CURRENT Newsletter | July 25, 2023
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Credit unions: We continue to urge you to contact Sens. Mark Warner and Tim Kaine in opposition to the interchange bill being included as an amendment to the National Defense Authorization Act (NDAA). It's as easy as 3 SIMPLE STEPS in 2 minutes or less. We were successful in keeping this bill out of the NDAA last year, and we’re working to have the same result this year. Your support really helps!
CUs, League Hosting Legislative Receptions in August *Roanoke Date Just Added!
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 (2060 Pro Pointe Lane, Harrisonburg)
- Aug. 22nd – Roanoke Region Legislative Reception with Congressman Morgan Griffith (R-09) – Location and registration link coming soon.
- Aug. 24 – Richmond Metro Legislative Reception with Congresswoman McClellan (D-04) – Hosted by Credit Union House of Virginia (108 N. 8th Street, Richmond)
- Aug. 30 – Northern Virginia Legislative Reception with Congresswoman Wexton (D-10) – Hosted by Northwest FCU (200 Spring Street, Herndon)
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? In Part 2 we’re taking a look at the required notices - how many notices are required, what has to be in them, and how they have to be delivered.”
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! Click here to purchase your discounted tickets!
It's back! The 3rd annual credit union social media blitz, the #ILoveMyCreditUnion initiative, will take place this Friday, July 28. #ILoveMyCreditUnion Day is an opportunity to share on social media why you love credit unions using the hashtag #ILoveMyCreditUnion. Encourage your members and staff to share their stories!
The prospect of a rising interest rate cycle portends an opportunity for expansion of Net Interest Margin (NIM). However, NIM expansion is not a given, and the range of impact from one financial institution to another will be significant. Data analytics that reveal the intersection of portfolio and member relationship factors is fundamental to developing a strategy that produces the most positive impact on NIM.
Join us for this informative, thought-provoking session at GROWTH 2023 (Sept. 20-22) that seeks to answer this question: What is the best way to approach this unique historical challenge? We’ll dive deep into the data for an answer to this critical question, as we discuss these takeaways: key metrics for prioritizing deposit rate lag strategies; how to manage customer relationship retention as deposit rates adjust; a roadmap for putting data into action to manage deposit repricing risk; and case studies of institutions that are already succeeding in this endeavor.
In Other News …
- NCUA Hosting Aug. 2 Webinar on New Cyber Incident Reporting Rule
- 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