Advocacy News
Join the conversation about the latest news and issues related to the laws, regulations, politics and issues impacting Virginia's credit unions.
- FIs, Chamber Sue Over Late Fee Cap Slated to Cost $10 Billion
March 7, 2024As expected, the U.S. Chamber of Commerce and banking trade associations have sued to block a Consumer Financial Protection Bureau rule capping credit card late fees at $8.
- League Supports 'Stop-and-Study' Legislation for Fed's Debit Interchange Proposal
March 6, 2024Rep. 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. Credit unions strongly oppose the Fed’s proposal, and the introduction comes as nearly 6,000 credit union advocates are in Washington, D.C., for the 2024 Governmental Affairs Conference. “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.
- CUToday - GAC Coverage: What’s Up on the Litigation Front? Once Again, Plenty
March 6, 2024A breakout session that is annually designed to scare the wits out of attendees was once again widely attended sessions during America’s Credit Unions GAC here, where three attorneys offering updated on all the litigation threats faced by CUs.
- League Pleased That Lawmakers Appear Near on Deals to Fund the Federal Government
March 6, 2024The House is expected to pass a package of six spending bills to fund a major swath of the federal government and avoid a partial government shutdown this weekend. This will set the stage for final negotiations over the rest of the year’s budget after months of political wrangling. The Senate is expected to vote by the end of the week.
- CUs, League Meet with Federal Lawmakers on Day 1 of 'Hike The Hill' Visits
March 6, 2024Your League and member credit unions spent the day on Capitol Hill, meeting with Reps. Morgan Griffith (R-9), Jennifer Kiggans (R-2), and key staff members for Bobby Scott (D-3). Additional meetings with lawmakers are scheduled for tomorrow. "Although we are continuously engaged with federal lawmakers on our issues, meetings like those today offer member credit unions a unique opportunity to highlight the 'Credit Union Difference' for policymakers and hear lawmakers' perspectives on the issues facing our industry," said JT Blau, the League's chief advocacy officer.
- CFPB Issues Final League-Opposed Credit Card Penalty Fee Rule
March 5, 2024The Consumer Financial Protection Bureau today issued its final rule on credit card penalty fees. "We maintain that the Bureau's rule fails to consider the negative consequences likely to result from the regulation, including interest rate hikes and changes to other terms and fee amounts," notes League Chief Advocacy Officer JT Blau. "The proposal also does not take into account credit unions' member-owned, not-for-profit business model, which incentivizes credit unions to keep fees reasonable and proportionate to the costs of providing the service."
- REGular Blog: CFPB Issues Final Rule Limiting Credit Card Late Fees
March 5, 2024Today the CFPB issued its final rule on credit card late fees, which lowers the safe harbor on credit card late fees for large issuers. The rule was proposed last year, and it did change slightly from the proposed version. The Final Rule is a hot conversation topic here at GAC!
- NCUA Memo: Credit Unions Are Not Purchasing Banks at Fast Pace
March 4, 2024Despite the outcry by the banking community, credit unions are not purchasing banks at a quickening pace, according to a National Credit Union Administration memo obtained by Washington Credit Union Daily under the Freedom of Information Act. Banking trade groups have called for congressional hearings on bank purchases by credit unions, contending that credit unions can leverage their tax exemptions to offer better deals to banks than banks are able to offer.
- The Impact of Rising Debit Card Fraud and How to Defend Against It
March 4, 2024In 2023, 34% of financial institutions with assets at or under $5 billion saw a growth in debit/prepaid fraud while 56% of larger institutions also witnessed an increase (PYMNTS). The impact of compromised cards and the resulting fraud can be significant for both credit unions and their members. Taking a closer look at the trending tactics for collecting card information and using it for fraud attacks can help credit unions take more effective, proactive steps to guard against it.
- Sen. Mark Warner Meets With Virginia CU Representatives at League's Capitol Hill Reception
March 4, 2024As part of our advocacy efforts at GAC today, Sen. Mark Warner (D-VA) was the guest of honor at the League's Legislative Reception on Capitol Hill.