Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market
September 27, 2022The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances.
- League Sends New Round of Letters to Congress on Interchange
September 27, 2022Following the recent introduction of a House version of the Credit Competition Act of 2022 (H.R. 8874), your League sent a new round of letters to every member of our Congressional delegation, noting our opposition to the House and Senate legislation and to any proposed changes to the current payments system.
- CUNA, AACUL, Leagues Call for Congressional Assistance with CDFI Fund Issues
September 26, 2022CUNA, the American Association of Credit Union Leagues, and all state Leagues wrote to House and Senate leaders Friday calling for a solution to Community Development Financial Institution Fund certification issues.
- House to Vote on Board Modernization Bill This Week
September 26, 2022The House is expected to vote on the CUNA-League-led Credit Union Board Modernization Act this week. The bill would allow boards of most federally charted credit unions the flexibility to meet a minimum of six times a year.
- House Bill’s Latest Version Places Ban on Dollar-Pegged Digital Assets
September 26, 2022The most recent version of a changing House bill regulating stablecoins would place a two-year ban on dollar-pegged digital assets like TerraUSD, which collapsed in a $48 billion bank run-style panic in May, according to a new analysis.
- Positive News for CUs on NCUSIF; NCUA Board OKs Proposed Rules on Member Expulsion, Subordinated Debt Changes
September 22, 2022The NCUA Board and credit unions today received good news on the National Credit Union Share Insurance Fund. The Board also voted today to approve proposed rules on member expulsion and subordinated debt, setting 60-day comment periods on the two measures.
- Request for Information Regarding Mortgage Refinances, Forbearances
September 22, 2022The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comment from the public about (1)?ways to facilitate mortgage refinances for consumers who would benefit from refinancing, especially consumers with smaller loan balances; and (2)?ways to reduce risks for consumers who experience disruptions in their financial situation that could interfere with their ability to remain current on their mortgage payments.
- Political Divide Snags the Digital Update to CRA
September 22, 2022Federal bank regulators' efforts to modernize the 45-year-old law known as the Community Reinvestment Act to reflect the rise of digital banking are raising accusations of partisanship, a claim that those digging into the details say is likely unfounded.
- CUs, League Hosting Legislator Reception Oct. 11 in NoVA; You're Invited!
September 22, 2022Your League and member credit unions are hosting a legislator reception Oct. 11 in Northern Virginia and you're invited! This event is free to attend, but we do ask that you register to aid us in planning.
- Draft Bill Lets Nonbanks Issue Stablecoins, Bans Algorithmic Coins for Two Years
September 21, 2022Nearly finalized legislation between Democrats and Republicans on the House Financial Services Committee would authorize the Federal Reserve to license nonbank stablecoin issuers and introduce a two-year moratorium for algorithmic stablecoins.