CURRENT Newsletter | September 16, 2022
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League, CUs Engage with Lawmakers During Busy Week on Capitol Hill
Your League and member credit unions met this week (in-person, via virtual meeting or both) with Rep. Rob Wittman (R-1st), Rep. Elaine Luria (D-2nd), and Sens. Mark Warner and Tim Kaine to discuss interchange and other federal-level legislative priorities. During the past eight weeks, we've met with every member of our Congressional delegation -- in some cases, multiple times -- to lobby for our issues. League President/CEO Carrie Hunt participated in NAFCU’s Congressional Caucus this week, joining our member credit unions in meetings with Virginia lawmakers as part of NAFCU’s efforts on Capitol Hill.
CUs, League Make Case for ‘Credit Union Difference’ in Meeting with CFPB's Chopra; Note Impact of ‘One-Size-Fits-All’ Regulation, Ever-Evolving Regulatory Challenges
In a meeting Monday with Consumer Financial Protection Bureau Director Rohit Chopra and Senior Policy Advisor (External Affairs) Charles Johanek, your League and leaders from 12 member credit unions discussed our regulatory priorities and how our ability to serve members is affected by an ever-evolving -- and challenging -- regulatory landscape.
Quarterly Compliance Webinar Sept. 21
Our quarterly compliance roundtable is set for Sept. 21. Compliance attorney Jay Spruill will cover the latest regulatory compliance issues and updates, including the CFPB advisory opinion on credit reports; NCUA's proposed rule on cyber incident reporting; CU defenses related to member claims alleging fraud on EFTs and checks; and issues enforcing security interests under the UCC; and much more! This webinar is a dues-supported service and is free-of-charge for member credit unions.
Seminar Offers Overview of CU System, Financials & Philosophy
On Sept. 22 in Richmond, your League will host a special seminar as part of our EMERGE Leadership Certification program. We will cover credit union financials, the structure of the credit union industry, our philosophy, and the importance of your role as a credit union advocate. Anyone can participate in this training, including your Board and Supervisory Committee members.
NOTE: This is the second module of our EMERGE Leadership Certification program, but anyone interested in this program is encouraged to register!
Women’s Leadership Conference Oct. 5-7 in New Orleans
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,” program moderator Sarah Snell Cooke, of Cooke Consulting Solutions, will facilitate discussion for a panel comprised of women who will be part of the inaugural class of inductees into the HERSTORY exhibit at America’s Credit Union Museum! Learn more about that here: acumuseum.org/herstory.html
In addition to the panel discussion, this event will feature break-out discussions about building one’s own legacy, sharing of key takeaways from the breakouts, and a workshop about goal setting, leadership and taking action. This virtual event is free to attend.
NCUA Releases Simplified CECL Tool for Small Credit Unions
The National Credit Union Administration (NCUA) issued a letter to credit unions (22-CU-10) this week offering details on a tool to assist small credit unions with determining their allowance for credit losses (ACL) on loans and leases as required under CECL.
White House Urges Regulators to 'Redouble' Crypto Oversight Efforts; Notes Study of Central Bank Digital Currency
The White House has released a series of reports, including from the Treasury Department, outlining a federal plan for digital-asset regulation and study of the creation of a central bank digital currency.
Subordinated Debt, Member Expulsion Proposal on NCUA’s Sept. 22 Agenda
The NCUA board will vote on proposed rules on member expulsion and subordinated debt at its Sept. 22 meeting. The meeting is scheduled to begin at 10 a.m. and will be streamed live on NCUA.gov. With regard to the member expulsion issue, we recently urged NCUA to require virtual meetings for members expelled for cause as a means of addressing safety concerns for Board members.
NCUA Preparing to Issue Guidance on Fintech Partnerships
Similar to banking regulators, the National Credit Union Administration is concerned about the risks associated with financial technology companies. Speaking Monday at a conference held by NAFCU, NCUA board member and former Chairman Rodney Hood said the credit union regulator is developing a rule related to the integration of fintech.
Other Articles of Interest
- Appeals Court Rules in Favor of Credit Unions in FCDPA Lawsuit
- Interest Rates on Credit Cards Hit 26-Year High
- Late Night ACH File Delivery for Many Begins Sept. 12
- CISA Welcomes Public Input on New Cyber Incident Reporting Requirements
- Credit Unions, Merchants Out in Force on Capitol Hill on Opposite Side of Bill
- NAFCU Caucus Coverage: NCUSIF Looks Good, Premium Assessment Unlikely
- NCUA's Harper Urges Congress to Extend Emergency Liquidity Facility
- NCUA Releases Q2 2022 State-Level Credit Union Data Report
- Credit Unions Gain Larger Share of Auto Loans as Banks Lose Momentum
- Registration Opens for NCUA DEI and ACCESS Summit Nov. 2-4
- Register Now for NCUA’s How Credit Unions Empower Hispanic Consumers and Communities Virtual Roundtable
- Virginia-Based LICUs Among NCUA Grant Recipients
- Report: CFPB Unlikely to Undertake Consumer Arbitration Rulemaking in Near Future
- CFPB's Chopra Calls Level of P2P Fraud 'Frightening'
- New Data Standard Could Expose FIs' Authentication Gaps
- CFPB Plans to Subject Buy Now, Pay Later Lenders to Same Regulatory Scrutiny as Credit Card Companies
- Will New Merchant Code for Gun Sales Turn Issuers into 'Morality Police?'