Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- League President Carrie Hunt Testifies at NCUA's Public Hearing on Budget Proposal
October 19, 2022League President/CEO Carrie Hunt testified Wednesday during an NCUA hearing on its 2023-2024 budget and the agency’s justification for its proposed expenditures.
- CFPB Research: Overdraft Fees and Economically Insecure Older Adults
October 19, 2022The Consumer Financial Protection Bureau has issued research that examines how overdraft fees affect economically insecure older adults.
- League, CUs Host Federal, State Regulators at CEO Forum
October 18, 2022Virginia’s credit unions and your League welcomed National Credit Union Administration Vice Chairman Kyle Hauptman and Virginia Bureau of Financial Institutions Commissioner Joe Face Jr. to an exclusive event today for CEOs from the Commonwealth’s credit unions with less than $100 million in assets.
- Fed's Waller 'Highly Skeptical' of Utility of a U.S. Digital Currency
October 17, 2022Federal Reserve Gov. Christopher Waller Friday methodically explained his opposition to the development of a U.S. central bank digital currency, taking aim at some arguments that his fellow board members had put forward in recent weeks.
- CUNA Files Brief Supporting Credit Union’s Use of Arbitration Agreement
October 17, 2022CUNA filed an amicus brief on behalf of Golden 1 Credit Union in a lawsuit, Burgardt v. The Golden 1 Credit Union. At issue is whether Golden 1 Credit Union can compel the plaintiff to arbitrate his claims. Golden 1 Credit Union’s membership agreement did not include an arbitration provision when the plaintiff joined, but Golden 1 later added it, and the plaintiff did not opt out. The plaintiff later filed a putative class action lawsuit in Sacramento, California related to non-sufficient funds fees.
- NAFCU Compliance Blog: CFPB Reports Market Research of BNPL Fintech
October 17, 2022The CFPB recently filed a market report summarizing data collected, following the issuance of market monitoring orders in December 2021 under its authority found in section 1022(c)(4)(B)(ii) of the Dodd-Frank Act. The report, issued in September, reviewed market practices and identified benefits of Buy Now, Pay Later (BNPL) loans “over legacy credit products” as well as risks posed to consumers who use BNPL products.
- League President Carrie Hunt Preparing to Testify Wednesday on NCUA Budget
October 17, 2022League President/CEO Carrie Hunt is preparing to testify Wednesday during an NCUA hearing on its 2023-2024 budget and the agency’s justification for its proposed expenditures.
- NCUA Board to Hear Cybersecurity, CLF Briefings Oct. 20
October 14, 2022The NCUA board will hear briefings on cybersecurity and the Central Liquidity Fund (CLF) at its Oct. 20 board meeting. The meeting will be streamed live starting at 10 a.m. via NCUA.gov.
- MBA Lobbies for Mortgage Insurance Premium Cut
October 14, 2022Department of Housing and Urban Development Secretary Marcia Fudge is the latest recipient of a letter — this time from an affordable housing coalition led by the Mortgage Bankers Association — asking for a reduction in Federal Housing Administration premiums.
- Wells Fargo Failing to Protect Customers as Zelle Scams Soar, Sen. Warren Charges in Letter
October 14, 2022Sen. Elizabeth Warren is tightening the pressure on Wells Fargo CEO Charles Scharf, just one among major bank executives that the Massachusetts Democrat is targeting amid evidence of repeat fraud on Zelle, the instant-payments system owned by seven of the U.S.’s largest banks.