Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- Senate Moves Ahead on Short-Term Spending Bill
September 28, 2022The Senate moved ahead on a short-term spending bill to avoid a partial government shutdown later this week.
- CU Trades Argue Interchange Bill a Threat to Credit Access
September 28, 2022Credit union trade organizations CUNA and NAFCU, along with six other groups, delivered a letter to U.S. House of Representatives leaders to raise their dire concerns over a bill that could reduce access to credit and credit card use for consumers.
- President Biden Cites Bank 'Junk Fees' as Weighing Down Families
September 28, 2022Cracking down on so-called 'junk fees' is turning out to be good politics. President Biden admonished banks and specifically mentioned bank 'junk fees' in remarks Monday to the White House Competition Council in which the administration took credit for the dramatic drop in overdraft and nonsufficient-funds fees in the past year.
- CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees
September 28, 2022The Consumer Financial Protection Bureau has fined Regions Bank for charging customers "surprise" overdraft fees on certain ATM withdrawals and debit card purchases. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. Financial regulators have long cautioned banks against charging this type of overdraft fee.
- CFPB: Help Us Spur New Opportunities for Homeowners in the Mortgage Market
September 28, 2022New streamlined and automatic refinancing mortgage products could make sure that those buying a home now, or refinancing to cover other needs, are able to benefit from the next interest rate drop. The CFPB wants to better understand what barriers prevent people from taking advantage of falling interest rates and how competition can help all households increase their financial stability.
- House Republicans to CFPB’s Chopra: Watch Out
September 27, 2022Armed with a U.S. Supreme Court ruling on the limits of regulatory power, Republican leaders of two committees last week warned CFPB Director Rohit Chopra that he continues to exceed the power he was given under the Dodd-Frank Act.
- Cyber Incident Proposal Keeps Focus on Incidents Impacting Operations
September 27, 2022CUNA supports NCUA efforts to minimize the impact of cyberattacks on members and the credit union system through early alerts and information sharing, it wrote to the agency Monday. CUNA’s comments are in response to NCUA’s proposed rule that would require federally insured credit unions to notify NCUA of “reportable cyber incidents” within 72 hours of establishing “reasonable belief” that one has occurred.
- Interchange Bills Would Increase Costs, Decrease Financial Access
September 27, 2022The Credit Card Competition Act would push more people away from access to financial products and services. CUNA, Leagues, and credit unions strongly oppose the bill, introduced by Sens. Roger Marshall, R-Kan., and Duck Durbin, D-Ill., in the Senate and Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt., in the House.
- FIs Point to Law Enforcement for Solutions in Combating P2P Fraud
September 27, 2022Financial institutions want law enforcement agencies to commit more time and resources to help combat fraud in real-time payments even as the Consumer Financial Protection Bureau is looking into holding banks and payment processors liable for errors made by consumers.
- Powell: Stablecoin Regulation Belongs to the Fed
September 27, 2022Federal Reserve Chair Jerome Powell said stablecoins are a type of private money and need to be regulated as such.