upcoming webinar to discuss the agency’s 2024 supervisory priorities. The webinar will be held Feb. 8 at 2 p.m.
- REGular Blog: NCUA's 2024 Supervisory Priorities - Part 2
January 26, 2024Earlier this week we posted about the NCUA's newly-released 2024 Supervisory Priorities, with a focus on what changed from 2023 to 2024. Today we are focusing on the 2024 priorities and what they might have in store for credit unions.
- Nussle to Congress: Big Box Bailout Would Hurt Small Businesses
January 26, 2024Small business owners share their concerns with the big box bailout bill in a new video message sent to Congress Wednesday from America’s Credit Unions. President/CEO Jim Nussle re-emphasized the ongoing credit union opposition to interchange legislation (S. 1838/H.R. 3881). He urged lawmakers to watch the videos and hear directly from the business owners, financial services experts, and other stakeholders who support the credit card systems in place and the protections they provide.
- League Offers Insights, Analysis on NCUA’s Supervisory Priorities
January 26, 2024Your League’s JT Blau offers insights and analysis of the NCUA’s 2024 Supervisory Priorities in two blog posts this week. The first looks at the 2024 Supervisory Priorities vs. 2023; the second offers a deeper dive into what made the list in 2024, and what credit unions can expect as they prepare for their exams.
- League Comments on CFPB's Move to Ban NSF Fees on Real-Time Payments
January 25, 2024The Consumer Finance Protection Bureau yesterdayday proposed what it characterized as a “proactive step” to prevent financial institutions from charging fees for transactions that are instantaneously declined. "CFPB continues to target legitimate fees that enable not-for-profit credit unions to cover the costs of doing business as they serve their members under the guise of consumer protection. We will vigorously oppose measures like this NSF fee ban, as well as the Bureau’s recent proposal on overdraft programs because both threaten our ability to operate in a free market system," said League President/CEO Carrie Hunt.
- REGular Blog CFPB Rulemakings - Overdraft and NSF Fees
January 25, 2024Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule designed to eliminate NSF Fees. This rule comes on the heels of last week's proposed rule targeting overdraft fees charged by very large financial institutions. Let's take a look at the rules and their possible impact on credit unions here in Virginia.