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Home News CURRENT Newsletter | January 26, 2024

CURRENT Newsletter | January 26, 2024

Authored By: Lewis Wood on 1/26/2024

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CU Legislation Facing Key Votes Soon; Please Email Your Lawmakers Today!

Credit unions: We desperately need your help as we work to push our public deposits bill over the finish line! We’re facing key subcommittee and committee votes on the measure in the coming weeks. Please ask your staff, co-workers and officials to email lawmakers today in support of HB 1205. To date, we’ve generated 372 messages to lawmakers. We need significantly more support if lawmakers are going to consider this a top-of-mind concern for constituents.

Take Action Now!


League Notes Concerns on CFPB’s NSF Fee, Overdraft Proposals

It’s been an incredibly busy month on the regulatory front with CFPB’s recent proposals to ban NSF Fees on transactions denied in real-time and an overdraft measure that seeks to bring fee regulation under Regulation Z, the implementing regulation of the Truth in Lending Act. The proposal would also create benchmarks on overdraft fees for financial institutions $10 billion and more in assets, or alternatively, the FI could calculate the fee by analyzing its own costs and losses.

League President/CEO Carrie Hunt noted: “CFPB continues to target legitimate fees that enable not-for-profit credit unions to cover the costs of doing business as they serve their members under the guise of consumer protection. We will vigorously oppose measures like this NSF fee ban, as well as the Bureau’s recent proposal on overdraft programs because both threaten our ability to operate in a free market system.”

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League Chief Advocacy Officer JT Blau analyzes both proposals here.


League Offers Insights, Analysis on NCUA’s Supervisory Priorities

Your League’s JT Blau offers insights and analysis of the NCUA’s 2024 Supervisory Priorities in two blog posts this week. The first looks at the 2024 Supervisory Priorities vs. 2023; the second offers a deeper dive into what made the list in 2024, and what credit unions can expect as they prepare for their exams.


League Outlines Service Additions, Enhancements for 2024

On Wednesday, League President/CEO Carrie Hunt sent a letter to member credit unions which outlines several service additions and enhancements your League is offering in 2024. “I spent my first months at the League learning, listening, and gathering your feedback on what member credit unions needed from us,” Hunt. “I made it a point to continue that conversation with credit union leaders during the last three years, working closely with the League Board to enhance the value we deliver in promoting, protecting, and strengthening our industry.”

Learn more


New Professional Development Offerings: Data Activation Education Series 2024 & Data Governance Webinar

Presented by THRIVE in partnership with the Virginia League, we are offering two data-focused educational opportunities in 2024. The Data Activation Series is a multi-week, five-session course on optimizing your credit union's effective use of data. The Deep Dive Data Governance webinar will be offered twice in 2024 (April 24 and Oct. 1) and will focus on managing data access, quality, and security throughout its life cycle. These are separate and distinct offerings. You are not required to register for both.


Emerge Certification Module Set for Feb. 15; Covers Employee Engagement, Inclusion

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. Location: Richmond.


Credit Unions: Apply for Grants to Support Your Financial Education Initiatives

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.


In Other News …

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