Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- GreenState CU Still Eyeing Nebraska Expansion after Bank Deal Collapse
August 25, 2022Two battles with state banking regulators over the legality of credit unions' bank purchases will not discourage GreenState CU from future bank M&A, the institution's CEO said. GreenState CU and Premier Bank terminated their planned transaction after a judge upheld the Nebraska Department of Banking and Finance's decision denying the bank permission to sell to the credit union.
- CUs, League Host Greater Hampton Roads Lawmakers at Aug. 23 Reception
August 24, 2022Credit unions and the League played host to 10 lawmakers and legislative aides at a legislative reception in Newport News on Aug. 23.
- FHFA and Ginnie Mae Announce Updated Minimum Financial Eligibility Requirements for Enterprise Seller/Servicers and Ginnie Mae Issuers
August 24, 2022The Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (Ginnie Mae) issued a joint announcement of their updated minimum financial eligibility requirements for seller/servicers and issuers. Related: NAFCU article on FHFA's updated minimum financial eligibility requirements.
- Defense Credit Union Council: Pentagon Study is a Victory for Industry
August 23, 2022A long-awaited Defense Department (DoD) report that concludes servicemembers do not lack access to banking services on military installations is being hailed as a victory for credit unions in their ongoing battle with banks over rent benefits on those bases.
- Virginia's Credit Union Advocates to Gather in Washington at 2023 CUNA GAC
August 23, 2022CUNA Governmental Affairs Conference (GAC), the credit union industry’s premier advocacy event, returns to Washington, D.C., Feb. 26 to March 2, 2023.
- Rep. Morgan Griffith Signs on as Co-Sponsor of CU Board Modernization Bill
August 23, 2022Following credit union and League advocacy efforts, Rep. Morgan Griffith (R-9th) has signed on to H.R. 6889 (Credit Union Board Modernization Act) as a co-sponsor. This bill revises the frequency of meetings required to be held by a federally chartered credit union's board of directors.
- League Continues Outreach to Federal Lawmakers on Interchange, Overdraft & More
August 22, 2022Your League today continued its push to reach every member of Virginia's Congressional delegation to discuss the long list of credit unions' federal legislative priorities. In meetings today with the offices of Sen. Tim Kaine and Rep. Gerry Connolly (D-11), we covered a range of issues and legislation, including interchange, overdraft protection programs, and third-party examination authority for the National Credit Union Administration.
- Excessive FCC Restrictions Could Block Important Calls to Consumers
August 19, 2022The FCC should avoid imposing excessive restrictions on “non-conversational traffic,” CUNA and other organizations wrote in response to a proposal involving methods to target and eliminate unlawful robocalls.
- The Rapid Demise of NSF Fees for Nation's Largest Banks
August 19, 2022Last year at this time, all but two of the 20 largest commercial banks in the nation charged fees to consumers whose accounts did not have enough money in them to pay for certain purchases. Today nonsufficient-funds fees, which are also sometimes called returned-item fees, are largely a thing of the past among the top 20 banks.
- CFPB Seeks to Modernize How It Collects Credit Card Data
August 19, 2022Twice per year, at least 150 issuers submit information to the CFPB on their largest credit card plans, including interest rates and fees, through the Terms of Credit Card Plans (TCCP) Survey. To spur competition and give Americans the power to shop around and choose the best credit card for their needs, the CFPB is considering modernizing the TCCP Survey by: Collecting median rates by credit score tiers; Gathering information on credit cards available to specific communities or groups; and Requiring the biggest issuers to submit information about more credit cards.