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CURRENT Newsletter | January 20, 2023

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Credit Union Day 2023: CUs Meet with Lawmakers In Support of Legislation; Showcase 'Credit Union Difference'

More than 170 credit union advocates gathered in Richmond today for Credit Union Day at the General Assembly, lobbying for continued support of HB1727, credit unions' digital assets custody services bill, and showcasing the "Credit Union Difference" by sharing our service to members and our communities.


League’s Blau Testifies Before State Senate Committee in Support of CDFI Measure

League Chief Advocacy Officer JT Blau testified Wednesday in support of a CDFI bill before a state Senate committee. SB1329 codifies the Virginia Community Development Financial Institutions Fund, originally created in the 2021 Appropriation Act, and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund.

The bill passed the Senate’s General Laws and Technology Committee and was referred to the Senate Finance and Appropriations Committee for consideration.

League Co-Hosts CDFI Awareness Event for Lawmakers

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!

IGNITE 2023 | League Annual Meeting Registration Now Open

Registration is now open for IGNITE 2023 | League Annual Meeting! Our host hotel – Williamsburg Lodge – is also accepting reservations.

NCUA Board to Consider Interest Rate Ceiling at Jan. 26 Meeting

The NCUA Board will discuss extending the Federal Credit Union loan interest rate ceiling at its Jan. 26 meeting. CUNA wrote to the board this week urging it to act quickly to consider raising the cap beyond 18% or adopt a floating rate cap.

Related: NCUA Should Consider Increased Interest Rate Cap, Floating Cap

Interest Rate, Liquidity, Credit Risks Top NCUA 2023 Supervisory Priorities

NCUA issued a letter to credit unions (23-CU-01) Wednesday outlining the agency's supervisory priorities and other updates to its examination program for 2023.


CFPB May Be Creating New Financial Privacy Standards

The Consumer Financial Protection Bureau’s increasing use of unfairness and deception principles in pressing financial institutions could signal a shift toward creating substantive new privacy standards, and industry participants should develop an advocacy strategy accordingly, says David Stein at Covington.



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