Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- FSOC Calls for Legislation on Crypto Spot Markets
October 4, 2022The Financial Stability Oversight Council published its report on crypto regulation Monday, calling for the most significant and specific action from Congress yet out of the batch of reports written at the behest of President Biden.
- White House Unveils Technical Standards Guidance in 'AI Bill of Rights'
October 4, 2022The White House Office of Science and Technology Policy released an "AI Bill of Rights" white paper on Oct. 4 that provides guidance on developing technical standards and policies to reduce unintended harm caused by artificial intelligence or automated data-processing systems.
- Fed Governor: Include Credit Union Competition in Bank Merger Tests
October 3, 2022Credit unions have become significant competitors with banks and their presence should be a part of any bank merger evaluation, Federal Reserve Governor Michelle Bowman said last week.
- Interchange Battle Heats Up with Move to Add Bill's Language as Amendment to NDAA
October 3, 2022U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) are ramping up their efforts to win passage of their interchange bill by introducing the language as amendments to the National Defense Authorization Act (NDAA), a must-pass piece of legislation.
- NAFCU Compliance Blog: Breaking Down NCUA’s CUGMA Proposal
October 3, 2022Earlier this year, NAFCU blogged about the Credit Union Governance Modernization Act (CUGMA), which was signed into law in March. As our previous blog discussed, CUGMA amended the Federal Credit Union Act to make it easier for federal credit unions (FCUs) to expel problematic members, such as those that engage in violent, abusive or illegal behavior. Whereas FCUs previously needed a 2/3 vote of the credit union’s membership at a special meeting to expel a member, CUGMA changed federal law to allow FCUs to expel members “for cause” with a 2/3 vote of the FCU’s board of directors.
- Congress Votes to Avert Government Shutdown
September 30, 2022The House has passed an interim funding bill to tide federal agencies over until mid-December. The vote came a day after the Senate approved the measure, and should prevent a government shutdown that would have gone into effect at midnight Saturday morning.
- CUNA’s Gose Details Pushback on Interchange Bills
September 29, 2022CUNA Chief Political Officer Richard Gose appeared on CUBroadcast this week to provide an update on CUNA, League, and credit union opposition to House and Senate interchange bills. The Credit Card Competition Act (S.4674 and H.R. 8874) would allow merchants to route payments through an unaffiliated network.
- CFPB Unlikely to Take Immediate Action on Buy-Now, Pay-Later Sector
September 29, 2022The Consumer Financial Protection Bureau balanced its view on buy now, pay later in its latest study by specifying areas of concern and recognizing the sector's potential to grow.
- NCUA Posts 2023–2024 Proposed Budget, Sets October 19 Public Briefing
September 29, 2022The National Credit Union Administration’s staff draft budget for 2023–2024 is now available on the agency’s website for review and comment. The staff draft budget has also been submitted for publication in the Federal Register, and the comment period is open until Oct. 28, 2022.
- Interchange Bill Prioritizes Large Retailers Over Consumers
September 28, 2022CUNA joined other financial services organizations in a letter to House leadership highlighting strong opposition to the interchange bill from Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt. The organizations warn warning the bill would reduce access to credit, increase security risks associated with credit card use, and limit credit card rewards programs.