Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Interchange Survey: How Could Changes Impact Your Credit Union Operations?
November 28, 2022Please take time over the next two weeks to help CUNA and your League by completing a survey about the impacts of debit and credit interchange on credit union operations. We will use the information gathered to craft updated talking points, refine policy positions, and plan our grassroots efforts as we go into the 118th Congress.
- Bill to Curb Payday Lending Abuses Introduced in Congress
November 22, 2022Last week, legislation was introduced in Congress to protect consumers from "deceptive and predatory payday lending practices." Among other measures, it would require all lenders, including financial institutions, to abide by state rules for the small-dollar, payday-like loans they may offer customers in a state.
- Strong Data Security Standard with ‘Clear, Robust Mechanisms’ Needed
November 22, 2022CUNA strongly supports the enactment of a comprehensive national data security and data privacy standard, it wrote to the Federal Trade Commission (FTC) Monday. CUNA sent its comments in response to an Advance Notice of Proposed Rulemaking on commercial surveillance and data security.
- Some Optimistic About Cannabis Banking Legislation's Odds in Lame Duck
November 21, 2022Senate Majority Leader Chuck Schumer, D-N.Y., has said prospects are bright for cannabis banking legislation to be taken before the end of the year, but analysts are somewhat less sure the measure will be passed during the lame duck session of Congress.
- CFPB Creates Repeat Offender Unit
November 21, 2022In an effort to clamp down on repeat offenders, the Consumer Financial Protection Bureau created a Repeat Offender Unit focused on enhancing the detection of offenses that are happening on a recurring basis. The bureau is developing a process for rapid review and response mechanism designed to address the root cause of violations and also recommending corrective actions to stop the behavior.
- 2 Trade Groups Call for ‘Clean’ NDAA, With No Language Related to Credit Cards, NCUA Oversight of Third Parties
November 21, 2022As Congress prepares final action on the fiscal year 2023 National Defense Authorization Act (NDAA), NAFCU and the Defense Credit Union Council (DCUC) are calling for a “clean” NDAA and reject amendments they say “stand to place new burdens and hardships on credit unions.”
- Pelosi Steps Down as House Democratic Leader
November 17, 2022After leading the Democrats for the last two decades, House Speaker Nancy Pelosi announced Thursday that she will step down next year from her spot at the top of the party, closing a momentous run for the most powerful woman in U.S. history while clearing the way for a younger generation of up-and-coming lawmakers to climb into the leadership ranks.
- League, CUs Ready to Work with Congressional Delegation as Coming Session Brings Republican-Led House, Democrat-Controlled Senate
November 17, 2022Major news outlets are reporting that Republicans have won control of the House of Representatives, meaning credit unions will be working with and lobbying a Democrat-controlled Senate and a Republican-led House.
- Share Insurance Fund Reports Strong Performance in the Third Quarter
November 17, 2022NCUA’s Chief Financial Officer briefed the NCUA Board today on the performance of the National Credit Union Share Insurance Fund for the quarter ending on September 30, 2022. The Share Insurance Fund reported a net income of $26.2 million, $20.2 billion in assets, and $73.7 million in total income for the third quarter of 2022. The equity ratio for the Fund remains at 1.26 percent.
- Business Group Sues Over New Corporate Ownership Database
November 16, 2022A small business lobbying group has filed suit to block the Treasury Department’s upcoming requirement that tens of millions of small businesses register with the government as part of an effort to prevent the criminal abuse of anonymous shell companies.