Blog
- 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.
- Congresswoman McClellan Visits VACU Branch; Learns About CU’s Community Impact, Financial Education Initiatives
January 25, 2024Rep. Jennifer McClellan (D-4th) today visited Virginia Credit Union’s Church Hill branch, one of five branches recently opened by the credit union in the City of Richmond.
- NCUA Issues Advisory on Liquidity Risk
January 24, 2024The NCUA advisory issued Wednesday noted that while the credit union industry remains stable, the agency “continues to see growing liquidity stresses within the system.”
- REGular Blog: NCUA Releases 2024 Supervisory Priorities
January 23, 2024The NCUA has released its Supervisory Priorities list for 2024. Every year, this list provides some insight into what areas the agency is paying close attention to in their examinations, rulemakings, and other actions. Seeing what items move up to the top, down to the bottom, or come off the list entirely gives us some idea of the NCUA's priorities for the coming year.
- It's Do or Die for Our CU Legislation; Email Your Lawmakers Today!
January 23, 2024Credit unions: We desperately need your help as we work to push our public deposits bill over the finish line! Please ask your staff, co-workers and officials to email lawmakers today in support of HB 1205. To date, we’ve generated 216 messages to lawmakers. We need significantly more support if lawmakers are going to consider this a top-of-mind concern for constituents.
- Fed Extends Interchange Proposal Comment Deadline to May 12
January 23, 2024The Federal Reserve extended the comment deadline on its interchange proposal to May 12, an additional 90 days past the original Feb. 12 deadline. “We have carefully examined the Federal Reserve Board’s proposal and will submit comments. We know the fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League President/CEO Carrie Hunt.
- League Staff Testifies on 2 Bills Designed to Combat Elder Financial Abuse
January 23, 2024League staff testified this week in support of two bills before the General Assembly that would allow for "trusted contacts" to be added to banking accounts to assist financial institutions in combating the abuse and exploitation of elderly and vulnerable adults.
- NCUA Releases Supervisory Priorities for 2024
January 22, 2024NCUA has released its supervisory priorities and other updates to the agency’s 2024 examination program. The agency says it is focused on the areas posing the highest risk to credit union members, the credit union industry, and the National Credit Union Share Insurance Fund (Share Insurance Fund).
- NCUA Sets Operating Fee Schedule for 2024
January 19, 2024The NCUA Board unanimously approved the agency’s 2024 operating and capital budgets at its December 2023 meeting. As a result of that decision and other factors, federal credit union operating fees will increase by an average of approximately 16.36 percent in 2024. Additionally, the operating fee exemption threshold was increased from $1 million to $2 million. Federal credit unions with a four-quarter average of $2 million or less in total assets are exempt from the operating fee.