Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- NCUA Leaves NOL Unchanged; Approves 2023-2024 Budget
December 15, 2022The National Credit Union Administration left the normal operating level unchanged at 1.33 percent, with the Board also approving a 2023-2024 budget slightly smaller than the one originally proposed by staff and unanimously advancing a proposed rule designed to provide clarity and ease credit unions’ foray into loan participations and fintech collaborations.
- 2020 HMDA Final Rule Partially Vacated: Closed-End Loan Reporting Threshold Lowered
December 14, 2022In 2020 the Consumer Financial Protection Bureau (CFPB) issued a final Home Mortgage Disclosure Act (HMDA) rule amending Regulation C to raise institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule raised the threshold to report closed-end mortgage loans from 25 to 100 originated loans in the previous two years.
- Elizabeth Warren Unveils Bipartisan Bill to Crack Down on Crypto Money Laundering
December 14, 2022As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry.
- League Statement on the Passing of Del. Ronnie Campbell
December 13, 2022"Our deepest condolences to the family, friends and colleagues of Del. Ronnie Campbell,” said Virginia Credit Union League President/CEO Carrie Hunt. “We are saddened to learn of the delegate’s passing, and we appreciate his service to his constituents and the Commonwealth.”
- League's Hunt to Serve as CUNA Examination & Supervision Subcommittee Vice Chair; Named to Board of Statewide Financial Education Organization
December 13, 2022League President/CEO Carrie Hunt has been named Vice Chair of the CUNA Advocacy Committee’s Examination & Supervision Subcommittee, and also recently joined the board of the Virginia Council of Economic Education, a nonprofit organization dedicated to providing Virginia’s K-12 students with the knowledge and personal finance skills necessary to succeed in today’s dynamic economy.
- Odds Drop for Cannabis Banking Bill in 2022
December 9, 2022The chances of cannabis banking legislation passing this year have dimmed after the measure was excluded from the must-pass National Defense Authorization Act, financial analysts said.
- Senate Banking Committee Outlines Priorities for 2023
December 9, 2022The Senate Banking Committee outlined the priorities of its Democrat majority for 2023. Included in the to-do list is addressing cryptocurrency and shadow bank risk, affordable housing, public transportation, climate-related risks, consumer protection and consumer debt, and defending the Consumer Financial Protection Bureau.
- House Votes to Ease FIs' Hiring of Ex-Convicts
December 9, 2022The House of Representatives on Thursday passed its version of the National Defense Authorization Act, including provisions to make it easier for financial institutions to hire rehabilitated ex-convicts — something that FIs and regulators have been pushing for years.
- Subordinated Debt Rule Would Help Lending to Underserved Communities
December 8, 2022CUNA supports NCUA’s subordinated debt proposal, it wrote to the agency in comments filed Monday. The current subordinated debt rule limits the maturity of Subordinated Debt Notes to a maximum of 20 years and terminates regulatory capital treatment for Grandfathered Secondary Capital (GSC) after 20 years beginning on the later of the date of issuance or Jan. 1, 2022.
- NCUA Notes End of Emergency Exemption for Certain In-Person Meeting Requirements, But League Pleased to See Some Flexibility Measures Remain
December 7, 2022In a Letter to Federal Credit Unions (22-FCU-03), NCUA notes that emergency exemptions from certain in-person meeting requirements for federal credit union boards will expire at year-end 2022. However, of note for federal credit unions, the agency says in its letter that some measures offering flexibility as it relates to meeting and meeting notice requirements will remain, including measures for which your League fought.