League News

Your League's advocacy team visited lawmakers today as the Virginia General Assembly convened for its 2023 session.

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We have a bill number for our digital asset legislation! HB1727 would permit any credit union in the Commonwealth to engage in virtual currency custody services to the same extent as any bank. Banks won this authority last session. The bill would allow credit unions to secure private keys for their members’ digital assets in a manner similar to a safe deposit box, with the member retaining control of the asset and the credit union simply securing it.

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League President/CEO Carrie Hunt and Chief Advocacy Officer JT Blau traveled to Washington this week to meet with Virginia's Congressional Delegation and participate in CUNA’s welcome reception on Wednesday at the U.S. Capitol Visitor Center. League Chairman Joe Thomas (NextMark Credit Union) and staffers from the credit union who are members of the League’s Emerging Professionals Network also attended the reception

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The number of credit unions opting into a new, streamlined framework for reporting their complex credit union leverage grew in the third quarter, as did the number opting into the framework via a two-quarter grace period.

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Jared Ihrig, CUNA’s chief compliance officer and counsel, provided an update of NCUA supervisory priorities for 2023, which include credit risk management, cybersecurity, payment systems, BSA/AML compliance, CECL, and interest rate risk, among others.

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A year ago, the Supreme Court of Virginia drew maps that will be used in state legislative elections this year without regard to the addresses of sitting legislators. The result was 40 of 100 delegates were drawn into the same district with one or more colleagues, most of them from the same political party. While some pairings have been resolved, VPAP’s unofficial list shows that 23 delegates still face the option of moving into a different district, running for a different office, retiring or battling a colleague for the party nomination.

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The CFPB has finalized annual changes to asset-size exemption thresholds under the Home Mortgage Disclosure Act (HMDA) and Regulation Z based on the 8.6% increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2022.

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State Sen. Jennifer McClellan has won the Democratic nomination for Virginia's 4th Congressional District in the special election to succeed the late Rep. Donald McEachin, the commonwealth's Democratic Party announced early Thursday morning in a news release, putting her in a prime position to become the first Black woman to represent the Old Dominion in Congress.

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Rep. Blaine Luetkemeyer, R-Mo. Introduced a bill Thursday that would create a national data breach notification standard, the Consumer Information Notification Requirement Act. “We support this legislation to eliminate the patchwork of state data breach notification standards, ensuring consistent treatment to all affected by a data breach,” said Credit Union National Association President/CEO Jim Nussle. “Pre-empting conflicting—and often contradictory—state laws and requiring timely notice to those who are affected would greatly benefit consumers.”

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The latest constitutional challenge to the Consumer Financial Protection Bureau hinges on whether the agency's funding through the Federal Reserve System differs dramatically from the funding of other government agencies, experts say. Some experts think the CFPB's funding through the Federal Reserve — and not directly through annual congressional appropriations — could be the chink in the armor of the Dodd-Frank Act that created the CFPB in 2010.

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