Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CUNA Supports Efforts to Stop Unfair PPP Penalties
September 16, 2022CUNA supports efforts from Reps. Chrissy Houlahan, D-Pa., Judy Chu, D-Pa., House Small Business Committee Chairwoman Nydia Velazquez, D-N.Y., and 37 other members of Congress to stop penalizing Paycheck Protection Program (PPP) lenders. More than 300,000 PPP borrowers are facing loan forgiveness issues due to good faith miscalculations, many through no fault of their own.
- Credit Unions, Merchants Out in Force on Capitol Hill on Opposite Side of Bill
September 16, 2022As credit unions represented by both NAFCU and various state leagues were hiking the Hill this week to lobby against the proposed interchange bill, more than 200 merchant trade associations and close to 1,700 companies were -- at the same time -- arguing the opposite point of view. Your League met this week (in-person, via virtual meeting or both) with Reps. Rob Wittman (R-1st) and Elaine Luria (D-2nd) to discuss interchange and other federal-level priorities, including overdraft programs. During the past six weeks, we've met with every member of our Congressional delegation -- in some cases, multiple times -- to lobby for our issues.
- White House Urges Regulators to 'Redouble' Crypto Oversight Efforts; Notes Study of Central Bank Digital Currency
September 16, 2022The White House has released a series of reports, including from the Treasury Department, outlining a federal plan for digital-asset regulation and study of the creation of a central bank digital currency.
- League, CUs Engage With Lawmakers During Busy Week on Capitol Hill
September 16, 2022Your League and member credit unions met this week (in-person, via virtual meeting or both) with Rep. Rob Wittman (R-1st), Rep. Elaine Luria (D-2nd), and Sens. Mark Warner and Tim Kaine to discuss interchange and other federal-level legislative priorities. During the past eight weeks, we've met with every member of our Congressional delegation -- in some cases, multiple times -- to lobby for our issues.
- CFPB Plans to Subject Buy Now, Pay Later Lenders to Same Regulatory Scrutiny as Credit Card Companies
September 15, 2022The U.S. Consumer Financial Protection Bureau plans to subject “buy now, pay later” lenders to the same vigorous oversight as credit card companies, saying the short-term financing industry harvests consumer data in ways that threatens consumer privacy. CFPB also released a study detailing the rapid growth of BNPL.
- ‘Buy Now, Pay Later’ Products Need Further Examination
September 15, 2022Credit unions are heavily regulated for safety and soundness, unlike “buy now, pay later” (BNPL) products increasingly used by consumers, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee. The committee conducted a hearing on new consumer financial products and services Tuesday.
- FTC Auto Dealer Proposal ‘Opaque,’ Reaches Too Far
September 15, 2022CUNA supports the Federal Trade Commission’s effort to develop a rule addressing bad actors in the auto dealer market but believes FTCs proposal on the matter needs further clarification. The FTC’s proposal would prohibit certain misrepresentations, require consumer consent for charges, prohibit certain add-on services, and require dealers to keep advertisement records.
- CFPB's Chopra Calls Level of P2P Fraud 'Frightening'
September 15, 2022The Consumer Financial Protection Bureau is exploring ways to fight a massive uptick in fraud in real-time payments, Director Rohit Chopra said Wednesday.
- Subordinated Debt, Member Expulsion Proposal on NCUA’s Sept. 22 Agenda
September 15, 2022The NCUA board will vote on proposed rules on member expulsion and subordinated debt at its Sept. 22 meeting. The meeting is scheduled to begin at 10 a.m. and will be streamed live on NCUA.gov.
- CFPB's Chopra Vows Guidance on Buy-Now, Pay-Later Loans, Eyes Lender Examination
September 15, 2022The Consumer Financial Protection Bureau is identifying potential interpretive guidance or rules to regulate buy-now,
pay-later companies following a review of five major players, CFPB Director Rohit Chopra announced Sept. 15. The goal of the guidance is to ensure that buy-now, pay-later, or BNPL, companies adhere to many of the baseline protections that Congress has already established for credit cards, Chopra said upon releasing a detailed report.