Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- NCUA Releases Simplified CECL Tool for Small Credit Unions
September 14, 2022The National Credit Union Administration (NCUA) issued a letter to credit unions (22-CU-10) today offering details on a tool to assist small credit unions with determining their allowance for credit losses (ACL) on loans and leases as required under Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses, commonly referred to as Current Expected Credit Loss (CECL).
- NAFCU Caucus Coverage: NCUSIF Looks Good, Premium Assessment Unlikely
September 14, 2022One economist is predicting credit unions are unlikely to see any premiums assessed in the near future to fund the National Credit Union Share Insurance Fund, even as the nation’s banks aren’t able to say the same.
- Top Bank Regulator Outlines Plans for Oversight of Stablecoins, Climate Change Regulations
September 14, 2022Fed Governor Michael Barr, the Federal Reserve’s new banking regulator, has detailed a sweeping agenda in a speech that called for action on stablecoins, climate change preparations and both the safety and fairness of the finance industry.
- US Senator: 'Digital Assets Will Be as Big as the Internet'
September 14, 2022Cynthia Lummis, a Republican Senator from Wyoming, is one of the architects of a proposed piece of landmark legislation that promises to end the confusion over which cryptocurrencies are commodities and which are securities and create a regulatory framework for all digital assets.
- FHLBank System at 100: Focusing on the Future; Your Voice is Important
September 14, 2022FHLBank Atlanta encourages you to participate in person or through written comments, as you can speak most compellingly to the vital role, unique value, and broad community impact of the FHLBanks.
- CUs, League Make Case for ‘Credit Union Difference’ in Meeting with CFPB's Chopra; Note Impact of ‘One-Size-Fits-All’ Regulation, Ever-Evolving Regulatory Challenges
September 13, 2022In a meeting Monday with Consumer Financial Protection Bureau Director Rohit Chopra and Senior Policy Advisor (External Affairs) Charles Johanek, your League and leaders from 12 member credit unions discussed our regulatory priorities and how our ability to serve members is affected by an ever-evolving -- and challenging -- regulatory landscape.
- NCUA Preparing to Issue Guidance on Fintech Partnerships
September 13, 2022Similar to banking regulators, the National Credit Union Administration is concerned about the risks associated with financial technology companies. Speaking Monday at a conference held by NAFCU, NCUA board member and former Chairman Rodney Hood said the credit union regulator is developing a rule related to the integration of fintech.
- Appeals Court Rules in Favor of Credit Unions in FCDPA Lawsuit
September 12, 2022The 11th Circuit Court of Appeals vacated the plaintiff’s standing Thursday in Hunstein v. Preferred Collection and Management Services Inc., a Fair Debt Collection Practices Act (FDCPA) lawsuit. CUNA filed a brief stating that a ruling for the plaintiff would threaten the functioning of debt collectors, mortgage servicers, and the broader financial services industry.
- CDFI Fund Issues Long-Sought Supplemental Guidance
September 9, 2022The Treasury’s Community Development Financial Institutions (CDFI) Fund issued CUNA-requested supplemental guidance Thursday for CDFIs currently in a certification cure period. CUNA and engaged with the CDFI Fund in recent months over CDFI credit unions receiving blanket cure notices and having their CDFI designation terminated without meaningful information or guidance.
- Additional Details Needed on Proposed Changes to CFPB Information Collection
September 9, 2022CUNA joined organizations Wednesday requesting the Consumer Financial Protection Bureau (CFPB) change its request for comment regarding report of terms from credit card agreements. The CFPB issued its request to revise its existing collection but does not specify what the proposed revisions are.