Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CFPB's Credit Card Late Fee Project Could Hit Small Institutions Hard
October 14, 2022Impending changes to how much credit card issuers can charge in late fees could have a big impact on small institutions. The Federal Reserve's late fee rules are under review by the Consumer Financial Protection Bureau in a move that could result in a formal notice of proposed rulemaking early next year, according to CFPB Director Rohit Chopra. A key question is what may happen to a safe harbor permitting credit card issuers to charge a specific amount without fearing action by the government, enacted under the CARD Act in 2009.
- 4 Perspectives for FIs to Note in the Industry's Data-Sharing Debate
October 13, 2022With consumers increasingly using online banking and mobile apps, and agreeing to share their financial information without necessarily realizing what they are signing up for, the data-sharing debate is becoming more intense. Here are some perspectives on how the industry is responding to the challenges and opportunities inherent in open finance.
- McHenry Says He's Confident in 'Ugly Baby' Bipartisan Stablecoin Bill
October 13, 2022House Financial Services Committee Ranking Member Rep. Patrick McHenry, R-N.C., said that talks continue over Congress's leading bipartisan stablecoin bill, and that he's confident that some kind of bill defining regulation for the digital assets will eventually pass.
- Fed's Barr Says Banks Should Be Cautious with Crypto Partners
October 13, 2022Federal Reserve Vice Chair for Supervision Michael Barr wants banks to think twice about taking on deposits from crypto firms.
- Credit Card Competition Act, NCUA Third-Party Authority Absent from Senate NDAA Agreement
October 12, 2022Lawmakers have released the text of the bipartisan agreement on a Senate substitute amendment for the National Defense Authorization Act (NDAA), which is likely be considered by the Senate in November. Absent from the list of amendments included in the substitute are the Credit Card Competition Act of 2022 and NCUA Third Party Vendor Authority, marking wins for the credit union industry, which has fought hard against the inclusion of those two measures in the NDAA and a third proposal that seeks to study interchange costs for those in the military, which is also absent from the substitute amendment.
- CUNA, Leagues Support Bipartisan Senate Fair Hiring Bill
October 12, 2022CUNA and Leagues support the Senate Fair Hiring in Banking Act (H.R. 5025), introduced by Sens. Joe Manchin, D-W.V., Thom Tillis, R-N.C., Chris Van Hollen, D-Md., and Chris Coons, D-Del. The bill would allow for greater employment opportunities at federally insured financial institutions by reducing barriers to employment based on past criminal offenses.
- Proposed Legislation Would Allow Furnishing Utility, Phone Bills to Credit Reporting Agencies
October 12, 2022On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for utility bills and phone payments to be furnished to credit reporting agencies to help consumers raise their credit scores.
- League's NoVA-Area Legislative Reception Draws 12 Federal, State Lawmakers
October 12, 2022Forty credit union supporters and 12 federal and state lawmakers attended the League's legislative reception Tuesday night in Fairfax. Apple Federal Credit Union hosted the event.
- How to Establish Credit in the Hispanic and Latino Community
October 11, 2022Hispanic and Latino families in the U.S. continue to face a variety of challenges when it comes to establishing financial well-being. There are continued, systemic barriers to wealth building, such as labor market discrimination, which result in Hispanic and Latino families being less likely than white families to own assets such as homes, businesses and retirement accounts. But credit unions can aid these consumers ...
- National Credit Union Foundation Announces New Financial Well-Being Grants
October 11, 2022The National Credit Union Foundation (the Foundation) has announced two new grant opportunities to bolster credit unions’ ability to offer financial coaching and combat hunger.