Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Interchange Fees May Come to a Head in Lame-Duck Congress
November 4, 2022The Credit Card Competition Act, a bill that aims to reduce the largest payment networks' leverage on interchange fees, could get new life after the midterm elections come to a close.
- NCUA should Ensure FHLBank ‘Negative Tangible Equity’ Issues are Resolved
November 2, 2022CUNA, the American Association of Credit Union Leagues (AACUL), and Leagues wrote to NCUA board members Wednesday urging the board to ensure that creditworthy credit unions with negative tangible equity are able to “quickly and efficiently” obtain necessary written requests for advances from NCUA to the Federal Home Loan Banks (FHLBanks).
- NAFCU Compliance Blog: The Fifth Circuit and the CFPB
November 2, 2022On October 19, 2022 the Fifth Circuit ruled that the CFPB was unconstitutional and that the 2017 Payday lending rule was therefore vacated. Since the ruling, the compliance team has heard about compliance professionals and credit unions questioning whether or not the CFPB would be abolished because of the ruling and how much weight they should give to CFPB rules/guidance.
- CUs Meet With Gov. Youngkin; Note CUs' Importance in Helping Members Manage Current Economic Conditions
October 28, 2022Northwest Federal Credit Union CEO and League Vice Chairman Jeff Bentley and League Chief Advocacy Officer JT Blau met today with Gov. Glenn Youngkin at a breakfast event hosted by the Hunton Andrews Kurth, our lobbying firm.
- CFPB Issues Draft Proposals on Consumer Financial Data Sharing
October 28, 2022The Consumer Financial Protection Bureau (CFPB) Thursday commenced its rulemaking on personal financial data rights under section 1033 of the Dodd-Frank Act. The proposals and alternatives released Thursday are under consideration for the CFPB’s data rights rulemaking, but do not represent a proposed rule at this stage.
- CFPB ‘Junk Fee’ Guidance Ignores Credit Unions’ Focus on Members
October 28, 2022The Consumer Financial Protection Bureau (CFPB) issued guidance on “junk fees” this week that raise several concerns over the treatment of financial institution fees. The CFPB states overdraft and depositor fees likely violate the Consumer Financial Protection Act prohibition on unfair practices when consumers cannot reasonably avoid them.
- CUNA Hosting Post-Election Analysis Webinar Nov. 10
October 28, 2022CUNA is hosting a post-election webinar for CUNA members on Nov. 10, starting at 2 p.m. We’ll examine what the results mean for our advocacy agenda in the next Congress.
- Credit Union Day at the General Assembly Jan. 19: Register Today!
October 28, 2022Credit Unions: Join us in Richmond on Jan. 19 for Credit Union Day at the Virginia General Assembly!
- CFPB Issues Guidance Around 2 ‘Junk Fees,’ Including ‘Surprise’ Overdraft Fees & Depositor Fees
October 27, 2022The Consumer Financial Protection Bureau (CFPB) has issued guidance about two junk fee practices it said “are likely unfair and unlawful under existing law.”
- FTC Also Exploring a Crackdown on Junk Fees
October 27, 2022The Federal Trade Commission is exploring a rule to crack down on “junk fees proliferating throughout the economy.”