CURRENT Newsletter | September 1, 2023
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NOTE: Your League is closed on Sept. 4 in observance of Labor Day! Have a wonderful and safe holiday weekend!
Credit unions and the League continued a successful series of statewide Legislative Receptions last night with an event in northern Virginia that drew 50 credit union advocates and 15 elected officials and candidates from across the region. The event was hosted by Northwest Federal Credit Union in Herndon.
"The Congressional August district work period offers us a unique opportunity to reach our lawmakers at home, enabling those lawmakers to reconnect with credit union constituents and hear directly from us about our top-of-mind issues," said League President/CEO Carrie Hunt. "Adding to the importance of this year's legislative events is the critical state-level elections that will usher in a very different General Assembly in 2024."
Let's take a look at some of the highlights of the week in regulatory compliance, including NCUA Chairman Todd Harper's latest call for third-party examination authority for the NCUA, actions by CFPB, and an IRS memo on federal credit unions' eligibility to claim the Employee Retention Credit.
In the last couple of years, many credit unions have been exploring whether they were eligible to claim the Employee Retention Credit (ERC) that was part of the CARES Act. This law made credits available for eligible employers whose operations were fully or partially suspended due to orders from the government. Credit unions, auditors, and third-party vendors began parsing through the limitations and restrictions of the legislation and guidance.
Join us on Sept. 6, for the League’s free Quarterly Compliance Roundtable. JT Blau, Chief Advocacy Officer of the League, and attorney Jay Spruill (Woods Rogers Vandeventer Black PLC), who serves as lead attorney for the League's Compliance Hotline, will discuss the following: fraud scams targeting member accounts and protective measures a credit union can take; NCUA’s new member expulsion rule; NCUA’s new cyber incident reporting requirement; FinCEN’s update of their examination manual; and other recent hot topics from the League Compliance Hotline.
Join us at the Virginia Beach oceanfront for an informative, thought-provoking conference that seeks to answer that all-important question: How do we deliver enterprise-wide strategy, differentiation and performance to fuel the growth and success of our credit union?
Gain an understanding of what makes credit unions tick and our role in the financial services marketplace, including the financials that drive our success, the philosophy on which our industry was built, and the obligation each of us has in advocating for credit unions. Note: While this session has plenty to offer anyone wanting to know more about our industry, it would be incredibly beneficial for newer employees and officials.
In Other News …
- BayPort Ranked No 1 in Virginia for Excellence in Member Service, Digital Branch Launch
- Virginia CU CEOs Make Virginia Business Mag’s List of Most Influential Leaders
- EPN Event Sept. 7 in Shenandoah Valley; Still Time to Register
- Tidewater Chapter Meets Sept. 14
- Sept. 7 Webinar: Fintech is Here! Where Do You Start?
- TRGroup, Virginia League Plan Compliance Conference (Early bird deadline Sept. 1)
- TRGroup Human Resources Conference Sept. 27-28 in Nashville (Early bird deadline Sept. 1)
- TRGroup, League Hosting 2nd Annual Women's Conference
- Essentials, Advanced IRA Training Set for Oct. 18-19 as Virtual Event
- NCUA to Host Sept. 28 Webinar on Using Technology to Promote Financial Inclusion
- Comments on Operating Fee Methodology, Robocalls Due
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