CURRENT Newsletter | February 2, 2023
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League Notes CFPB's Focus, Recent Action on 'Fees' Will Harm CUs, Members
Your League’s longstanding concerns with CFPB’s focus on “fees” have only grown this week with the release of the Bureau’s proposed rule lowering the “safe harbor” cap on credit card late fees. “We sounded the alarm last year when it became clear that CFPB was engaged in a ‘fishing expedition’ on fees, trotting out research that targeted late fees, overdraft fees, NSF fees and more,” says League President/CEO Carrie Hunt. “CFPB continues to miss this fundamental truth: institutions like credit unions, with fewer economies of scale, cannot absorb all the costs of doing business into the cost of credit."
Introducing … the REGular Blog!
Your League is pleased to announce the launch of our new regulatory compliance-focused blog. We’re calling it the REGular Blog and our inaugural post features a deep dive by your League’s Chief Advocacy Officer JT Blau into the NCUA’s supervisory priorities for 2023. Learn what’s new this year and what’s not transitioning from the 2022 priorities list.
League to Host Legislator Reception on Capitol Hill
Your League is hosting a legislative reception in Washington, on Feb. 27 (4 p.m. to 6 p.m.) and you’re invited! We’ll be at the national Credit Union House (403 S. St. NE, Washington, 20002). Although it’s being held as part of the League’s CUNA Governmental Affairs Conference activities, you need not be registered for the GAC to attend. We’ve invited our Congressional Delegation, so please attend if you can. The event is free to attend, but we do ask that you register.
Related: 3 Virginians Among the 2023 GAC Crashers
EMERGE Leadership Certification Module Set for Feb. 16: Cultivating Employee Engagement and Inclusion
This is the fourth module of our EMERGE Leadership Certification program, but anyone interested in this program is encouraged to register! We'll examine the importance of fostering an inclusive mindset in the workplace and how that helps us grow as individuals and support others. An inclusive, engaged environment improves our ability to recruit and retain top talent; aids us in navigating conflict; and fosters innovative, high-performing and highly productive organizations.
NOTE: Our Emerging Professionals Network (Richmond-area) is hosting a leadership panel from 6 p.m.– 8:30 p.m. on Feb. 15! You can register for this free event here!
League Partnering on Certification for ‘Advancing DEI in the Workplace’
Your League is partnering with the Maryland/DC Credit Union Association and Georgetown University on a six-course program titled, “Advancing DEI in the Workplace.” The program is designed to equip credit union leaders with the competencies, knowledge and tools to develop effective and sustainable DEI strategies that promote a culture of inclusion that reduces employee turnover, attracts top talent, empowers teams to innovate and leverages diverse perspectives to create an exceptional member experience. Those that successfully complete the coursework earn a DEI certification from Georgetown University. Program begins March 23.
Get Recognized for Your Good Works in Community Involvement, Financial Education and Member Service
Your League and CUNA want to recognize and honor your good work in serving your members, bettering your community, and arming individuals with the knowledge they need to successfully manage their finances. Entries for the Dora Maxwell Social Responsibility Community Service Award, Louise Herring Philosophy-in-Action Member Service Award, and the Desjardins Financial Education Awards are due June 30.
Zest AI Loves Credit Unions ... and They're Ready to Prove It By Helping You With Community Projects!
We 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.
- FCU operating fees will decrease by average of 1.8% in 2023
- CFPB issues CUNA-opposed proposal on credit card late fees
- REMINDER: Tidewater Chapter Hosting Annual Meeting on Feb. 9
- Tidewater Chapter Accepting Applications for Leigh Ann Graham Scholarship (formerly the Jack E. O'Connor Scholarship)
- Small-dollar consumer loans gain steam at large banks
- Black History Month: Celebrating the legacy of Black leaders
- 2023 Credit Union Hero of the Year voting open (Among this year’s nominees is Michael Ray, a good friend of the League who many years ago helped the League on a host of financial education initiatives).