CURRENT Newsletter | July 21, 2023
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Credit unions: We are urging you to write Sens. Mark Warner and Tim Kaine in opposition to the interchange bill being included as an amendment to the National Defense Authorization Act (NDAA).
The Virginia Credit Union League applauds the National Credit Union Administration Board for its unanimous vote today to approve a modernized process for member expulsions, but will look for ways in the future to streamline the process.
“The credit union system advocated for a more-streamlined expulsion process for years, and we’re grateful to lawmakers and our regulators for getting us to this point,” said League President/CEO Carrie Hunt. “We’ll urge NCUA to continue its evaluation of the expulsion process as agency examiners have the opportunity to review these cases. We expect those reviews and industry feedback will prove instructive on whether the rule is working as intended or is too complicated to implement.”
In our REGular blog, we’ll be breaking down the new rule piece-by-piece to help credit unions understand all its elements and what they have to do to stay compliant. In Part 1 of this series we focus on eligibility: what kind of member behavior makes them eligible for this new expulsion process? Read more here.
Legislative Receptions Set for August; Date Change Announced for Event in Harrisonburg
Your League and credit unions will host a series of legislative receptions across the Commonwealth. Join us in advocating for your credit union and the Virginia credit union system at an event in your area!
- Aug. 8 – Shenandoah Valley Legislative Reception with Congressman Cline (R-06) – Hosted by UVA Community Credit Union / Member Options Mortgage Center (2060 Pro Pointe Lane, Harrisonburg, VA 22801). Please note the date change for our event in Harrisonburg! To accommodate our lawmakers' schedules, we've moved this event to Aug. 8. All other details are the same.
- Aug. 24 – Richmond Metro Legislative Reception with Congresswoman McClellan (D-04) – Hosted by Credit Union House of Virginia (108 N. 8th Street, Richmond, VA 23875)
League President/CEO Carrie Hunt Featured in Podcast on Unique Challenges of State, Federal Advocacy
League President/CEO Carrie Hunt was recently interviewed for the NAFCU Credit Union Policy Podcast for a discussion about state versus federal advocacy and policy priorities from the perspective of state regulators and lawmakers versus the federal level. Dive into specific issue areas including data privacy and data security, employment law concerns, and litigation trends.
The Tidewater Chapter is hosting a "Night at the Ball Park" on July 28 to celebrate two of our favorite things: "I Love My Credit Union" Day and cheering on our local baseball team – The Norfolk Tides!
#ILOVEMYCREDITUNION Day celebrates the credit union movement as we come together with the purpose of inspiring authentic and high-energy conversations about why we love our credit unions. Click here to purchase your discounted tickets!
Request for Comment Regarding National Credit Union Administration Operating Fee Schedule Methodology
The NCUA Board (Board) is requesting comment on changes to the methodology it uses to determine how it apportions operating fees charged to federal credit unions (FCUs). Comments must be received on or before Aug. 7, 2023.
GROWTH 2023 (Sept. 20-22) will feature keynote presenter Anne Legg, an award-winning, internationally recognized credit union data strategist, change agent, author, and educator. She is the founder and principal of THRIVE, a data activation consultancy that educates, accelerates, and elevates credit unions in their pursuit of data to improve their members' lives.
In Other News …
- TRGroup, League Hosting 2nd Annual Women's Conference
- TRGroup, Virginia League Plan Compliance, HR Conferences This September
- NCUA to Host Aug. 2 Webinar on New Cyber Incident Reporting Rule
- Deadline Is August 28 to File Comment on NCUA’s MDI Proposal
- Credit Unions Report a Record-Setting Plunge in Savings Balances
- NCUA’s Harper Talks Challenges Facing Regulators, Credit Unions
- NAFCU Compliance Blog: An Overview of the Reasonable Cause to Doubt Collectibility Exception under Regulation CC
- Credit Unions Pick Up Small-Office Loans as Banks Retreat
- Enhancing Credit Union Communication and Support for Military and Veteran Members