Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Closely Watching Lawmakers' Review of Recent Bank Failures
March 28, 2023The Senate Banking Committee today held a hearing on the recent bank failures and the federal regulatory response. FDIC Chair Martin Gruenberg, Fed Vice Chairman for Supervision Michael Barr and Treasury Undersecretary for Domestic Finance Nellie Liang were the key witnesses.
- Arlington Community FCU, League Meet With Rep. Don Beyer
March 27, 2023Arlington Community Federal Credit Union's Karen Rosales (President/CEO) and Jim Wilmot (Chief Lending Officer) joined League Chief Advocacy Officer JT Blau for a meeting today with Rep. Don Beyer (D-8th) in Arlington. They discussed a wide array of issues during the course of the 30-minute meeting, including the recent failures of Silicon Valley and Signature Bank.
- Compliance: FinCEN Issues BOI Reporting Guidance
March 27, 2023The Financial Crimes Enforcement Network (FiNCEN) issued guidance Friday on its Beneficial Ownership Information (BOI) reporting rule, which is effective Jan. 1, 2024.
- Special Election March 28 for Virginia Senate's 9th District
March 27, 2023Voters in the state Senate's 9th District go to the polls on March 28 for a special election.
- CUs, League Celebrate Gov. Youngkin's Signing of Virtual Assets Custody Measure
March 24, 2023Gov. Glenn Youngkin yesterday signed credit unions’ virtual currency custody services bill into law, making Virginia among the first states to codify such authority for credit unions.
- League Shares CUs' Input on Banking Sector Challenges With Senior U.S. Treasury Official
March 22, 2023League President/CEO Carrie Hunt today joined her fellow League presidents and CUNA staff on a call with Graham Steele, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. Asst. Secy Steele and the Biden Administration are gathering feedback from the Leagues about deposit outflows/inflows at member credit unions, as well as what we’ve heard from credit unions related to questions and concerns about the health of the banking sector.
- NCUA Board Passes League-Supported Final Rule on Subordinated Debt; Board Also Addresses Impact of Recent Bank Failures
March 16, 2023The NCUA Board today passed its final rule on subordinated debt, while also addressing the recent bank failures that have caused some concern for the overall health of the nation’s financial system. “We’ve been keenly interested in adoption of the subordinated debt rule as an important tool to aid credit unions eligible to participate in Treasury’s Emergency Capital Investment Program,” said League President/CEO Carrie Hunt, who attended today’s NCUA Board meeting in-person. “The rule also provides additional flexibility for credit unions interested in pursuing subordinated debt and makes minor modifications that make the process easier and more appealing to credit unions.”
- League's Blau a Panelist on Nationwide CDFI Webinar
March 14, 2023League Chief Advocacy Officer JT Blau was a featured panelist on a Community Development Financial Institutions webinar hosted today by Inclusiv.
- League Monitors Fall-Out from Bank Failures; Working with NCUA and Others
March 13, 2023The failures of Silicon Valley Bank and Signature Bank of News York will continue to have future policy ramifications as the Federal Reserve, Treasury and the FDIC took swift action to instill consumer confidence in the banking system. These actions may prompt members to ask questions about account insurance at credit unions.
- Calling All Golfers, Sponsors: VACUPAC Classic Tees Off May 24
March 10, 2023Kickstart your IGNITE | Annual Meeting experience by hitting the links in the 34th Annual VACUPAC Golf Classic, being held May 24 in Williamsburg. Proceeds from the tournament support the Virginia Credit Union Political Action Committee (VACUPAC), the non-partisan PAC working for the benefit of all Virginia-based credit unions. You can support the tournament as a golfer, as a sponsor, and even better, both!