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CURRENT Newsletter | March 28, 2023

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Arlington Community FCU, League Meet With Rep. Don Beyer

Arlington Community Federal Credit Union's Karen Rosales (President/CEO) and Jim Wilmot (Chief Lending Officer) joined League Chief Advocacy Officer JT Blau for a meeting Monday with Rep. Don Beyer (D-8th) in Arlington. They discussed a wide array of issues during the course of the 30-minute meeting, including the recent failures of Silicon Valley and Signature Bank.

League Closely Watching Lawmakers' Review of Recent Bank Failures

The Senate Banking Committee today held a hearing on the recent bank failures and the federal regulatory response. FDIC Chair Martin Gruenberg, Fed Vice Chairman for Supervision Michael Barr and Treasury Undersecretary for Domestic Finance Nellie Liang were the key witnesses.

“While it’s critically important for lawmakers and regulators to review these bank failures, our greatest concern remains that credit unions might be swept up in any moves to pursue new or revised regulation,” said League President/CEO Carrie Hunt. “We urge policymakers to consider a targeted, tailored approach to addressing any regulatory issues brought to light in reviewing these bank failures. Credit unions and our members should not suffer for the failings of a few institutions or those institutions’ regulators.”

League Notes New Laws Coming July 2023

Of the almost 100 General Assembly bills your League tracked in the 2023 session, 26 of them have been signed into law by Gov. Glenn Youngkin, including credit unions' digital assets custodial services bill.

CFPB Makes Preemption Determination of Virginia Law

Today the CFPB issued a determination that commercial financing disclosure laws in four states, including Virginia, are not preempted by the Truth in Lending Act (TILA). What is preemption? What laws were they looking at? Does this impact credit unions in Virginia? Let's dive in.

Registration Now Open for NCUA Share Insurance Webinar on April 13

Share insurance is fundamental to the credit union system, and it’s a complex topic. To help credit unions better understand share insurance, the National Credit Union Administration has scheduled a webinar for Thursday, April 13, to discuss how member accounts are covered.

Help Members Maximize Their Account Insurance; Training Webinars April 4, 6

Help members maximize their share insurance! Our credit unions have access to the Account Insurance Estimator through League InfoSight to help communicate NCUSIF insurance coverage. Easily answer your members' questions about the availability of additional coverage.

NCUA: Simplified CECL Tool Updated for March 31, 2023

The National Credit Union Administration last week released the March 2023 update of its Simplified CECL Tool. With this update and future quarterly updates of the Simplified CECL Tool, a credit union can use the CECL to estimate its allowance for credit losses on loans and leases. Quarterly updates will be provided so a credit union can incorporate them before its books are closed and before it submits the NCUA’s Call Report.

Demand Letters, Lawsuits Center on Wiretap Violations at Credit Unions

In 2022, a nationwide rise in litigation activity centered on wiretapping violation claims was reported involving companies' use of “session replay” technology. It is important for credit unions to work with legal counsel to ensure that their website policies and technologies comply with the privacy laws and wiretap laws of each state where its website is accessed.

Zest AI Hosting April 12 Webinar: Proven AI Underwriting for Smaller Credit Unions

This webinar is a great opportunity for smaller credit unions (less than $300 million in asset size) to learn more about AI and how utilizing machine learning can improve efficiency and fair lending to their members!

EPN Virtual Event April 18: How to Interview

Northwest Federal Credit Union’s Raquel Crossley (Talent Acquisition & DEIA Manager) and Olivia Fraser (Senior Talent Acquisition Specialist) will provide advice, tools and tips for successful interviews, including preparation and tackling tough questions.

In Other News …

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