CURRENT Newsletter | October 3, 2023
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NOTE: The League Office will be closed Oct. 9, in recognition of Columbus Day.
In a case of keen interest to the credit union industry, the Supreme Court today heard oral arguments in the case of Consumer Financial Protection Bureau v. Community Financial Services Association. The case came to the Supreme Court after a 5th Circuit Court ruled that the CFPB's funding structure was unconstitutional.
CU-Opposed Legislation Remains a Threat as Congress Faces New Deadline on Government Funding Measures
While we were pleased to see Congress avert a shutdown of the federal government, we’re also quick to recognize we’re facing a fresh deadline for approval of appropriations measures for the coming fiscal year. Importantly, the risk that credit union-opposed legislation – specifically the Credit Card Competition Act (interchange bill) -- will find a way to advance via one of those measures remains extremely high. Your League continues its push this week to derail the CCCA with follow-up contacts to every member of our Congressional delegation.
The CCCA poses a real and significant risk to consumers, especially as it relates to fraud, privacy, and the ability of community financial institutions to provide access to credit. You can aid our advocacy efforts by emailing lawmakers today via our Action Center - https://www.vacul.org/action-center
The latest wrinkle in Washington is the vote this afternoon to oust Rep. Kevin McCarthy as Speaker of the House. North Carolina Rep. Patrick McHenry, who also serves as Chairman of the House Financial Services Committee, will serve as Speaker Pro Tempore as the process begins to elect a new Speaker. This development inserts additional uncertainty into the legislative process as Congress continues to face pressure to fund the government for the coming fiscal year. The Continuing Resolution passed this weekend that allowed Congress to avert a shutdown of the federal government expires Nov. 17.
We were pleased to welcome NCUA Regional Director John Kutchey as part of the program at last week’s League CEO Summit. Kutchey shared his perspective on a number of issues, including key risk areas for credit unions, like liquidity. He also covered technology and AI issues.
Reminder: The CEO Forum is on Oct. 17 in Richmond! Designed for credit unions with less than $100 million in assets, this program will provide presentations from NCUA, an economic update, and insights on leveraging data and analytics to compete in today’s rate environment.
League Director of Membership and Business Development Katie Bailey joined UVA Community Credit Union yesterday in Charlottesville to welcome NCUA Board Member Rodney Hood. Janine Williams (Vice President of Credit Union Affairs at UVA Community CU) and Belinda Tucker (COO of UVA Community CU) provided Board Member Hood with an overview of the credit union's services. “Our team was thrilled to meet with Board Member Hood and experience his positivity for our movement firsthand," said UVA Community Credit Union's Janine Williams.
Your members need you. But are you missing opportunities to meet them where they are in their life and financial journeys? Our Boot Camp offers training on identifying and categorizing a member’s financial health so you can tailor your product and service offerings to better meet their unique needs. We’ll also take a deep dive into the Financial Health Pulse survey to uncover actionable insights on consumer financial health in the U.S. HumanKind will provide an overview of their Economic Resource Center and the services credit unions can leverage to aid members.
The Virginia League is excited to announce a new partnership opportunity that delivers C-Suite level leadership development training for credit union professionals. We've partnered with the Carolinas Credit Union League to offer their Leadership Development Institute (LDI), now in its seventh year, which empowers current and rising credit union leaders with modern strategies for developing leadership and critical thinking skills.
In Other News …
- League Thanks Sen. Warner, Colleagues for Reintroducing Bill to Aid CDFIs
- Richmond-area Credit Unions Merge, Forming $500M Institution
- Oct. 5 Webinar for Small-, Mid-Sized CUs: Embarking on the AI Lending Journey
- CEO Forum Set for Oct. 17; Registration Open
- ABNB Hires Joseph Pennington as Senior Vice President and Chief Financial Officer
- Tidewater Chapter Meets Oct. 12
- TRGroup, League Hosting 2nd Annual Women's Conference
- Registration Open for 2024 Governmental Affairs Conference
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