Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- U.S. Banks Cut Giving to Federal Candidates, Up Democrats' Share Ahead of Mid-Terms
October 11, 2022U.S. banks are giving far less to federal candidates this election cycle and increasing the proportion they are handing to Democrats as they rethink their political giving, according to a Reuters analysis of data compiled by the Center for Responsive Politics (CRP) and more than half a dozen industry officials and lobbyists.
- OCC's Hsu Warns Against Commingling Banks and Crypto
October 11, 2022Acting Comptroller of the Currency Michael Hsu warned against crypto firms integrating with the traditional financial system, saying that crypto companies often "disguise" their products as being similar to banking ones.
- Stverak to Congress: Interchange Bill 'Wholly Inappropriate' for NDAA
October 7, 2022Attaching the Credit Card Competition Act to the Senate FY23 National Defense Authorization Act (NDAA) is inappropriate, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to all 535 Congressional offices Thursday.
- Committee Formed to Provide Guidance to FSOC on Climate-Related Financial Risks
October 7, 2022The Financial Stability Oversight Council (FSOC), of which NCUA is a member, has been newly charged with providing advice on climate-related financial risks to federal financial institution regulators. FSOC’s new Climate-related Financial Risk Advisory Committee (CFRAC) will help to improve the collective understanding of how climate change may impact the financial sector.
- Biden Offers Pardons for Pot Possession, Signals Deeper Reform for U.S. Cannabis Laws
October 7, 2022President Joe Biden is pardoning people convicted under federal law of possessing marijuana — and signalling that he's willing to revisit whether cannabis should remain a controlled substance in the United States.
- What the White House's Blueprint for an AI Bill of Rights Means for FIs
October 7, 2022The White House has published an AI Bill of Rights that instructs financial institutions and other companies on the kinds of consumer protections they need to build into their artificial intelligence-based programs.
- Fed Warns That Custodia Suit Could Upend 'Careful Balance' of Authority
October 7, 2022The Federal Reserve is using Custodia Bank's own marketing materials to refute the company's claim that it poses no new risks to the central bank's payment system. The Fed pointed to Custodia press releases in which the Wyoming-chartered institution describes itself as a "first-of-its-kind digital asset bank" and details its plan to launch a stablecoin as evidence that the firm's business model warrants more time to scrutinize than that of a traditional bank.
- House Republicans Challenge Fed's Ability to Create CBDC Without Congress
October 6, 2022A group of Republicans on the House Financial Services Committee have asked Attorney General Merrick Garland for the Department of Justice's analysis on legislation to create a central bank digital currency.
- Banking Groups Belie Warren's Report Alleging Rampant Fraud on Zelle
October 5, 2022The American Bankers Association, Bank Policy Institute, Consumer Bankers Association and The Clearing House disproved a report issued by U.S. Sen. Elizabeth Warren, D.-Mass., that alleged rampant fraud and theft on the payment platform Zelle and that the banks who own the platform are not refunding the majority of defrauded customers as promised, potentially violating federal laws. Warren on Oct. 3 unveiled a report that included her investigation findings on Zelle, based on data provided by the banks.
- Virginia's Luria Among Candidates Garnering Support from CUNA, CULAC's $2.5M Spend on Campaign Ads
October 5, 2022Rep. Elaine Luria is getting a boost from credit unions this election season, with CUNA and the Credit Union Legislative Action Council (CULAC) funding an ad touting the Congresswoman's work to support veterans and their families.