CURRENT Newsletter | October 12, 2022
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Credit Card Competition Act, NCUA Third-Party Authority Absent from Senate NDAA Agreement
Lawmakers have released the text of the bipartisan agreement on a Senate substitute amendment for the National Defense Authorization Act (NDAA), which is likely be considered by the Senate in November. Absent from the list of amendments included in the substitute are the Credit Card Competition Act of 2022 and NCUA Third Party Vendor Authority, marking wins for the credit union industry, which has fought hard against the inclusion of those two measures in the NDAA and a third proposal that seeks to study interchange costs for those in the military, which is also absent from the substitute amendment.
"We can view these latest developments as wins for credit unions, but it's critical we remain engaged with lawmakers on the interchange issue and third-party vendor examination authority for NCUA. The Credit Card Competition Act remains before Congress with versions in both the Senate and House, as does third-party vendor examination authority for NCUA," notes League President/CEO Carrie Hunt. “We appreciate the good work of credit unions in helping us keep these issues top-of-mind for our lawmakers. But as we well know, the legislative process is just that, a process, so these wins are a promising sign, but vigilance is key.”
CEO Forum to Feature Federal, State Regulators
We’ll be joined at the League’s Oct. 18 CEO Forum by National Credit Union Administration Vice Chairman Kyle Hauptman and Virginia Bureau of Financial Institutions Commissioner Joe Face Jr.
NCUA Seeks Comments on Proposed Budget; League Will Seek to Testify
NCUA is seeking public comment on its proposed budget and League President/CEO Carrie Hunt is asking to testify on behalf of Virginia-based credit unions. Your League will also be submitting written comments on the budget proposal.
Financial Well-Being for All Boot Camp Oct 26; Register Now
Your members need you. But are you doing enough to meet them where they are in their life and financial journeys? Virginia Credit Union’s Cherry Dale will provide a deep dive into her credit union’s focus on financial education, offering a look at the universal lessons, strategies and tactics that can be applied at your credit union.
You’ll learn about …
- The correlation between member financial health and members satisfaction, product use and financial confidence.
- Developing a financial health strategy for your credit union.
- Creating programs for “financially vulnerable” and “financially coping” households.
GWLN Virginia Sister Society Will Host Free Virtual Event Oct. 20
The Virginia Sister Society of the Global Women’s Leadership Network will host a virtual event on Oct. 20. Titled “Making Herstory: Building Your Legacy,” programming includes a panel discussion with a some of the women leaders who are part of the inaugural class of inductees into the HERSTORY exhibit at America’s Credit Union Museum, break-out discussions on building one’s own legacy, goal setting and leadership. This virtual event is free to attend.
Virtual IRA Training Set for Oct. 25-26
Join the highly skilled trainers from Ascensus for virtual IRA Training on Oct. 25 & 26. Take advantage of both Essentials & Advanced sessions! Whether you are new to IRAs or an experienced administrator wanting an update, you'll find the training you need.
(Our friends at the Mississippi Credit Union Association are hosting registration.)
Virginia's Luria Among Candidates Garnering Support from CUNA, CULAC's $2.5M Spend on Campaign Ads
Rep. Elaine Luria is getting a boost from credit unions this election season, with CUNA and the Credit Union Legislative Action Council (CULAC) funding an ad touting the Congresswoman's work to support veterans and their families.
Articles of Interest
- Langley Voted Excellence in Retail at the Retailer of the Year Awards
- Virginia CU's Chris Saneda Shares Robotic Strategies for Credit Unions
- League's Blau Interviewed for Virginia Business Article
- NCUA Updates Simplified CECL Tool for Loan, Lease Losses as of Sept. 30
- NCUA Resource: Sign Up to Receive Call Report, Cybersecurity Information
- Fed Finalizes Updates to Debit Card Transactions Rule
- National Credit Union Foundation Announces New Financial Well-Being Grants
- How to Establish Credit in the Hispanic and Latino Community
- CUNA Finds CU Lending Still Strong in August
- CU Economists Respond to New Jobs Numbers
- Fed's Efforts to Cool Job Market Starting to Show Results
- OCC's Hsu Warns Against Commingling Banks and Crypto
- House Republicans Challenge Fed's Ability to Create CBDC Without Congress
- What the White House's Blueprint for an AI Bill of Rights Means for FIs
- For Third Month in a Row, Used Car Values See a Decline
- Big Banks, Nonbanks Largely Absent from FHFA's Home Loan Bank Inquiry