League News

Ecority, a green-lending initiative supported by your League, has named Chuck Purvis as Interim CEO and Board Member. League President/CEO Carrie Hunt is serving on an advisory board for Ecority, an independent nonprofit seeking to secure for credit unions and Community Development Financial Institutions a share of funding from a $27 billion fund at EPA. Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union. “I’m proud of how credit unions and industry partners came together through Ecority to seize this unique opportunity. I wanted to ensure the Virginia League took a leadership role in this initiative, knowing what we could accomplish if credit unions are able to leverage GGRF funds in serving members and our communities,” said Hunt.

Read More »

The League last week held virtual meetings with NCUA Vice Chairman Kyle Hauptman and Assistant Secretary of the Treasury for Financial Institutions Graham Steele. During the meetings, the League and member credit unions had the opportunity to discuss marketplace, economic and regulatory issues that impact credit unions and our members.

Read More »

The Virginia Credit Union League held meetings today with Congresswoman Abigail Spanberger (D-7th) and the office of Congresswoman Jennifer McClellan (D-4th).

Read More »

Your League was pleased to see passage this afternoon in the House of a short-term funding bill that would avert a government shutdown Saturday. The Senate must still pass the measure and the president must sign it.

Read More »

The NCUA Board has announced the agenda for their November board meeting. In addition to a Quarterly Share Insurance Fund Briefing, the Board will issue a Final Rule on Charitable Donation Accounts (CDAs). The Proposed Rule on CDAs was issued earlier this year. In 2013, the NCUA Board approved the CDA rule and permitted federal credit unions to fund a CDA. This account could hold investments that were otherwise impermissible for FCUs, but the account could only be used to provide charitable contributions to qualified entities. The 2013 rule defines "qualified charity" as a charitable organization or other non-profit entity recognized as exempt from taxation under 501(c)(3) of the Internal Revenue Code.

Read More »

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.

Read More »

As we move closer to a federal government shutdown, your League is carefully monitoring the situation and engaging with lawmakers. We continue to make the point that a shutdown will harm credit union members, the regional economy, and credit unions themselves.

Read More »

The Federal Reserve published its interchange proposal Tuesday in the Federal Register with a comment deadline of Feb. 12. The Fed Board of Governors proposed the changes at its Oct. 25 meeting. Credit unions strongly oppose changes to the current interchange system and your League will voice its opposition to the Federal Reserve Board proposal.

Read More »

The House and Senate are in Washington, D.C., and both chambers are expected to work on legislation funding the government past Nov. 17. Federal financial regulators—including NCUA Chairman Todd Harper and Fed Vice Chairman for Supervision Michael Barr—will testify before committees this week.

Read More »

The NCUA invites public comment on a Fair Hiring in Banking proposed rule. For more information or to submit a comment, please visit Regulations.gov. Comments must be received by January 8, 2024.

Read More »