Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Republicans Again Nominate Leon Benjamin in 4th Congressional District
December 20, 2022Fourth District Republicans on Saturday nominated Leon Benjamin, a Richmond minister, as the party’s candidate in the Feb. 21 special election for the seat of former Rep. Donald McEachin.
- Luetkemeyer Introduces Federal Data Breach Notification Bill
December 20, 2022Rep. 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.”
- FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards
December 19, 2022The Financial Crimes Enforcement Network (FinCEN) recently issued a Notice of Proposed Rulemaking (NPRM) that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information.
- Can the Supreme Court Distinguish the CFPB's Funding from Other Agencies'?
December 16, 2022The 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.
- In Parting Swipe at the CFPB, Toomey Proposes Appropriations Process for Agency's Funding
December 16, 2022At a hearing with Consumer Financial Protection Bureau Director Rohit Chopra, Sen. Pat Toomey, R-Pa., proposed legislation that would put the bureau under the congressional appropriations process.
- CUs Concerned with CFPB Position on Fees, Data Collection
December 16, 2022The Consumer Financial Protection Bureau has missed opportunities to recalibrate its regulatory approach to fulfill its consumer protection mission without impeding access to credit, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
- CFPB’s Chopra Discusses Rulemaking Efforts with HFSC; NAFCU Pens Letter Ahead of SBC’s Hearing
December 15, 2022The House Financial Services Committee (HFSC) held its CFPB oversight hearing yesterday, discussing many points relevant to credit unions. Of note, the Senate Banking Committee holds its CFPB oversight hearing today at 10 a.m.
- CULAC Names 2023-24 Board of Trustees; 1st Advantage FCU's Paul Muse Represents Virginia
December 15, 2022The Credit Union Legislative Action Council, CUNA’s federal political action committee—confirmed 25 new members of its Board of Trustees this week. These trustees will serve from Jan. 1, 2023, to Dec. 31, 2024. Paul Muse (1st Advantage Federal Credit Union) represents Virginia.
- Republicans Preview Harsh Oversight of CFPB's Chopra in Next Congress
December 15, 2022In a series of blistering back-and-forths with Republican lawmakers, Consumer Financial Protection Bureau Director Rohit Chopra defended a series of guidance documents and other public materials released by the agency.
- CFPB Has Missed Opportunities to Leverage Credit Union Mission
December 15, 2022The Consumer Financial Protection Bureau (CFPB) has missed many opportunities to leverage credit unions’ mission and history to benefit consumers, CUNA wrote to House Financial Services Committee leadership Wednesday. CFPB Director Rohit Chopra testified before the committee Wednesday, and is scheduled to testify before the Senate Banking, Housing, and Urban Affairs Committee Thursday.