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Latest News Posts
- CFPB Targeting Credit Card Late Fees in League-Opposed Proposed Rule
February 1, 2023The Consumer Financial Protection Bureau moved Wednesday to slash what is effectively a regulatory cap on most credit card late fees, unveiling a proposal for tougher fee limits that the banking industry is slamming as "extreme."
- League Writes All State Lawmakers in Support of Key Bills
January 31, 2023In a letter yesterday to every member of the General Assembly, your League outlined three priority pieces of legislation for credit unions, including our own virtual assets custody services bill.
- Virginia Business Article Highlights League’s Advocacy Work
January 31, 2023The latest issue of Virginia Business magazine features a lengthy article on the advocacy work of credit unions and the League to enhance the credit union charter. Featured prominently in the article is League President/CEO Carrie Hunt, who notes our efforts to address field-of-membership issues, including an easier path for credit unions to reach underserved areas; authority for credit unions to hold municipal deposits; credit unions’ ability to offer virtual currency services; and clarity surrounding financial institutions’ ability to serve legal cannabis businesses.
- State Senate Committee Kills League-Opposed PACE Loans Bill for Residential Dwellings
January 30, 2023League Chief Advocacy Officer JT Blau testified today before the state Senate's Local Government Committee in opposition to a bill extending PACE loans to residential dwellings. The Committee killed the bill for this year though chief patron Sen. Chap Peterson said he would revisit the issue in preparation for the next General Assembly session, likely offering the measure as a separate code section.
- NCUA Releases New Updated FAQs on CECL, Simplified CECL Tool
January 30, 2023The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool.
- House Passes CU Board Modernization Bill; Rep. Griffith Signed on as Co-Sponsor
January 30, 2023H.R. 582, the Credit Union Board Modernization Act, passed the U.S. House today on a voice vote. Rep. Morgan Griffith (R-9th) signed on to the measure as a co-sponsor.
- League Seeks Delegation's Support for Bipartisan Credit Union Board Modernization Act
January 27, 2023Your League this week asked members of Virginia's Congressional delegation to support H.R. 582, the Credit Union Board Modernization Act. Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., introduced the CUNA-League-led bill that would update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.
- League's Blau Testifies on Bill That Sought to Prohibit Many Companies From Pulling Credit Reports on Prospective Hires
January 26, 2023League Chief Advocacy Officer JT Blau testified on credit unions' behalf this week on a bill (HB 2116) that would prohibit employers from pulling credit reports on prospective hires.
- League Closely Watching NCUA Board's Discussion on Interest Rate Ceiling; Urges Agency to 'Modernize' Approach to Interest Cap
January 25, 2023Your League will be monitoring tomorrow’s NCUA Board Meeting, particularly the Board’s planned discussion of the interest rate ceiling set for federal credit unions. “We worry that the failure of the NCUA Board to act in raising the interest rate ceiling poses an unnecessary risk to federal credit unions and their earnings, which would directly affect capital, growth and liquidity,” said League President/CEO Carrie Hunt.
- Zest AI Loves Credit Unions ... and They're Ready to Prove It By Helping You With Community Projects!
January 25, 2023We understand that credit unions not only serve their members financially, they also strive to support their communities in infinite ways. Our goal is to shine a spotlight on these efforts. Zest would like to highlight the amazing service projects credit unions are doing. This would involve Zest employees coming on-site to help. We really want to get in there with the rubber gloves and all.