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CURRENT Newsletter | March 11, 2024

Authored By: Lewis Wood on 3/11/2024

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Regulatory Compliance Weekly Roundup: March 11, 2024

Happy Monday everyone! Last week many members of the League team were in D.C. for the Governmental Affairs Conference, which was the first one put on by the newly formed America's Credit Unions. Virginia had a great showing at the GAC, and it was wonderful to see everyone who made it. Let's look at some of the highlights, including the Biden Administration’s continued targeting of what they’ve termed “junk fees,” CFPB’s Credit Card Late fee rule, and the Federal Reserve’s debit interchange proposal.

GAC2024: CUs, League Mark Productive Week of Advocacy Work, Including Meetings with Virginia’s Congressional Delegation, NCUA's Hauptman

The Governmental Affairs Conference brought 130 Virginians to D.C. to advocate for credit unions and showcase the “Credit Union Difference.” It was an incredibly busy, but productive week that had us meeting with the offices of Virginia’s Congressional delegation and NCUA Board Vice Chairman Kyle Hauptman!
Learn more:

League Supports 'Stop-and-Study' Legislation for Fed's Debit Interchange Proposal

Rep. Blaine Luetkemeyer, R-Mo., introduced the Secure Payments Act (H.R. 7531), which would stop the finalization of the Federal Reserve’s proposed debit interchange proposal. “We welcome the introduction of this legislation because we understand that credit unions will be negatively impacted should the Federal Reserve Board adopt the rule it has proposed. The fraud costs our credit unions are facing continue to mount and we must have fairness in the system,” said League Chief Advocacy Officer JT Blau.

League’s Reg Compliance Update Set for March 13

Count on your League to help you manage today's complex regulatory compliance environment! We've scheduled the first of this year’s quarterly virtual updates for March 13, with topics of discussion to include news and notes from the General Assembly, recent proposals by the CFPB on fees, and coming changes to the NCUA Call Report. 
JT Blau, Chief Advocacy Officer of the League, and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, will lead the discussion.

League Board Seeks Nominations for Kirsch, Farley Awards

We are seeking your recommendations for prospective candidates for our annual awards. The Virginia Credit Union League Board will name the winners of this year’s James P. Kirsch Lifetime Achievement Award and Eugene H. Farley Jr. Award of Excellence at the League Annual Meeting in Washington D.C. on May 2, 2024. Nominations are due by March 15, 2024.

Credit Unions: Apply for Grants to Support Your Financial Education Initiatives; Deadline March 15

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. Up to $50,000 annually will be allocated to Virginia, provided the funds are utilized.

Looking to start a financial education partnership with a local school? Need an age-appropriate curriculum? Need computer equipment or software licenses? All these items -- and more – would be eligible uses for the grant funds! Submit your grant application no later than March 15, 2024, to be considered.

In Other News …

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