Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- CUNA Files Comments with Treasury on Digital Assets
August 15, 2022CUNA wrote to the Treasury in response to a request for information on digital asset development. CUNA notes credit unions support a “whole-of-government” approach to the issue, as outlined in President Joe Biden’s March executive order on the subject. The letter also reiterates CUNA’s concerns with proposals for a central bank digital currency. CUNA believes the creation of a CBDC could “significantly worsen the provision of financial services.”
- 'Credit Union Difference' on Display for State Legislators
August 12, 2022CUNA, Leagues, and credit unions engaged with hundreds of state lawmakers from around the country over the last few weeks at the American Legislative Exchange Council (ALEC) in Atlanta and the National Conference of State Legislatures (NCSL) in Denver.
- Would a Proposed Credit Card Law Be as Costly as CUs Claim?
August 12, 2022The Credit Card Competition Act shares many similarities with the Durbin amendment and as such, could see that same outcome transition from the debit realm to the credit market, said Greg Mesack, senior vice president of government affairs for NAFCU. NOTE: You can aid our advocacy efforts by writing your lawmakers on this important legislation!
- Bill Would Give CFTC Direct Oversight Over Certain Cryptocurrencies
August 12, 2022On Aug. 3, U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) introduced the Digital Commodities Consumer Protection Act of 2022 to give the Commodity Futures Trading Commission (CFTC) new tools and authorities to regulate digital commodities. The bill would give the CFTC direct oversight over cryptocurrencies that qualify as “digital commodities,” which would include bitcoin and ether.
- Legislation Seeks to Clarify Digital Asset Reporting Requirements
August 12, 2022On Aug. 3, U.S. Sens. Rob Portman (R-OH), Pat Toomey (R-PA), Mark Warner (D-VA), Cynthia Lummis (R-WY), and Kyrsten Sinema (D-AZ) introduced legislation to clarify the digital asset reporting requirements signed into law as part of last year’s Infrastructure Investment and Jobs Act.
- Nussle to Congress: Marshall-Durbin Bill Will Hurt Consumers
August 11, 2022CUNA President/CEO Jim Nussle wrote to all 535 members of Congress Wednesday in strong opposition of the credit card bill from Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. CUNA and Leagues continue to call on credit unions, Leagues, and members to oppose the bill. Note: You can help our cause by contacting your lawmakers today!
- Banking Groups Plead with Biden Administration for Bigger Crypto Role
August 11, 2022The nation's top banking trade associations told the Biden administration that its cautious approach to digital assets is stifling the industry, while the broader crypto sector continues to operate with little government oversight.
- CFPB Says Big Tech Digital Marketers Liable for Unfair, Deceptive Practices
August 11, 2022The Consumer Financial Protection Bureau said that digital marketing firms that use algorithms or other analytics to target specific customers with ads or content can be held liable for abuses under federal law. The interpretive rule is just the latest in a string of changes to hold nonbank financial and technology firms accountable by bringing them under the CFPB's authority.
- Durbin, Whitehouse, Sanders Join Effort to Revoke OCC Crypto Guidance
August 11, 2022Three prominent Democratic senators joined an effort to eliminate Trump-era regulatory guidance that cleared national banks to explore digital assets and other crypto-related banking activity.
- CFPB Takes Action to Protect the Public from Shoddy Data Security Practices
August 11, 2022The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, including examples of when firms can be held liable for lax data security protocols.