CURRENT Newsletter | August 1, 2023
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With the news today that the Credit Union National Association (CUNA) and the National Association of Federally Insured Credit Unions (NAFCU) intend to merge, League President/CEO Carrie Hunt offered her perspective on the potential impact for Virginia’s credit unions.
“I support this merger, knowing that ultimately the 104 credit unions in Virginia will decide whether the merger makes sense for their credit union and their millions of members. Should CUNA and NAFCU member credit unions approve the merger, your League will look forward to leveraging the talent, products and services of this new organization,” said Hunt.
Your League and credit unions will host a series of legislative receptions across the Commonwealth, including an event next week in Harrisonburg with Congressman Ben Cline and various state lawmakers! Join us in advocating for your credit union and the Virginia credit union system at an event in your area.
- Aug. 8 – Shenandoah Valley Legislative Reception with Congressman Cline (R-06) – Hosted by UVA Community Credit Union / Member Options Mortgage Center (2060 Pro Pointe Lane, Harrisonburg, 22801)
- Aug. 22 - Roanoke Region Legislative Reception with Congressman Griffith (R-09) - Twisted Track Brewpub, 523 Shenandoah Ave. NW, Roanoke, 24016)
- Aug. 24 – Richmond Metro Legislative Reception – Hosted by Credit Union House of Virginia (108 N. 8th Street, Richmond, 23875)
- Aug. 30 – Northern Virginia Legislative Reception with Congresswoman Wexton (D-10) – Hosted by Northwest FCU (200 Spring Street, Herndon, 20170)
League Chief Advocacy Officer JT Blau has penned the final installment in his series on the NCUA's Member Expulsion Rule. He’s covered how to determine if a member's behavior rises to the point of being expellable (Part 1), all of the Notices that you have to send (Part 2), and how the hearing and vote are conducted, as well as how to handle requests for reinstatement (Part 3). Now he tackles Bylaws changes and policy considerations.
Henrico Federal Credit Union, Richmond-area credit unions and credit union business partners presented an $8,000 check to VACUPAC this week to support Virginia credit unions' advocacy work. Henrico FCU hosts and coordinates the annual Bill Dawson VACUPAC Golf Tournament in support of the Virginia Credit Union Political Action Committee (VACUPAC), the political action committee for Virginia-based credit unions.
Monday, a federal district court in Texas delayed implementation of the CFPB’s small business lending data reporting rule for banks involved in the case. The lawsuit, brought by two banking trade associations and one bank, challenges the validity of the CFPB’s Final Rule implementing Section 1071 of the Dodd-Frank Act. The Court issued an order enjoining the CFPB from implementing and enforcing the rule until the Supreme Court rules on the constitutionality of the CFPB’s funding structure. The Supreme Court is scheduled to hear arguments for the case Oct. 3.
Notes League Chief Advocacy Officer JT Blau: The Texas court recognized the burden financial institutions would face in having to comply with this rule and the harm it would cause. We continue to seek a final rule that represents the least possible burden to credit unions. In addition, this ruling reflects the uncertainty surrounding the CFPB’s rulemaking while the constitutionality of the agency’s funding mechanism is being fought in Court. Your League joined with the other Leagues, CUNA and NAFCU to file an amicus brief ahead of the Oct. 3 court date. It’s worth emphasizing that the injunction issued by the Texas court only applies to plaintiffs in the suit and their member institutions, not all financial institutions subject to the rule.