Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League Advocacy Team Visits Lawmakers as General Assembly Convenes
January 11, 2023Your League's advocacy team visited lawmakers today as the Virginia General Assembly convened for its 2023 session.
- League-Driven Credit Union Bill Introduced in General Assembly
January 10, 2023We 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.
- If the Supreme Court Strikes Down Student-Loan Forgiveness, It Could Have 'Startling Implications,' Biden Says
January 9, 2023It's a critical year for millions of student-loan borrowers as Biden's plan to cancel up to $20,000 in student debt will have its day at the Supreme Court on February 28. For over two months, implementation of the relief has been blocked due to two lawsuits against the administration. One was filed by two student-loan borrowers who did not qualify for the full $20,000 amount of relief, and another by six Republican-led states who said the relief would hurt their states' tax revenues, along with that of student-loan company MOHELA.
- Credit Unions Getting More Strategic to Seek Out Bank Targets
January 9, 2023Credit unions ended 2022 with a spurt of bank deal activity, and deal advisers expect the momentum to continue in 2023. Lingering economic uncertainty and the impact of rising interest rates in 2022 muted banks' M&A interest, leading to a slowdown in deal activity. But credit unions are not feeling deterred by those same factors and should continue scooping up banks this year, deal advisers told S&P Global Market Intelligence.
- League, CU Reps Attend Events in Washington as 118th Congress Begins
January 6, 2023League 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
- Regulatory Agencies Release Rulemaking Agendas
January 6, 2023Federal agencies released their latest Unified Rulemaking Agenda this week with several items of concern to CUNA and your League. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines. The Consumer Financial Protection Bureau lists an overdraft “pre-rule” and Section 1071, Small Business Lending Data Collection final rule on its agenda.
- Ihrig Outlines NCUA Supervisory Priorities
January 4, 2023Jared 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.
- NAFCU Compliance Blog: Check Signatures According to the Model UCC
January 4, 2023Some compliance professionals have reached out to NAFCU Compliance to inquire about check signatures. Particularly, when a company representative signs a check in an unfamiliar way, is it acceptable to cash?
- 2023 State-Level Elections
January 3, 2023A 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.
- IRS Delays Reporting Thresholds Around Third-Party Settlements
December 27, 2022The Internal Revenue Service has announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, the IRS said third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. To that end, the IRS released guidance that says calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) that would have generated Form 1099-Ks for taxpayers.