Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- NAFCU Offers 14 Recommendations for NCUA When it Comes to Improving Regs
August 18, 2022NAFCU has 14 recommendations for improving NCUA regulations and has also made new requests regarding credit union meeting and voting requirements and deposit activity rules. The trade group made its recommendations in a letter to NCUA in response to the agency’s annual regulatory review.
- CU Trades to NCUA: Update Field of Membership Rules
August 18, 2022The NCUA should amend its field-of-membership (FOM) rules to make it easier for people to join credit unions and help those institutions grow, the two national industry trade groups told the agency this week.
- CUs Host Roanoke Valley, Lynchburg Lawmakers at Aug. 17 Reception
August 18, 2022Sixty credit union supporters from across the Roanoke Valley and Lynchburg joined us in Roanoke Aug. 17 for a legislative reception that drew eight lawmakers.
- Banks Change Overdraft Policies Amid Competition, Regulatory Pressure
August 17, 2022Pressure from regulators and lawmakers and a need to stay competitive has pushed many banks to make changes to their overdraft practices in the past year.
- Fed Warns Banks to Check Legality of Crypto-Related Activity
August 17, 2022The Federal Reserve is directing banks under its supervision to check in with the regulator before engaging in crypto-related activities to be sure those activities are legal.
- Toomey Questions FDIC Over 'Choke Point'-esque Crackdown of Banks and Crypto
August 17, 2022Sen. Pat Toomey, R-Pa., is pressing the Federal Deposit Insurance Corp. on its stance toward banks involvement in cryptocurrency, questioning if the agency is "improperly" deterring banks from offering cryptocurrency services.
- Fed Finalizes 'Master Accounts' Guidance
August 17, 2022The Federal Reserve Board has finalized its guidance for novel financial companies to access master accounts, which allow institutions to transfer money directly to other account holders in a network that underpins the global financial system.
- League Staff Attend Event for State Sen. Mamie Locke; Speak with Rep. Bobby Scott
August 16, 2022Virginia Credit Union League staffers J.T. Blau and CeJae Vtipilson had a great time with state Sen. Mamie Locke (D-2nd) at her Southern Luau in Newport News last weekend. We were also fortunate to speak with U.S. Rep. Bobby Scott (D-03), who was in attendance.
- In Comment Letter to NCUA, League Notes Regulatory Relief Needed Well Beyond Simply Rules on the Books
August 16, 2022Your League today filed a comment letter with the National Credit Union Administration as part of the agency's annual review of one-third of its regulations. This year’s review covers parts 700 to 710.
- Democrats Call for Stronger CRA, But Don’t Push Expanding It to CUs
August 15, 2022Democrats are calling for federal banking regulators to stiffen rules governing the Community Reinvestment Act (CRA), but they are not pushing for the legislative changes that would make credit unions subject to the law. Nineteen Democratic senators and more than 75 House Democrats signed letters saying that the OCC, the FDIC and the Federal Reserve should do more to push banks to invest in their communities.