Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- As General Elections Get Closer, CUNA Launches New Phase of Credit Unions Vote
August 29, 2022CUNA has launched the general election phase of its Credit Unions Vote Member Activation Program (MAP) campaign. According to the trade association, the campaign calls on credit unions to encourage members to participate in the upcoming elections and visit CreditUnionsVote.com.
- Some Student Loan Forgiveness Will Benefit Mortgages
August 29, 2022Student loan forgiveness for more than 40 million people announced this week could help improve mortgage eligibility and performance for a subset of them.
- CFPB Compliance Guides, Videos and Resources Available
August 26, 2022Credit unions can get access here to the Consumer Financial Protection Bureau’s (CFPB) Compliance guides, videos, and other resources to help entities understand, implement, and comply with Bureau rules and the statutes it implements.
- System Urges NEV Test Change
August 26, 2022CUNA sent a letter to the National Credit Union Administration (NCUA) Board Wednesday sharing concerns credit unions and Leagues have raised regarding the Net Economic Value (NEV) Supervisory Test.
- CUs, League Highlight Legislative Priorities in Meetings With Reps. McEachin, Scott and Wexton
August 26, 2022In a busy day of advocacy, your League on Thursday met virtually and in-person with three members of our Congressional delegation. During each, we outlined four key legislative priorities for credit unions ...
- On Compliance: What the Supreme Court’s ‘Administrative State’ Decision Means for Credit Unions
August 25, 2022NCUA’s approach to regulation protects it from the uncertainty many agencies now face following the Environmental Protection Agency ruling. The U.S. Supreme Court’s recent administrative law decision in West Virginia v. Environmental Protection Agency may have sent shockwaves throughout the Washington, D.C. regulatory state, however, it is unlikely to disrupt policymaking at the National Credit Union Administration.
- Cannabis and Compliance
August 25, 2022Serving cannabis-related businesses (CRB) brings significant growth potential for credit unions—along with challenging operational demands and complex regulations. But cannabis banking doesn't necessarily mean high-risk banking. Virginia's recreational cannabis market is scheduled to begin in 2024, but the industry faces a long regulatory road ahead, including sorting out banking related issues.
- NAFCU Compliance Blog: Revised Closing Disclosures
August 25, 2022Regulation Z, section 1026.19(f)(1) requires lenders to provide closing disclosures prior to consummation of a mortgage loan. However, what happens when a mistake is made or a something occurs after providing the closing disclosures and they are inaccurate. Credit unions should review section 1026.19(f)(2), which lays out the procedures for correcting inaccurate closing disclosures ...
- One-in-Five Adults Unbanked, Underbanked, With Many Low-Income or People of Color, Congressional Report States
August 25, 2022The U.S. Congress Joint Economic Committee (JEC) has released a new report that finds nearly one in five U.S. adults are either unbanked or underbanked, and of the roughly 20% who lack access to a bank account or rely on alternative financial services, a disproportionate share are lower-income earners or people of color.
- Banking Groups Challenge CFPB’s RFI on Customer Service
August 25, 2022Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the Bank Policy Institute, Consumer Bankers Association, and the American Bankers Association objected to the CFPB’s insinuation that big banks are providing a sub-par customer experience and challenged the CFPB’s authority to regulate customer service.