Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Bank Groups Demand Oversight Hearing on NCUA
April 10, 2023A coalition of community bank groups led by the Independent Community Bankers of America (ICBA) has sent a letter to House Financial Services (R-NC) Ranking Member Maxine Waters (D-CA) calling on the committee to hold an oversight hearing on the NCUA, alleging numerous issues the groups say must be addressed.
- Compliance: ACH Contact Registry Deadline Aug. 1
March 30, 2023Enforcement of Nacha’s Automated Clearing House (ACH) Contact Registry rule is effective Aug. 1, meaning credit unions must register their contacts with the registry by then. Nacha—the organization that administers the ACH network—has created several resources for credit unions to familiarize themselves with the registry.
- CFPB Releases Section 1071 Small Business Lending Final Rule; League Remains Concerned About Scope of Rule, Regulatory Burden
March 30, 2023The Consumer Financial Protection Bureau (CFPB) released its final rule on section 1071 of the Dodd-Frank Act Thursday, which would require credit unions to collect and report certain data on applications for credit. While your League recognizes that this rule was mandated by Congress, we urged the CFPB as it crafted the final rule to carefully consider how the scope of its rule might impact the cost of small business borrowing and how burdensome data collection required by the rule would affect smaller financial institutions, like credit unions. We also noted the potential privacy concerns related to the public release of this data.
- League Congratulates Lamont Bagby On Successful Run for State Senate
March 29, 2023The Virginia Credit Union Leagues congratulates Sen.-elect Lamont Bagby on his election to represent Virginia’s 9th State Senate District.
- Sens. Romney, Cassidy Introduce Resolution to Overturn Student Loan Cancellation Plan
March 29, 2023U.S. Sens. Mitt Romney (R-UT) and Bill Cassidy, M.D. (R-LA) are among a group of Republican senators who introduced a resolution this week to overturn President Joe Biden’s plan to cancel student loan debt.
- Comments on Credit Card Late Fee Proposal Due May 3
March 29, 2023The Consumer Financial Protection Bureau (CFPB) published its proposal on credit card late fees in the Federal Register Wednesday with comments due May 3. CUNA has called on the CFPB to release the Federal Reserve data it heavily relied upon to craft the rule.
- League Notes New Laws Coming July 2023
March 28, 2023Of the close to 100 General Assembly bills your League has been tracking in the 2023 session, 26 of them have been signed into law by Gov. Glenn Youngkin, including credit unions' digital assets custodial services bill.
- Demand Letters, Lawsuits Center on Wiretap Violations at Credit Unions
March 28, 2023In 2022, a nationwide rise in litigation activity centered on wiretapping violation claims was reported involving companies' use of “session replay” technology. It is important for credit unions to work with legal counsel to ensure that their website policies and technologies comply with the privacy laws and wiretap laws of each state where its website is accessed.
- CFPB Makes Preemption Determination of Virginia Law
March 28, 2023Today the CFPB issued a determination that commercial financing disclosure laws in four states, including Virginia, are not preempted by the Truth In Lending Act (TILA). What is preemption? What laws were they looking at? Does this impact credit unions in Virginia? Let's dive in.
- Registration Now Open for NCUA Share Insurance Webinar on April 13
March 28, 2023Share insurance is fundamental to the credit union system, and it’s a complex topic. To help credit unions better understand share insurance, the National Credit Union Administration has scheduled a webinar for Thursday, April 13, to discuss how member accounts are covered.