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CURRENT Newsletter | January 18, 2023

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HB1727, CUs' Digital Asset Custody Services Bill, Passes the House

HB1727, our credit union bill, had its third and final reading on the House floor today, meaning it has officially passed the chamber and moves to the state Senate for consideration.

"We're pleased with the support our bill has garnered to date," noted League President/CEO Carrie Hunt, "but we recognize that the legislative process requires ongoing engagement. While we're hopeful for the same speedy passage of the measure in the Senate, that is certainly not guaranteed. That's yet another reason Thursday's Credit Union Day at the General Assembly is so important. It will give us the opportunity to shore up support in the Senate."


Credit Union Day at the General Assembly: 170 CU Advocates Joining Us at the Capitol on Thursday!

More than 170 credit union advocates representing 38 credit unions from across the Commonwealth will gather at the state Capitol on Thursday for Credit Union Day at the General Assembly.

Credit Union Day is our premier state-level advocacy event. We'll share credit unions' service to members and our communities with lawmakers; lobby our Senators for support of HB1727, our digital assets custody services bill; and thank House members for supporting and passing HB1727. 

The House passed our bill on Wednesday (Jan. 18). It now moves to the Senate for consideration.

"We're delighted to have so many credit union advocates joining us this week in Richmond!" says League President/CEO Carrie Hunt. "Credit Union Day is a unique opportunity to highlight the 'Credit Union Difference' and educate lawmakers about what makes us the best choice for financial services for millions of Virginians." 

Here's What You Need to Know for Credit Union Day…

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!

Credit Union CEOs Pessimistic About 2023

Credit union CEOs are bracing for a tough year. The credit union industry already saw a decline in earnings last year. The industry posted net income of about $18.5 billion through the first three quarters of 2022, down roughly 14% from the same period a year earlier, according to data from the National Credit Union Administration. That was due, in part, to non-interest expenses ticking up more than 9% and loan-loss provisions rising more than 250%, according to the NCUA's third-quarter data, which is the most recent available. Factors, such as rising deposit costs, challenges with liquidity and lower loan volumes, are likely to continue to make 2023 difficult, experts said. (American Banker)

Rep. Calvert Introduces Bill to Cut Down on ADA Lawsuits

U.S. Rep. Ken Calvert (R-CA) introduced legislation designed to help small businesses comply with the Americans with Disabilities Act (ADA) while seeking to cut down on lawsuits. His bill, the ACCESS Act (H.R. 241), would require individuals aggrieved by an ADA violation to provide the owner or operator with a written notice of the violation, identifying the barrier to their access. Within 60 days, the owner or operator would be required to provide the aggrieved person with a description outlining improvements that would be made to address the barrier.

Related: DOJ Issues Guidance on ADA Web Accessibility; League Continues Push for 'Clearly Defined' Standard


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