League News

ValleyStar announces the launch of their ValleyStar 300 “Scan Me, Win Me” car giveaway, with a grand prize of a 2023 Toyota Camry. Virginia residents who are 18 years of age or older can enter the contest by finding the car, scanning the QR code, and submitting an entry form. The contest runs until September 17, 2023. Three finalists will be randomly selected to receive suite tickets and join ValleyStar at Martinsville Speedway for the ValleyStar 300 on September 23, 2023. On race day, all three finalists will receive a car key, but only one key will open the car. The finalist with the real car key wins the car. 

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We wrote last week about a Texas court that issued an injunction to stop the implementation of the CFPB's Section 1071 Rule. This rulemaking would impose additional reporting requirements on lenders who make a certain number of loans to small businesses. The reason for the injunction was that the Supreme Court will soon hear arguments on the Fifth Circuit's ruling that the CFPB's funding structure is unconstitutional, and the Texas court ruled that the CFPB cannot enforce the rule against the plaintiffs in their case until the Supreme Court rules in their case. There were a couple of related developments this week.

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We’re excited to announce a timely addition to our upcoming GROWTH Conference lineup! Join us next month for a session titled, “Using AI and Analytics to Fight -- and Win -- in Today’s Competitive Landscape!” We’ll focus on how fintechs, analytics and AI are transforming the financial services industry and why you must be leveraging their power to engage today’s members.

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We’re excited to continue our summer series of legislative receptions all across the Commonwealth, including upcoming events in Roanoke, Richmond and NoVA! Join us in advocating for your credit union and the Virginia credit union system at an event in your area. We are working with members of Congress to schedule our final reception in Hampton Roads. We will share this date and location as soon as it's set.

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CUNA, working together with the Cornerstone League and Rally Credit Union, is taking action to broaden a court decision so credit unions have parity in an injunction to stop implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Rule. The CFPB’s rulemaking requires financial institutions to make additional reporting for small business loans.

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Chartway Credit Union President/CEO Brian Schools has been announced as Chair of the proposed Transition Board for America’s Credit Unions. America’s Credit Unions is the proposed national trade association that would be formed should members of CUNA and NAFCU agree in the coming months to a merger of the two organizations. Brian is the current vice chair of the NAFCU Board of Directors.

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Forty-five credit union advocates, lawmakers and local officials last night participated in the League's second Legislative Reception of the summer. The Harrisonburg event was hosted by UVA Community Credit Union and drew participants from CommonWealth One Federal Credit Union, DuPont Community Credit Union and Park View Federal Credit Union.

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The Illinois Credit Union System (ICUS), in collaboration with over 1,000 organizations, took to their social media channels in celebration of the third annual #ILoveMyCreditUnion social media blitz on July 28.

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