CURRENT Newsletter | February 27, 2024

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Governance Committee Seeks Candidates for 5 League Board Seats; Deadline for Nominations March 1

The Governance Committee of the Virginia Credit Union League seeks your recommendations for candidates to be nominated for election to the Board of Directors. In 2024, five board seats are open for election. Nominations are due to the Governance Committee on March 1.
 

ABC News’s Jonathan Karl Added as IGNITE 2024 Keynoter

Your League is excited to announce the addition of renowned journalist and author Jonathan Karl as a keynote speaker at IGNITE | the League Annual Meeting.?Karl is the chief Washington correspondent for ABC News and co-anchor of “This Week.” He has reported from the White House under four presidents and covered every major beat in Washington, D.C.  

IGNITE | the League Annual Meeting promises not only stellar educational opportunities, but also a unique, fun-filled adventure on the fabulous waterfront in Washington, D.C.! Join us May 1-3 at the InterContinental Washington, D.C. – The Wharf.
 
Learn More and Register
 

GAC Next Week: Details on League Events, Meetings Now Available

Your League plans to host a number of “Hike The Hill” legislative visits and a Legislative Reception as part of our advocacy efforts at the Governmental Affairs Conference (GAC). Please note that while the Legislative Reception on March 4 is free to attend, we do ask that you register to aid us in planning.

Virginia-Based CUs Send Three Crashers to the GAC

The 2024 Crash the Governmental Affairs Conference (GAC) delegation comprises talented credit union professionals from across the country who have demonstrated exceptional dedication to the credit union industry. Three participants this year hail from Virginia-based credit unions: Sabrina Guerin, MBA, CCUFC (Virginia Credit Union), and Benjamin Soto (Chartway Credit Union); with Tyjai Richardson, CCUFC (Chartway Credit Union) serving as a Crasher Mentor.

Federal Government Shutdown Looms Again; League Asks CUs to Share Plans to Aid Affected Members

As we move closer toward a potential partial shutdown of the federal government, your League is closely monitoring the situation and engaging with lawmakers. We continue to emphasize how a shutdown will harm credit union members, the regional economy, and credit unions themselves.

“Virginia-based credit unions serve the financial needs of thousands of federal workers and their families, as well as government contractors. We understand the financial hardships members will face in the event of a shutdown, and credit unions are proudly putting our service-focused philosophy to work by offering various assistance programs,” said Virginia Credit Union League Chief Advocacy Officer JT Blau.

How are you planning to help affected members? Please complete our brief survey to let us know what you plan as far as assistance to workers affected by the shutdown.

League’s Reg Compliance Update Set for March 13

Count on your League to help you manage today's complex regulatory compliance environment! We've scheduled the first of this year’s quarterly virtual updates for March 13, with topics of discussion to include news and notes from the General Assembly, recent proposals by the CFPB on fees, and coming changes to the NCUA Call Report.  

JT Blau, Chief Advocacy Officer of the League, and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, will lead the discussion.

REGular Blog: An Update on NCUA Requiring Large Credit Unions to Report Overdraft and NSF Fee Income

A couple of weeks ago we wrote about NCUA Chairman Todd Harper's speech and discussion at the Brookings Institution, during which he discussed how NCUA would be amending the Call Report to require large credit unions (in this case meaning more than $1 billion in total assets) to report income from overdraft fees and NSF fees. He stated the agency was working on the change through the Paperwork Reduction Act. Today we are looking at what exactly are the changes that are being proposed as well as what is still unclear about the proposed change.

In Other News …

• Connects FCU Announces James McBride as New CEO
• Four Virginians Among 29 Credit Union Innovators Selected for Filene's i3 Program
• IGNITE 2024: Education Sessions Announced!
• Register for League-Endorsed Training: Data Activation Education Series 2024, Data Governance Webinar
• League Launches Cybersecurity-IT Forum
• Philly Fed Says ‘Banking Deserts’ Are Growing; Does It Matter — and How Much is a Mirage?
• Virginia Holding Presidential Primary March 5