CURRENT Newsletter | January 19, 2024
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League Notes CFPB's 'Large Institution' Overdraft Proposal Endangers Such Programs at All Credit Unions
Today, the CFPB issued the Overdraft Notice of Proposed Rulemaking (Overdraft NPRM), which proposes to update regulations that apply to overdraft credit offered by certain financial institutions with more than $10 billion in assets (referred to as “very large financial institutions”) by amending Regulation E and Regulation Z. "Your League is working its way through the 200-plus page proposed rule, but our initial take is this: While the rule targets institutions with more than $10 billion in assets, the realities of the marketplace mean that overdraft programs at all credit unions are endangered," said League President/CEO Carrie Hunt.
- Related: CFPB Proposes Rule to Curb Overdraft Fees, Banks Cite Potential Consumer Impact
- Related: CFPB Wants to Close Overdraft ‘Loophole’ for Largest FIs, CUs Aren’t Buying It
Credit Union Day at the General Assembly: Advocates Lobby for CU Legislation; Educate Lawmakers About CU Difference
130 credit union advocates from across the Commonwealth traveled to Richmond today in support of credit union legislation and to educate lawmakers about the “Credit Union Difference.”
Let’s keep up the momentum gained from yesterday’s Credit Union Day event by emailing lawmakers in support of our public deposits legislation. We're lobbying for a measure to provide credit unions with the authority to hold public deposits (HB 1205). This authority would allow public entities – city and county governments and their various subdivisions, for example – to deposit public funds at local credit unions, providing greater choice, boosting competition, and benefitting taxpayers by providing better rates on deposits. Please encourage staff, officials and members to contact their lawmakers, as well!
While our credit unions were making their way up and down the halls of the General Assembly Building in Richmond, the NCUA Board was holding its January Board meeting, which marked the first meeting for new Board Member Tanya Otsuka. The NCUA reviewed its DEIA Strategic Plan for 2024-2026 and unanimously approved the agency's 2024 Annual Performance Plan.
Through the generosity of Vizo Financial Corporate Credit Union, Virginia's credit unions can apply for grants that will fund financial education projects or programs to empower members to reach financial goals and establish a better quality of life. Up to $50,000 annually will be allocated to Virginia, provided the funds are utilized. Submit your grant application no later than March 15, 2024, to be considered.
Small credit unions ($120 million or less in assets): You can participate at no charge in the GACSmall Credit Union Roundtable, slated for Sunday, March 3 ( 1 p.m.-3:30 p.m.). To register, follow the GAC registration link, then select the roundtable. It’s essentially a no-cost add-on to your registration. Contact your League’s Mary Amyx if you need assistance – email@example.com. Interested in scholarship opportunities? Contact your TruStage representative for availability.
Congress on Thursday passed legislation to keep the federal government open into March, approving the third stopgap spending bill in four months. Your League has been engaged with federal lawmakers for months as Congress struggles to agree on long-term government funding plans.
In Other News ...
- Northwest Federal Signs New SVP Marketing and Communications
- IGNITE | League Annual Meeting Schedule Announced; Register for Event; Reserve Your Hotel Stay
- Interested in Serving on a League Committee? Let Us Know!
- League, TRGroup Ask CUs to Complete Compensation Salary Survey
- Pending Regulatory Proposals: Comment Deadlines
- Registration Open for 2024 Governmental Affairs Conference
- Americans Are Feeling Much Better about the Economy Thanks to Slowing Inflation
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